How Many Times Can You Use A VA Loan? (2024)

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Can you use a VA loan more than once?

While it's possible to use a Veterans Administration (VA) loan more than once, there are certain restrictions and limitations to be aware of, especially when it comes to entitlements.

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Read on to learn more about how many times can you use a VA loan.

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What is a VA loan?

VA loans were created to help active-duty service members, Veterans, National Guard and Reserve service members and Veterans, certain eligible spouses, and other uniformed service personnel become homeowners.

VA loans are a type of non-conforming mortgage loans that don't meet Fannie Mae and Freddie Mac guidelines. Examples of non-conforming loans are other government-backed loans, including FHA and USDA, as well as jumbo loans.

Government-backed loans have more flexible lending requirements and have helped millions of people become homeowners. Learn more about Non-Conforming Loans.


VA loan requirements

Veterans who wish to apply for a VA mortgage loan will need to meet lender requirements for credit score and income, as well as requirements set by the Veterans Administration.

Prior to applying for a VA loan, you will need to get a Certificate of Eligibility (COE). Active Service Members and Veterans can get a COE if they didn’t receive a dishonorable discharge and they meet the minimum active-duty service requirement based on when they served.


Minimum active-duty service requirements:

For service members. If you’ve served for at least 90 continuous days (all at once, without a break in service), you meet the minimum active-duty service requirement.

For Veterans. The minimum active-duty service requirements depend on when you served.


VA loan limits

If you have remaining entitlement for your VA-backed home loan, you can find out the current loan limits and how they may affect the amount of money you can borrow without a down payment.

As of 2020, if you have Full Entitlement, you don’t have a VA loan limit. Eligible Veterans, service members, and survivors with full entitlement no longer have limits on loans over $144,000. This means you won’t have to pay a down payment, and the VA guarantees to your lender that if you default on a loan that’s over $144,000, they’ll pay them up to 25% of the loan amount.


How many VA loans can you have at one time?

The VA does not limit how many VA loans you can have during your lifetime. However, it is only possible to have two VA loans at once, and both loans must be on your primary residence. Having two primary residences typically applies to active service personnel who have Permanent Change of Station (PCS) orders.

In these cases service members may keep their current home and turn it into a rental property, then purchase a new home in the new location, using a VA loan


What is the VA loan entitlement?

How many times can you get a VA loan will depend on your eligibility and entitlement. These are two common terms you will need to be familiar with when it comes to VA loans.

Eligibility refers to the basic criteria of appropriate length and character of service to utilize the home loan benefit. An eligible veteran must still meet credit and income standards in order to qualify for a VA-guaranteed loan.

Entitlement is the amount available for use on a loan. The amount of available Basic Entitlement is $36,000. If you have not yet used your basic entitlement, then you are considered as having Full Entitlement.

Your basic or full entitlement may be reduced if you have used entitlement in the past which has not been restored. This is known as having Reduced Entitlement. If you previously used entitlement, which has not been restored, available entitlement is reduced by the amount used on the prior loan(s).


How do I restore my full entitlement?

You may be able to “restore” an entitlement you used in the past to buy another home with a VA direct or VA-backed loan if you meet at least one of these requirements.

To restore entitlement, at least one of these must be true:

  • You’ve sold the home you bought with the prior loan and have paid that loan in full.
  • A qualified Veteran-transferee agrees to assume your loan and substitute their entitlement for the same amount of entitlement you used originally.
  • You’ve repaid your prior loan in full, but haven’t sold the home you bought with that loan (you can only do this one time).

To request an entitlement restoration, fill out a Request for a Certificate of Eligibility (VA Form 26-1880) and send it to the VA regional loan center for your state.


Taking out a second VA loan: How it works

The amount of basic entitlement will be displayed near the center of your Certificate of Eligibility (COE). For example, it may say:

“THIS VETERAN’S BASIC ENTITLEMENT IS $_____. TOTAL
ENTITLEMENT CHARGED TO PREVIOUS VA LOANS IS $_____.”

For certain loans in excess of $144,000, additional entitlement may be available. For loans greater than $144,000, but less than $417,000, the maximum entitlement is 25% of $417,000, which equals $104,250.

For loans greater than $417,000, the maximum entitlement is 25% of the appropriate “loan limit,” which can vary by county. For a description of loan limits, as well as the limits for counties, visit the VA Loan Limits webpage. Please note county limits can change yearly.


Can a VA loan be used for a second home?

In some instances, VA Loans can be used to purchase a second home, if it is used as a second primary residence.


Can a VA loan be used for a vacation home?

No, A VA loan cannon be used to purchase a vacation home.


Can a VA used to purchase an investment property?

No, the VA cannot guarantee loans made for ineligible loan purposes which include purchase of unimproved land with the intent to improve it at some future date (that is, the land purchase is not in conjunction with a construction loan), or purchase or construction of a dwelling for investment purposes.


