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Can you have two VA loans at the same time?

April 29th, 2017 by Sean Stephens

Can a Veteran be eligible for two VA loans at the same time?

What happens if a Veteran wants to purchase another home with their VA eligibility before their current VA loan is paid off?

In today’s video, I will break down the details on how it is possible for a Veteran to have two VA loans at the same time.

Remember, if you need help or a have question that is what we are here for, so just call or email to discuss your scenario because we are known for returning calls, replying to emails, and responding to your messages. Now, wouldn’t it be nice if everyone did that!

Can you have two VA loans at the same time?

When discussing VA entitlement, it can be complicated, so bear with me on the details so I can walk you through the steps on how a Veteran can have two VA home loans at the same time!

Can you have two VA loans at the same time?

First off when discussing VA entitlement, it will be broken up into Basic and additional entitlement, which commonly may be referred to as “Bonus” entitlement.

Basic Entitlement can never exceed $36,000 and is used to guaranty VA home loans up to $144,000.

Also, a Veteran has additional entitlement or “Bonus” entitlement, which can be used on loan amounts that exceed $144,000. This will cover the remaining loan amount in excess of $144,000 up to the FHFA’s conforming loan limit, which is currently $424,100.  FHFA loan limits may be higher depending on the county where the property is located.  Please review these resources for further information on how to calculate a VA Home Loan:

FHFA County Loan Limits

VA County Loan Limits

Remember, “Bonus” entitlement can still be used even if a Veteran has $0 remaining of their basic entitlement!

VA “bonus” entitlement can be used in the following examples where a Veteran has lost part of their entitlement:

  • When a Veteran currently holds a VA loan in their name; or
  • May have went through a previous bankruptcy, foreclosure, or a short sale with a VA loan;

If you have used some of your basic entitlement, you may be eligible to use the remaining basic or also utilize any remaining “bonus” entitlement. Lenders will generally lend up to 4 times your available entitlement without requiring a down payment, provided your income and credit qualify, and the property appraises for the asking price.

Can you have two VA loans at the same time?

I realize the terminology can be complicated, but as a VA approved lender, use my team as a resource to discuss your qualifying questions and how you can have two VA loans at the same time.

We at Metroplex Mortgage Services want to take this moment and thank all of the brave men and women who serve our country. We are forever grateful!

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