Multiple VA Loans: Yes, You Can Have More Than One!

How Do You Get More Than One VA Loan at the Same Time?

If there’s one myth about VA loans that we love to bust, it’s the idea that you can only use your VA loan benefit once. Not only is this false, but we’ve actually helped veterans manage up to four VA loans at the same time! That’s right – you can have multiple VA loans concurrently, opening up some exciting possibilities for your homeownership journey.

Is There a Limit to How Many VA Home Loans You Can Get?

Here’s the great news: there’s no lifetime limit on the number of VA loans you can get. The only real constraints are your available entitlement (we’ll explain that in a bit) and your ability to qualify for the loans. While most veterans we work with have one or two VA loans at a time, we’ve seen successful cases with three or even four concurrent loans.

Let’s clear up some common misconceptions about getting another VA loan. You don’t need to:

• Sell your current home first
• Pay off your existing VA loan
• Wait any specific time period
• Save for a large down payment
• Have perfect credit

If you have remaining entitlement and meet the basic qualifications, you can get another VA loan right away.

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“If I could write a book on how amazing, knowledgeable, caring and outgoing this company is I would.”  – Robby C. 

What Are Examples of Having Multiple VA Loans?

Let’s talk about some real-world scenarios where having multiple VA loans makes perfect sense.

You Need a Bigger House

What Happens to My VA Loan When My Family Outgrows Our House?

Imagine you bought your first home a few years ago using a VA loan. Now your family is growing, and you need more space. Instead of selling your current home, you could keep it as a rental property and use your remaining VA loan entitlement to buy a larger home. You’re building wealth through real estate while still living in a VA-financed home – pretty smart, right?

You Got PCS Orders

Can I Keep My VA Loan House and Buy Another One When I Get PCS Orders?

Military families facing PCS orders find multiple VA loans especially valuable. Instead of selling your home at each duty station (potentially in a down market), you can keep it as a rental and buy another home at your new location. We’ve seen many service members build impressive real estate portfolios this way, taking advantage of BAH rates in different locations while building equity in multiple markets.

You Want to Build Wealth in Real Estate

How Can I Use Multiple VA Loans to Build Wealth?

Speaking of real estate portfolios, some veterans have turned multiple VA loans into a wealth-building strategy. Start with your primary residence, then when you’re ready to move up, keep that first home as a rental and buy a larger home with another VA loan. The rental income from your first property can help offset your new mortgage payment, and you’re building equity in multiple properties.

What Do I Need to Qualify for a Second VA Loan?

Let’s break down what you’ll need to make this work. First, there’s entitlement – think of it as your available credit limit for VA loans. The math can get a bit complex (that’s why we’re here to help), but essentially, your entitlement determines how much you can borrow without needing a down payment.

Your eligibility depends on several key factors that we’ll help you understand:

Key Financial Requirements:

• Available entitlement amount (we’ll calculate this for you)
• Sufficient income for all mortgage payments
• Reasonable debt-to-income ratio
• Basic credit requirements (more flexible than conventional loans)
• Rental income documentation (if you plan to use it)

Property Requirements:

• Meet VA occupancy rules
• Property must be your primary residence
• Must pass VA appraisal standards
• Must be a VA-eligible property type
• Located within VA loan limits for your area

If you’re planning to use rental income to help qualify, we can guide you through that process too. Many veterans successfully use rental income from their first property to help qualify for their second VA loan.

How Much Extra Does It Cost to Have Two VA Loans?

When you’re using your VA loan benefit again while still having an active loan, you’ll face a slightly higher funding fee (we’ve got a detailed guide about funding fees). But don’t let that discourage you – the benefits often outweigh the costs.

