VA Eligible Properties | Using a VA Loan for a Second Home
VA Eligible Properties | Using a VA Loan for a Second Home
Abstract
How remaining entitlement limits your second home budget While first-time VA loan borrowers don't have VA loan limits to worry about, these loan limits could affect your second home purchase. A VA mortgage lender may have to limit your second loan amount based on your area's conforming loan limits and the size of your original VA loan. Does the VA do vacation home loans? The VA insures loans only for primary residences and not investment properties or vacation homes. Depending on your area's conforming loan limits and the size of your existing loan, your second loan may require a down payment. Can a VA loan be used for a second home? Yes, you can buy a second home with a VA loan, but you'll need to move into the home within 60 days or get permission to wait up to a year before making the new home your primary residence. What kind of property can I buy with a VA home loan? Just like the FHA and USDA loan programs, VA loans work only for buying and refinancing primary residences. You could buy a home with a VA loan and pay the loan off, or refinance the remaining loan amount to a conventional loan.