Can I use my VA again? This is a question I get asked often by San Diego military home buyers looking to purchase another home using their VA benefit. The answer is “Yes.” Unlike other military benefits, the VA home loan benefit does not expire and IS reusable.
Many Veterans believe that their VA home loan benefit is for a one-time use and often consider saving it as the “silver bullet” for their retirement. Others believe the benefit is only for first time homebuyers and veterans that are still on active duty. Some Veterans even believe that if they didn’t get their Certificate of Eligibility when they left the military then it’s lost. That is not a all the case.
The truth is a Veteran can have more than one VA loan at a time. Realistically, the Veteran has a certain amount of eligibility so they can use the remaining eligibility to buy another house. In this scenario, the Veteran can leave their current VA loan in place and not refinance out of that VA loan. Therefore, it’s possible to have two or more VA loans.
When going for a second VA loan, the Veteran may not be able to get a second loan with zero down payment. Their remaining eligibility after their first loan will have an impact on how much money they need to put down. If a second loan does require a down payment, a VA loan may still be a better option due to the high cost of mortgage insurance. It’s best to speak with a lender about your options.
Lorraine Santirosa is a leading expert on helping military families and veterans buy and sell homes in San Diego. Call 619-248-5484 for a free consultation or visit http://www.sandiegomilitaryrelocationexpert.com