How to Get 2 VA Loans

What's A VA Loan?

The VA loan is provided through the Department of Veterans Affairs. It is arguably the best loan product available to borrowers who have served in the military. However, we always recognize that veterans have earned this benefit with their hard work and dedication to our country. We love finding ways to help our veterans take full advantage of their benefit. Unfortunately, some loan officers out there aren’t aware that veterans are able to have multiple VA loans.

 

How can I get two VA Loans?

There are some calculations involved to see how much entitlement the veteran has left. Every veteran typically earns a basic entitlement of $36,000. However, as county loan limits increase, the secondary entitlement for a veteran increases. Most county loan limits are capped at $484,350 for 2019. At 25% that means a veteran would have $121,087 in total entitlement, which includes their basic entitlement and bonus.

Forewarning – the below example does have a few math calculations. We can help you review exactly where you’re at but below is an example calculation.

EXAMPLE: Let’s say a veteran bought a home with 0% down and a loan of $200,000. This would mean that they used up $50,000 of their entitlement, leaving $71,087 for their new home. With that entitlement, the veteran could buy another home up to about $284,348 with 0% down.

However, let’s say this veteran wants to buy a $350,000 home. Can they still use the VA benefit? Yes – but they will need to come up with a down payment. In this case, their down payment would be about $16,413 (25% of the difference between $284,348 and $350,000). This still is an amazing deal that likely is way better than any other conventional loan. It’s less than 5% down with no mortgage insurance, and VA rates are typically lower.

Check out our Frequently Asked Questions for more information or you can Contact Us Directly!