As a military veteran, you may be eligible for one of the most advantageous mortgage programs available: a VA loan. Through this program, veterans can receive low down payments and competitive interest rates that often surpass what’s available from conventional lenders. However, one question that many veterans have is whether they can have two VA loans at the same time.
The short answer is yes, it is possible to have two VA loans simultaneously. However, there are specific eligibility requirements that must be met. Let's dive deep into each of these requirements to give you a deeper understanding of what’s involved.
The Eligibility Requirements for a Second VA Loan
Full entitlement must be available - Each veteran is typically entitled to up to $36,000 in VA entitlement, which serves as a guarantee to the lender in case of default. If you have used all of your entitlement for a previous VA loan, you will need to have it restored before you can use it again.
Sufficient income must be available to qualify - Even if you still have VA entitlement available, you will still need to meet the income, credit, and debt requirements of your lender to qualify for a second VA loan.
You cannot use both VA loans at the same time - You must pay off the first VA loan before you can use your entitlement for a second loan.
How to Obtain a Second VA Loan
There are several steps that must be taken to successfully obtain a second VA loan. These include:
Determine your remaining entitlement
Contact a reputable VA-approved lender - When looking for a VA lender, it’s important to only work with reputable VA-approved companies to ensure you are getting the best possible terms.
Obtain a certificate of eligibility - This can be done through the VA, and will let the lender know that you are eligible for a VA loan.
Meet the lender’s underwriting requirements - This includes providing documentation of your income and credit history.
Close the loan - Once the loan is approved, it will need to be closed in the same manner as any other mortgage.
Benefits of Working with a Reputable Mortgage Company
When looking to obtain a second VA loan, it’s important to work with a trusted mortgage company that has experience working with veterans. FHA loans Pro is a top-rated mortgage company that specializes in VA loans and has helped thousands of veterans obtain the financing they need to buy a home or refinance an existing mortgage. Here are a few reasons why veterans choose FHA loans Pro :
Competitive rates and fees
Regular communication and updates throughout the loan process
A streamlined application process
In conclusion, it is definitely possible for veterans to have two VA loans. However, it is important to meet the necessary eligibility requirements and work with a trusted lender to ensure you get the best possible terms on your loan. With the help of a reputable mortgage company like FHA loans Pro , you can take advantage of all the benefits that come with a VA loan and achieve your dream of homeownership.