If you’re planning to rent out your first home, you’ll need to prepare for the responsibilities of being a landlord. Here’s what successful veteran landlords typically plan for:

Monthly Expenses:

• Mortgage payment
• Property management fees (typically 8-10% of rent)
• Property taxes and insurance
• HOA fees (if applicable)
• Regular maintenance budget

Emergency Preparations:

• Repair fund for major systems (HVAC, roof, etc.)
• Vacancy fund for between tenants
• Insurance deductible savings
• Professional service provider contacts

Many veterans we work with factor in professional property management to make long-distance landlording more manageable, especially during PCS moves or when managing multiple properties. A good property manager handles tenant screening, maintenance calls, rent collection, and local market expertise.

What’s the Process for Getting Another VA Loan?

Getting started is straightforward, especially with the right help. You’ll need a Certificate of Eligibility (COE) showing your available entitlement – something we can help you obtain quickly. You’ll also need to prove your current VA loan is in good standing and meet occupancy requirements for your new property. We’ll help you gather the necessary financial documentation, including income verification, current mortgage statements, and any rental income documentation if applicable.

What Are the Most Common Questions About Having Two VA Loans?

Veterans often ask us if they need perfect credit for a second VA loan. Not at all! While good credit helps, VA loans often have flexible credit requirements. They also ask about using rental income to qualify for another VA loan, which is absolutely possible under certain conditions. And for those facing PCS orders, don’t worry – VA loans offer special considerations for military moves, and we can help you understand your options.

Why Should I Work with a VA Loan Specialist for Multiple Loans?

Managing multiple VA loans requires expertise, which is why working with specialists makes a huge difference. Here’s how our team helps make the process smoother:

Expert Guidance:

• Navigate complex entitlement calculations
• Structure loans for maximum benefit
• Optimize timing for multiple loans
• Handle paperwork and documentation
• Coordinate with property managers and real estate agents

Throughout your journey, we’ll:

• Explain each step in clear, simple terms
• Handle the complex calculations
• Ensure you understand all your options
• Guide you through qualification requirements
• Keep you updated on your loan status

Our team has helped countless veterans successfully manage multiple VA loans, and we’d love to show you how to make the most of your benefits.

How Do I Get Started with My VA Loan?

Don’t let misconceptions about VA loans limit your possibilities. Whether you’re looking to move up to a larger home, handle a PCS move, or build your real estate portfolio, multiple VA loans might be exactly what you need to achieve your goals.

APPLY ONLINE NOW and let our VA loan specialists show you what’s really possible. We’ve helped countless veterans achieve homeownership when they thought they couldn’t qualify. Your VA loan benefit is too valuable to let myths hold you back from using it.

Remember, VA loans are more flexible than conventional loans, and we’re here to help you navigate the process. Even if other lenders have turned you down, we may be able to help. The key is working with a lender who truly understands VA loans and is committed to helping veterans achieve homeownership.

Ready to get started? Call 800-720-0250 or APPLY ONLINE NOW and let our VA loan specialists guide you through each step with confidence.

Take Action with HomePromise

Call HomePromise at 800-720-0250 today! Get a free consultation and expert guidance to unlock your full benefits and turn your dream home into reality. We’ll be with you every step of the way. Call now, don’t wait!

VA Loan Down Payments: The Truth About Zero Down

How Much Money Do You Need Down for a VA Loan?

Here’s an amazing fact that surprises many veterans: you can literally buy a house with no out-of-pocket cash using your VA loan benefit. The only upfront cost you’ll face is the VA appraisal fee, and even that can be refunded to you at closing. Yes, you read that right – it’s possible to become a homeowner with virtually no money out of pocket.

What Are the Common Misconceptions About VA Loan Down Payments?

Let’s clear up some persistent myths about VA loans and down payments:

“You need at least some money down” – False. The VA loan benefit was specifically designed to offer 100% financing. You really can buy a home with no down payment.

“Zero down means bad loan terms” – False. VA loans often offer better terms than conventional loans, even with no money down. This is because they’re backed by the VA, reducing the risk for lenders.

“No down payment means you’ll pay monthly mortgage insurance” – False again. Unlike conventional loans, VA loans never require mortgage insurance, even with zero down.

