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I have a VA loan on my home in Alaska. I am retired military and wanting to be a snow bird and get a second home in Washington

by wcatelli946 from Anchorage, Alaska. 7 days ago Reply


Phil Georgiades (phil@fedhomeloan.org)
#970 ranked lender in California - 17 contributions

As long as you qualify for both payments and have entitlement remaining, yes you can have 2 VA loans at the same time.

7 days ago
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Randy Free (rfree@opesadvisors.com)
#2 ranked lender in Oregon - 47 contributions

Yes, you can have a new/second primary residence, but you will need to qualify for both payments. The easy way to look at your VA entitlement is that both of your loans can add up to the conforming loan limit (i.e. $424,100) with zero down, and then you will have to contribute down payment of 25% of any amount above the $424,100. ~ I can help you. I am happy to show you very specific loan scenarios (with no cost and no obligation). Feel free to call me. Randy Free (541)984-5428 rfree@opesadvisors.comMortgage Advisor - NMLS 283930 4710 Village Plaza Loop, Suite 130 Eugene, OR 97401

7 days ago
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Joe Metzler (JoeMetzler)
#1 ranked lender in Minnesota - 3,477 contributions

Buying a second home is no big deal, assuming you can afford the payments. Standard loans require a down payment of at least 10% on second homes. You MIGHT also be able to buy with a VA loan too IF you have remaining entitlement left from the existing VA loan. MOST PEOPLE DON'T. You'll need to contact a VA who does loans in Washington. Give them a full application, and they'll calculate to see if you can use VA on the 2nd home. For this situation in MN, WI, or SD, visit me at www.VAMortgageMN.com

6 days ago
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William J Acres (William_Acres)
#1 ranked lender in Arizona - 7,861 contributions

VA loans are for your Primary Residence only... Not 2nd homes.. so if you are moving from Alaska, and keeping that home as your 2nd home, and making the new Washington home your primary, then so long as you have enough remaining entitlement,you can use your VA benefits to purchase in WA... If not, then per conventional lending guidelines, you can purchase a primary residence with as little as 5% down.. Try reaching out to a local mortgage banker/broker and let them look at your complete loan profile.. only then will you know whats possible. I'm a preferred Lender with California and Arizona being my primary markets. If you or someone you know is looking for financing options, feel free to contact me or pass along my information. 480-287-5714 WilliamAcres.com NMLS# 226347 / RPM Mortgage NMLS 1541014 / AZMB0121893

6 days ago
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