How Many VA Loans Can You Get In a Lifetime?
When you buy a house, you never know exactly how long you’ll stay in that home. Things change, families grow, and military members get reassigned to different bases all the time. For many buyers who worked with approved VA home loan lenders, the thought of buying a new house brings up a new area of concern: how many times you can use a VA loan to buy a house. Here’s what you need to know.
VA Loans Are a Lifetime Benefit
VA loans issued by approved VA home loan lenders aren’t a one-time benefit. You’re able to use a VA loan to buy a house as many times as you need to throughout your life as long as you’re a qualified military member or spouse. There are a few restrictions on when you can take out that new loan.
You Have to Restore Entitlement
Restoring entitlement can only happen after you pay off the full balance of your current VA loan. Otherwise, you won’t be able to get another loan for the full amount you need. Once you pay that loan off, use VA Form 26-1880 to restore your entitlement. This will let you take full advantage of the benefit in the future.
Work with a Qualified Lender
Approved VA home loan lenders will help you get the loan you need to buy a new home whether it’s your first house or your third. If you’re ready to buy another home and want to discuss your options, contact us today.