“You’ll need a huge savings account” – Not true. While having savings is always good, you don’t need a large bank account balance to qualify for a VA loan.

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“Home promise is an amazing company to work with. They made our home owning dream come true”  – Kalee R. 

Bad Credit VA Loans: What You Need to Know About Qualification

What Credit Score Do You Need for a VA Loan?

Here’s something that might surprise you: the VA’s official lending handbook doesn’t set a minimum credit score requirement. That’s right – the VA itself doesn’t have a specific credit score cutoff. This is fantastic news if you’re worried about credit challenges, but there’s more you need to know about how VA loans and credit scores really work.

Why Do Different Lenders Have Different Credit Score Requirements for VA Loans?

While the VA doesn’t set a minimum credit score, most lenders add their own requirements – and these can vary dramatically. You could call ten different lenders and get ten different answers about minimum credit scores. This is where choosing the right lender becomes crucial.

At HomePromise, we take a unique approach. We stick to the VA’s guidelines without adding extra restrictions. This means we can often help veterans who’ve been turned down by other lenders. If you’ve been told your credit score is too low for a VA loan, don’t give up until you’ve talked with us.  Our minimum credit score is a very low 580 for VA loans.

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“HomePromise transformed what once felt like an impossible dream—owning a home—into a beautiful reality.”  – Denise W. 

Is It Really Possible to Buy a House with No Down Payment?

Absolutely! The VA loan program offers one of the most powerful benefits in the mortgage industry: 100% financing. This means no down payment is required, and the seller can even pay all your closing costs. This unique feature of VA loans makes homeownership accessible to veterans who haven’t had the opportunity to save large amounts of money.

What Should I Know About VA Appraisals and Earnest Money?

The VA appraisal process is a crucial part of your home purchase, and it’s important to understand how it works with your down payment plans.

Understanding the VA Appraisal:

• Required for all loans for home buyers, whether you’re making a down payment or not
• Must be completed by a VA-approved appraiser
• Typically costs between $500-$800, depending on your area
• Needs to be paid before the appraisal is conducted
• Can be refunded at closing if negotiated with the seller
• Usually takes 7-10 business days to complete

The timing of the appraisal matters too. We recommend ordering it as soon as your offer is accepted to avoid delays in closing. Remember, while this is an upfront cost, it’s protecting your interest by ensuring the home is worth what you’re paying.

As for earnest money deposits, this is where many veterans can save even more. Here’s what you need to know:

Earnest Money Facts:

• The amount is negotiable with the seller
• Typically ranges from 1-3% of purchase price
• Can sometimes be as low as $500-1000 in some markets
• Becomes part of your down payment or closing costs if the sale goes through
• Usually refundable if the deal falls through for reasons specified in the purchase agreement
• Can sometimes be reduced or waived entirely

How Do Current Market Conditions Affect Down Payment Decisions?

Market conditions can significantly impact your down payment strategy. In a buyer’s market, you might have more flexibility to go with no down payment and even negotiate for the seller to pay closing costs. However, in a competitive seller’s market, a down payment might strengthen your offer.

Current Market Considerations:

• Competitive markets might require stronger offers
• A down payment can sometimes make your offer more attractive
• Making a large earnest money deposit may  help your offer compete
• Market conditions can affect seller willingness to pay closing costs

Smart strategies for different markets:

In a Buyer’s Market:

• Take full advantage of zero down
• Negotiate for seller to pay closing costs
• Consider a lower earnest money deposit
• Ask for seller concessions

In a Seller’s Market:

• Consider a down payment to strengthen your offer
• Make a larger earnest money deposit
• Keep purchase agreement contingencies to a minimum
• Be prepared for faster closing timelines

Talk to a VA home loan expert to 800-720-0250 get more information about how to structure your home purchase offer.

Why Would I Make a Down Payment If I Don’t Have To?