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For over 60 years CU SoCal has been providing financial services, including car loans, mortgages, Home Equity Loans, HELOCs, personal loans, credit cards, and other banking products, to those who live, work, worship, or attend school in Orange County, Los Angeles County, Riverside County, and San Bernardino County.

Please give us a call today at 866.287.6225 today to schedule a no-obligation loan consultation with a CU SoCal Member Services specialist.
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How Many Times Can You Use A VA Loan? (2024)

FAQs

How Many Times Can You Use A VA Loan? ›

There is no maximum or limit on how many times you can use a VA loan. You can use a VA loan once, twice, three times or seven. As long as you have remaining entitlement, you typically always have the option to obtain another VA loan. Veterans United

Veterans United
Veterans United typically requires a credit score minimum of 620 to qualify for a VA loan. You also need to meet ability-to-repay guidelines related to things like debt-to-income (DTI) ratio, residual income and more. Guidelines can vary based on your specific situation.
https://www.veteransunited.com › va-home-loan-eligibility
has even worked with a handful of Veterans on their 9th VA loan.

Is there a limit on how many times you can use a VA loan? ›

There's no limit on how many times you can use your VA loan benefit. As long as you're eligible according to the VA's rules, the only restriction is your remaining entitlement. If you're eligible for a VA loan, you'll receive your entitlement, a specific amount guaranteed by the Department of Veterans Affairs.

How soon after using a VA loan can you use it again? ›

There is also typically a two-year waiting period before lenders will approve you for a new VA loan. Unfortunately, the only way to regain your entitlement after a short sale or foreclosure is to repay that lost entitlement to the VA in full.

Can you take out a VA loan more than once? ›

The VA does not limit how many VA loans you can have during your lifetime. However, it is only possible to have two VA loans at once, and both loans must be on your primary residence. Having two primary residences typically applies to active service personnel who have Permanent Change of Station (PCS) orders.

How many VA loans can you have in a lifetime? ›

There are no limits on the number of times you can get a VA loan. In most circ*mstances, you can only buy or refinance one house at a time with a VA loan, however. And there are certain other restrictions you'll want to understand before you apply for your next VA loan.

What credit score do you need for a VA loan? ›

The VA doesn't set a minimum credit score for VA loans at the program level. Instead, the VA relies on lenders to ensure borrowers are a satisfactory credit risk. VA lenders typically require a FICO score of at least 620. High loan amounts, such as those exceeding $1 million, may require a higher credit score.

Can I get a VA loan if my father was a veteran? ›

The Bottom Line. Children cannot use their Veteran parent's VA loan benefits, but it's not impossible for a Veteran or their surviving spouse to assist their child through a joint VA loan. Doing so can be challenging, so it's best to contact a Veterans United VA loan expert at 573-876-2600 to discuss your options.

Can a person get a second VA loan? ›

Getting a second VA loan on a different home is possible. It often happens when an active service member receives Permanent Change of Station orders. However, a VA-approved lender must approve you having multiple loans. Essentially, you'll need to show that you have the means to repay both loans at once.

Can you buy two houses with a VA loan? ›

Yes, you technically can use a VA loan for a second home.

VA mortgages even come with specific occupancy requirements to help ensure that the homes they guarantee are inhabited for most of the year.

Who pays closing costs on a VA loan? ›

The Buyer. As the buyer, you'll have to pay the VA funding fee, loan origination fee, loan discount points, the VA appraisal fee, title insurance and more.

Are VA loans only 30 years? ›

The maximum VA home loan term is 30 years and 32 days; however, the term may never be for more than the remaining economic life of the property as determined by the appraisal.

Can a family member use my VA loan? ›

VA Loan Co-Borrower Requirements

A co-borrower on a VA loan typically includes the Veteran and their spouse but may also include another Veteran who isn't their spouse. Co-borrowers on VA loans must live in the home and meet the same financial guidelines as other VA loan applicants. In some cases, this can help.

What is the longest VA loan term? ›

Veterans: Check your $0 down eligibility today! Longer loan lengths can provide immediate financial relief, but they come at a cost. Find out why VA loans don't extend beyond 30 years and the potential drawbacks of choosing a longer mortgage term.

Can Veterans get a second VA loan? ›

You can have multiple VA loans throughout your life, but only in certain situations, such as selling your current home and buying a new one or refinancing your existing VA loan.

How long can you use VA loan? ›

The maximum VA home loan term is 30 years and 32 days; however, the term may never be for more than the remaining economic life of the property as determined by the appraisal.

What is the VA loan limit for 2024? ›

The standard VA loan limit in 2024 is $766,550 for most U.S. counties, increasing from $726,200 in 2023. VA loan limits also increased for high-cost counties, topping out at $1,149,825 for a single-family home. VA loan limits do not represent a cap or max loan amount.

How do I find out how much VA entitlement I have left? ›

You can determine your remaining entitlement by subtracting the entitlement you've already used from the maximum entitlement amount. Your remaining entitlement is the maximum amount the VA will guarantee on your loan.

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