Can VA Loans Be Used More Than Once?
There are dozens of first-time home buyer programs out there. This is great news when you’re buying your first home, but what happens when you outgrow your space? You’re not able to use those first-time home buyer programs ever again. This fact has created a lot of confusion around the way people can use VA home loans, especially if you’re wondering how to apply for a VA home loan to finance that home upgrade.
VA Loan Benefits Can Be Used More Than Once
The VA home loan program is not a one-time use thing. You’re able to use it as long as you’re a qualified member of the armed forces, a qualified veteran, or another qualified family member. It doesn’t matter if you’re just figuring out how to apply for a VA home loan for your first home or buying your third. The benefit never expires and you can even have more than one VA loan out at once.
It All Comes Down to Entitlement
For VA loans, entitlement refers to the amount of money you’re eligible to borrow that gets backed by the VA. If you have a loan out and haven’t paid off the full amount, you won’t be able to apply for a new loan of the same value. You need to pay down the balance and restore your full entitlement before you can make use of the full benefit amount. If you still have entitlement available, you can always use that amount to buy another home or property provided it meets the VA’s requirements.
Always Consult an Expert
Understanding whether you’re ready to take out another VA home loan can be a bit confusing. The best thing you can do is speak with a VA loan expert and get their advice. If you have an existing loan, they can help you figure out how much entitlement you have leftover or how to restore your entitlement if you end up paying off the loan.
Ready to Talk?
If you’re wondering how to apply for a VA home loan, contact us today. We’ll help you understand the process whether it’s your first time or your fourth.