While the zero-down option is fantastic, there are some compelling reasons to consider making a down payment if you can afford it. Here’s what happens when you put money down:

At 5% down:

• Your funding fee drops significantly to 1.5%
• You’ll have instant equity in the home
• Your monthly payments will be lower
• You’ll pay less interest over time

At 10% down:

• Your funding fee drops even further to 1.25%
• You’ll have substantial equity right away
• Your monthly payments will be even lower
• You’ll save even more on long-term interest

How Do Different Down Payment Options Affect My Overall Costs?

Let’s look at how different down payment choices impact your total cost of homeownership:

With No Down Payment:

• No money required upfront (except appraisal)
• Higher funding fee [Learn more about funding fees here]
• Higher monthly payments
• Maximum loan amount

With 5% Down:

• Lower funding fee
• Reduced loan amount
• Lower monthly payments
• Immediate equity building

With 10% Down:

• Lowest possible funding fee
• Significantly reduced loan amount
• Lowest monthly payments
• Substantial initial equity

What Are My Options for Covering Closing Costs?

One of the best features of VA loans is the flexibility in handling closing costs. You have several options:

The seller can pay all your closing costs. In many cases, you can negotiate for the seller to cover these expenses as part of your purchase agreement. This is a common practice with VA loans and can significantly reduce your out-of-pocket expenses.

You can also roll certain closing costs into your loan amount, namelythe VA funding fee. This means you don’t have to pay for the funding fee upfront – it simply becomes part of your monthly payments.

What’s This About Getting the Appraisal Fee Back?

Let’s talk about that appraisal fee – typically your only required upfront cost. Here’s how it works:

1. You’ll need to pay for the VA appraisal before it’s conducted
2. This cost becomes part of your closing costs
3. If you’ve negotiated for the seller to pay closing costs, or if you’re rolling costs into your loan, you can get reimbursed for the appraisal fee at closing

How Do I Decide What Down Payment Option Is Best for Me?

Consider these factors when deciding whether to make a down payment:

Current Savings:

• How much money do you have available?
• What other expenses might you need to cover soon?
• Do you need to maintain emergency savings?

Monthly Budget:

• How much can you comfortably afford each month?
• Would lower monthly payments be worth a down payment?
• Have you considered monthly the cost of property taxes and insurance?

How Do I Get Started with My VA Loan?

Whether you’re planning to use the zero-down option or make a down payment, the first step is understanding all your choices. We can help you run the numbers and see exactly how different down payment amounts would affect your:

• Monthly payments
• Funding fee
• Total loan costs
• Long-term savings

APPLY ONLINE NOW and let our VA loan specialists show you what’s really possible. We’ve helped countless veterans achieve homeownership when they thought they couldn’t qualify. Your VA loan benefit is too valuable to let myths hold you back from using it.

Remember, VA loans are more flexible than conventional loans, and we’re here to help you navigate the process. Even if other lenders have turned you down, we may be able to help. The key is working with a lender who truly understands VA loans and is committed to helping veterans achieve homeownership.

Ready to get started? Call 800-720-0250 or APPLY ONLINE NOW and let our VA loan specialists guide you through each step with confidence.

Take Action with HomePromise

Call HomePromise at 800-720-0250 today! Get a free consultation and expert guidance to unlock your full benefits and turn your dream home into reality. We’ll be with you every step of the way. Call now, don’t wait!

Bad Credit VA Loans: What You Need to Know About Qualification

What Credit Score Do You Need for a VA Loan?

Here’s something that might surprise you: the VA’s official lending handbook doesn’t set a minimum credit score requirement. That’s right – the VA itself doesn’t have a specific credit score cutoff. This is fantastic news if you’re worried about credit challenges, but there’s more you need to know about how VA loans and credit scores really work.

Why Do Different Lenders Have Different Credit Score Requirements for VA Loans?

While the VA doesn’t set a minimum credit score, most lenders add their own requirements – and these can vary dramatically. You could call ten different lenders and get ten different answers about minimum credit scores. This is where choosing the right lender becomes crucial.

