How to get a second VA loan

how to get a second va loan

You can take advantage of a VA loan multiple times in a variety of ways. To begin, you may sell your present VA-financed home and purchase another VA-financed home. Your VA entitlement for the purchase of home number two can be restored since your first property was sold or is being sold at the same time you acquire a new home.

Refinancing your existing VA loan into a new VA loan is the second option. If you want to cut your interest rate and monthly payment while also tapping into your home equity, this could be a suitable alternative. A VA streamline refinance (also known as an Interest Rate Reduction Refinance Loan, or IRRRL) or a VA cash-out refinance loan are two options available to you.

The third option is to simultaneously carry two VA loans for two distinct properties.


Here is a list of items to consider when applying for a Second VA loan.

  • Minimum Loan Amount
  • Remaining Entitlement
  • Rental Income
  • Occupancy Requirements
  • One-Time Restoration of Entitlement
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Can I buy a second house with my VA loan?

With your VA benefits, you may be able to purchase a second primary house with no money down. To qualify for both properties, you just must have sufficient entitlement and income. Using a VA loan to purchase a home for the goal of converting it to a second home or investment property is permitted, but only after you’ve lived there for a period of time. Living in one unit and renting out the others can potentially provide rental income.

Can you have 2 VA loans?

It is conceivable to have multiple VA loans at the same time, though this does not happen very often. In most U.S. counties, a VA-eligible borrower with full entitlement has enough VA support for a loan of $548,250. Most veterans have some entitlement left after using their house loan benefits, with the average VA loan being roughly $210,000. Despite the fact that the VA requires the loan to be paid off in full and the home to be sold before restoring entitlement, there is a one-time exception to this regulation.

How long do you have to wait for another VA loan?

After a foreclosure, a home buyer must wait two years before applying for a VA loan. The wait time may differ if the foreclosure was the consequence of a bankruptcy. Chapter 13 bankruptcies have a one-year waiting period, but Chapter 7 bankruptcies have a two-year waiting period.

Do not be misled by anyone in the mortgage or real estate businesses. The key is a concept known as “second-tier entitlement.” It’s time to take advantage of your VA loan perks once more.

It’s not something that happens every day. However, in some cases, veterans might have two or more VA loans at the same time. A typical situation includes a VA homeowner who must relocate to a new duty station but wishes to keep and rent out his or her primary dwelling. Veteran homebuyers, on the other hand, may want to consider doing so.

How many VA loans can you have in a lifetime?

A VA loan is a long-term commitment. There is no limit to how many times a VA loan can be used. You can use VA loans for the rest of your life if you qualify, regardless of how many principal residences you buy.

Only once you’ve paid off your present VA loan in full can you restore your entitlement. You won’t be able to secure another loan for the entire amount you need if you don’t, unless you have enough bonus entitlement. Once you’ve paid off the debt, fill out VA Form 26-1880 to reclaim your benefits. You will be able to take full advantage of the benefit in the future as a result of this.

VA home loans from certified VA lenders aren’t a one-time advantage. As long as you’re a qualifying service veteran or spouse, you can use a VA loan to buy a property as many times as you need during your life. There are several limitations on when you can get a new loan.

Can I get another VA loan if I already have one?

You’ve already benefited from a VA mortgage loan, and the good news is that if you’re an eligible military member, veteran, or other qualified borrower, you can apply for another one. So, contact your loan officer for any questions or to apply for a second VA loan.


For more information contact the Cain Mortgage Team.


Marcie Geffner | Bankrate (February 17th, 2021). How to get a second VA home loan (n.d.) Are You Entitled to Another VA Loan?

Veterans United (n.d.) Keeping Your Home & Buying Again

Kevin Graham | Rocket Mortgage (May 18th, 2021). VA Loan For Second Home

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