Can I Get A Second VA Loan? | How To Use Your Entitlement
Can I Get A Second VA Loan? | How To Use Your Entitlement
Abstract
There are many myths and rumors surrounding VA loans, some of which deal with your eligibility for the program after you've already had a VA loan. You've paid off your previous VA loan If you have used a VA loan in the past and you've paid off your entire mortgage, then you should have no trouble getting another VA loan. What is a VA loan entitlement? A VA loan entitlement indicates the amount that the Department of Veterans Affairs is willing to guarantee on each home loan. In order to gain access to a full entitlement, you must meet one of these three requirements: You are an eligible veteran who has not used their home loan benefit. You may be eligible for a reduced entitlement if you: You are an eligible veteran with a VA loan that you are currently repaying. You are an eligible veteran who has refinanced your VA loan into a non-VA loan. Funding fees for a second VA loan If you take out a second VA loan, the funding fee is something to keep in mind.