At HomePromise, we take a unique approach. We stick to the VA’s guidelines without adding extra restrictions. This means we can often help veterans who’ve been turned down by other lenders. If you’ve been told your credit score is too low for a VA loan, don’t give up until you’ve talked with us.  Our minimum credit score is a very low 580 for VA loans.

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“HomePromise transformed what once felt like an impossible dream—owning a home—into a beautiful reality.”  – Denise W. 

What Types of Credit Scores Can Work for a VA Loan?

Let’s break down what’s typically possible with different credit situations:

Excellent Credit (720+):

• Smoothest approval process with any lender
• Maximum loan amount consideration
• Minimal documentation requirements
• Multiple lender options

Good Credit (680-719):

• Strong approval odds
• Standard documentation needed
• Multiple lender choices

But here’s where it gets interesting – and where working with the right lender really matters. If your credit score falls in the fair range (620-679), you’re in a zone where many lenders start adding their own restrictions. This is exactly where our approach makes a difference. We look at your whole financial picture, not just a number.

Even if your credit score is below 620, don’t assume you can’t qualify. While you’ll find fewer lenders willing to work with you, we evaluate each situation individually. We’ve helped many veterans with challenging credit situations achieve their dream of homeownership when other lenders turned them down.  Credit scores under 620 don’t scare us away, please call 800-720-0250 to talk to a VA loan expert about your specific situation.

Can Past Credit Problems Stop Me from Getting a VA Loan?

Let’s address some common credit challenges head-on. A past bankruptcy doesn’t automatically disqualify you from getting a VA loan. If you’ve been through a Chapter 7 bankruptcy, you may be able to qualify as soon as one year after discharge, especially if you’ve demonstrated good credit behavior since then. Even with a Chapter 13 bankruptcy, you might qualify while still in your repayment plan.

Foreclosures are another common concern. While many lenders have strict waiting periods, we look at the complete picture. What caused the foreclosure? What’s happened in your financial life since then? These answers matter more than just checking a box about time passed.

When it comes to collections and judgments, we take a practical approach. Not every collection account needs to be paid off to qualify. Medical collections, in particular, are often viewed differently than other types of collections. We’re more interested in understanding your current financial stability than focusing solely on past challenges.  Call 800-720-0250 to find out if you qualify.

How Can My Income Help Balance Credit Issues?

Your credit score is just one piece of the puzzle – and sometimes not even the most important piece. We look closely at your current income stability and employment history to help get a full picture of your finances. 

If you have a solid history in your job, strong current income, or multiple sources of income, these factors work in your favor. We’ll also look at your debt-to-income ratio and overall financial management. Sometimes, a perfect credit score matters less than how well you’re handling your current financial responsibilities.

What Steps Should I Take Before Applying?

Before you start your VA loan application, here are the key steps that can strengthen your position:

Important First Steps:

• Get a copy of your three bureau credit report
• Review for errors and dispute any you find
• Ensure all current debt payments are on time
• Gather employment and income documents
• Prepare explanations for past credit issues

When you’re ready to apply, be prepared to tell your story. Often, circumstances like medical issues, military moves, or other life events have impacted otherwise responsible borrowers. We want to understand what happened and how you’ve recovered.

How Should I Choose a VA Lender When I Have Credit Concerns?

This is crucial: not all VA lenders are the same. Some will immediately turn you down if you don’t meet their internal credit score requirements – requirements that go far beyond what the VA actually requires. When you’re talking with lenders, here are the key questions you should ask:

Essential Questions for VA Lenders:

• What’s your minimum credit score requirement?
• How do you handle past credit challenges?
• Do you add requirements beyond VA guidelines?
• What documentation will you need for my situation?
• How many VA loans do you process regularly?

Finding the right lender makes all the difference. Look for one who evaluates applications individually rather than just by credit score, has extensive experience with VA loans, and takes time to understand your unique situation.

