Getting a second VA loan

[jdz78]

We have a current VA loan for our home (not paid off and 8 years old). However, we want to sell and move to a bigger and better house.

 

We thought we read something that said you cannot get more than one VA loan ever...is this true? We would love to use VA again since we didn't have to save up for a HUGE down payment.

 

Thanks in advance!

 

[panarotx]

http://m.military.com/money/va-loans/home-purchase/faqs-on-va-home-loans.html

[mechanicworkman]

Not sure where you head that once you use it its used theory. If you selll your house and when everyone is paid back you need the paper from the VA then you can use it again! Basically you can use it as many times as you want! Its a payment and paperwork thing

[Morganthe]

Not sure where you head that once you use it its used theory. If you selll your house and when everyone is paid back you need the paper from the VA then you can use it again! Basically you can use it as many times as you want! Its a payment and paperwork thing

 

I'm pretty certain it happened in the early days of the program. My parents talked about buying their house and knowing that the VA guaranteed loan was a One time good deal. Only once could it be used. That was in the late 50s. Not sure if it was an actual rule or that it was a rumour passed along by supposed those-in-the know. It was so difficult to fact check back then.

[usnftcret]

We have a current VA loan for our home (not paid off and 8 years old). However, we want to sell and move to a bigger and better house.

 

We thought we read something that said you cannot get more than one VA loan ever...is this true? We would love to use VA again since we didn't have to save up for a HUGE down payment.

 

Thanks in advance!

 

 

No its not true! I have had 3 VA loans.

[taxableabe]

It's actually one VA loan at a time, unlimited times.

The thing you are thinking of, is related to you doing a one time "full refund" of your eligibility. Say you used $200k to buy a home out of the $417k limit. If you still owned that property, but financed out of that VA loan to something else. You still don't get your $200k refunded of use. It isn't refunded until you no longer own the property. Weird huh? But there is a one time, once in your lifetime refund you can ask for the eligibility.

I hope I explained that easily. If you sold a VA loaned home, you are refunded the total amount. But if you still own that property that you used a VA loan to acquire, you can only ask once in your lifetime to get that amount refunded to your eligibility amount.