How Do I Get Started with My VA Loan?

Don’t let concerns about your credit stop you from exploring your VA loan benefits. Start by reviewing your three bureau credit report and gather recent financial documents. Make a list of any credit issues you’ll need to explain.

APPLY ONLINE NOW and let our VA loan specialists show you what’s really possible. We’ve helped countless veterans achieve homeownership when they thought they couldn’t qualify. Your VA loan benefit is too valuable to let myths hold you back from using it.

Remember, VA loans are more flexible than conventional loans, and we’re here to help you navigate the process. Even if other lenders have turned you down, we may be able to help. The key is working with a lender who truly understands VA loans and is committed to helping veterans achieve homeownership.

Ready to get started? Call 800-720-0250 or APPLY ONLINE NOW and let our VA loan specialists guide you through each step with confidence.

Take Action with HomePromise

Call HomePromise at 800-720-0250 today! Get a free consultation and expert guidance to unlock your full benefits and turn your dream home into reality. We’ll be with you every step of the way. Call now, don’t wait!

5 Common Myths About VA Loans: Get the Facts About Va Loans

What Are the Biggest Myths and Misunderstandings About VA Loans?

When it comes to VA loans, there’s a lot of misinformation out there that might be keeping you from exploring this valuable benefit. Let’s bust five of the most common myths that we hear from veterans every day.

Myth #1: “You Can Only Use Your VA Loan Benefit Once”

This is one of the biggest myths we love to bust. Not only can you use your VA loan benefit multiple times over your lifetime, but you can actually have multiple VA loans at the same time! In fact, we’ve helped veterans manage up to four VA loans simultaneously – that’s our current company record but four is not the limit!, Many are surprised at and it shows just how flexible this benefit can be.

You can use your VA loan benefit to:

• Buy your first home
• Keep that home as a rental and buy another
• Build a real estate portfolio
• Move to a new duty station without selling your current home
• Purchase a larger home when your family grows

We’ve seen service members use their VA loan benefit strategically through multiple PCS moves, building impressive real estate portfolios along the way. Some keep properties in different markets, taking advantage of BAH rates and building equity in multiple locations. The only real limitations are your available entitlement and your ability to qualify for the loans.  Calculating your available entitlement can be tricky, call our VA loan experts at 800-975-0640 for more information.

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“I could not be happier with HomePromise.”  – Matthew C. 

Myth #2: “You Need Good or Perfect Credit to Get a VA Loan”

Here’s something that might surprise you: the VA’s official lending handbook doesn’t even set a minimum credit score requirement. Many companies restrict access to VA loans with their own guidelines that aren’t in the VA Lenders Handbook. That’s where lenders differ dramatically – you could call ten lenders and get ten different answers about their minimum credit score requirements. 

You don’t need perfect credit to qualify. What matters more is:

• Your current income stability
• Your debt-to-income ratio
• Your recent payment history
• Your overall financial responsibility
• Your complete financial picture beyond just credit scores

This is especially important if you’ve had credit challenges like bankruptcies, foreclosures, repossessions or collections. While some lenders might turn you down immediately, others (like us) will look at your entire situation. We’ve helped many veterans get approved when other lenders said no, simply because we stick to actual VA guidelines instead of adding extra restrictions.

Myth #3: “Making No Down Payment Makes Your Offer Less Competitive”

Many veterans worry that making an offer to buy a home with a VA loan and no down payment will make sellers less likely to accept their offer. This myth likely stems from a misunderstanding of how VA loans work and what sellers actually care about.

Here’s the truth: a VA loan offer can be just as competitive as any other offer. Why? Because sellers receive their full proceeds at closing, regardless of whether you make a down payment or not. 

What really matters to sellers is:

• Your ability to close on time
• The strength of your loan qualifications
• The home meeting VA appraisal requirements
• Working with a lender experienced in VA loans

In fact, in many cases, a VA loan can give you a competitive advantage. Since you don’t need a down payment, you can make a stronger offer on the purchase price. You might also have more flexibility with closing costs since sellers can contribute to those costs. We’ve helped countless veterans successfully compete against conventional loan offers, even in hot markets.

The key is working with a lender who knows how to properly structure your offer and communicate with sellers’ agents about the benefits of VA loans. Our prequalification process gives you the security that your loan will be approved when you find your dream home. Remember, your service has earned you this benefit – don’t let anyone convince you it makes your offer less valuable.

Myth #4: “Only Veterans with Honorable Discharges Can Get VA Loans”

While an honorable discharge makes the process straightforward, it’s not the only qualifying discharge status. For example, if you have a medical discharge under honorable conditions, you can often qualify just as easily. We’ve had people with very short service periods who were medically discharged under honorable conditions, and they were able to get their certificate of eligibility.

You might qualify with:

• A medical discharge under honorable conditions
• Other types of discharges depending on circumstances
• Active duty service with sufficient time served
• National Guard or Reserve service (even some state deployments now count)
• Service-connected disability status
• Surviving spouse status

The rules are as complicated as Congress and the government can make them, but that’s why we’re here to help navigate them. We’ve often succeeded in getting eligibility for veterans who had tried for years on their own without success.  Call 800-720-0250 to see if you qualify.

Myth #5: “VA Loans Can Only Be Used for Single-Family Homes”

This myth limits too many veterans from exploring great opportunities. VA loans are incredibly flexible when it comes to property types. You can purchase:

• Single-family homes
• Multi-unit properties (up to four units if you live in one)
• Condominiums (in VA-approved projects)
• New construction homes
• Manufactured homes (with certain requirements)
• Farm homes (as long as it’s your primary residence)
• Fixer-uppers needing renovation (as long as VA property standards are met)

We’ve helped veterans purchase everything from downtown condos to rural properties with acreage. As long as the property meets VA guidelines and will be your primary residence, you have many options. You can even use your VA loan to buy a multi-unit property, live in one unit, and rent out the others – a great way to start building wealth through real estate.

Why Do These Myths About VA Loans Matter?

These misconceptions matter because they might be keeping you from using one of the most powerful home buying benefits available to veterans. Too often, we meet veterans who:

• Waited years to apply because they thought they wouldn’t qualify
• Made large down payments unnecessarily
• Missed opportunities to build wealth through multiple properties
• Paid for expensive conventional loans when they could have used their VA benefit
• Limited their home search unnecessarily
• Gave up after being turned down by one lender

How Can I Learn More About My VA Loan Options?

Don’t let myths and misconceptions stop you from exploring your VA loan benefits. Even if you’ve been told “no” before, remember that:

• Different lenders have different requirements
• Guidelines and programs change
• Your situation might have improved
• You might qualify for more than you think
• The right lender can make all the difference

APPLY ONLINE NOW and let our VA loan specialists show you what’s really possible. We’ve helped countless veterans achieve homeownership when they thought they couldn’t qualify. Your VA loan benefit is too valuable to let myths hold you back from using it.

Remember, VA loans exist to help veterans achieve homeownership. They offer unique benefits like no down payment, no mortgage insurance, and competitive rates. Don’t let misinformation keep you from exploring this powerful benefit you’ve earned through your service.

 

Ready to get started? Call 800-720-0250 or APPLY ONLINE NOW and let our VA loan specialists guide you through each step with confidence.

Take Action with HomePromise

Call HomePromise at 800-720-0250 today! Get a free consultation and expert guidance to unlock your full benefits and turn your dream home into reality. We’ll be with you every step of the way. Call now, don’t wait!

VA Loan Eligibility: A Guide for Military Service Members and Veterans

What Do I Need to Qualify For a VA Loan? 

Thinking about using your VA loan benefit to buy a home? We know the process can seem overwhelming at first – there are lots of moving parts and military-specific requirements to navigate. But don’t worry. We’re here to help break it all down into simple, manageable steps and show you exactly how to qualify.

Who Can Get a VA Loan?

Let’s start with the basics – finding out if you’re eligible. VA loans are an incredible benefit earned through your military service, and they’re available to more service members than you might think. You may qualify if you’re:

• Currently serving on active duty
• A veteran
• A member of the National Guard or Reserves
• The surviving spouse of a veteran who died in service or from service-connected disabilities

And yes, this includes ALL branches of the military:

• Army
• Navy
• Air Force
• Marines
• Coast Guard
• Space Force
• National Guard
• Reserves

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“I could not be happier with HomePromise.”  – Matthew C. 

How Long Do I Need To Serve To Get a VA Loan? 

This is one of the most common questions we hear, and the answer depends on your service type:

If you’re active duty, the required service time is shorter if you’ve served during wartime or in combat zones. This makes sense – if you’ve put your life on the line in active combat, you should have faster access to your benefits.

For our National Guard and Reserve members: You’ll need either:

• • • 6 years of creditable service, OR
    • Time served on active duty call-up

Here’s some good news many people don’t know: If you’re in the Guard, both federal AND many state deployments now count toward your eligibility. This recent change has made it easier for many Guard members to qualify.

What Type of Discharge Do I Need For a VA Loan?

Don’t let concerns about your discharge status stop you from exploring a VA loan. While an honorable discharge makes the process straightforward, you may still qualify with:

• A medical discharge under honorable conditions
• Other types of discharges (we can help you understand if yours qualifies – call one of our VA loan experts for more information at 800-720-0250)

How Do I Get My Certificate of Eligibility (COE) For a VA Loan?

Think of your Certificate of Eligibility (COE) as your golden ticket to VA loan benefits. While you can apply for one yourself, why make the process harder than it needs to be? We can get your COE much faster and with less hassle on your part.  Call us at 800-720-0250 for help.

You’ll need these documents handy:

• Active Duty: Your current statement of service
• Veterans: DD-214
• Guard/Reservists: NGB-22 and points statement
• Surviving Spouses: Additional documentation we can help you identify

Pro tip: Can’t find your military documents? Don’t panic. We can help you navigate getting replacements from the VA records archive.

Can I Get More Than One VA Loan?

Here’s a surprise for many service members – you’re not limited to just one VA loan! In fact:

• You can have multiple VA loans at the same time
• You can reuse your VA loan benefit after paying off a previous loan
• While there are some limits on total borrowing when you have multiple loans, the limits are probably higher than you think

Will a Low Credit Score Stop Me From Getting a VA Loan?

Let’s ease your mind about credit concerns. While the VA itself doesn’t set a minimum credit score, each lender has their own requirements. Here’s what you should know:

• Credit requirements vary widely between lenders
• Your credit history matters, but it’s not the only factor
• Income and debt ratios play a big role too
• Some lenders are much more flexible than others
• Minimum credit scores for some lenders can be as high as 640
• The HomePromise minimum credit score is much lower at 580

How Does The VA Funding Fee Work?

The VA funding fee is part of most VA loans, but it’s simpler than it might seem:

• First-time users pay 2.15% of the loan amount
• It goes up to 3.3% for subsequent use
• You can roll it into your loan (no upfront payment needed)
• If you have a service-connected disability, you might be exempt
• Making a down payment can lower your fee

How Do I Start the VA Loan Process?

Ready to take the first step? Here’s your simple game plan:

1. Find your military documentation (or let us help you get it)
2. Let us help you get your Certificate of Eligibility – we often succeed even when other lenders can’t
3. Call 800-720-0250 to talk with us about your goals and situation
4. APPLY ONLINE NOW

Why Should I Work With a VA Loan Specialist?

The VA loan process has a lot of moving parts, but you don’t have to figure it all out alone. Working with experts who handle VA loans day in and day out means:

• Getting your COE faster
• Having an expert guide for tricky situations
• Understanding all your options clearly
• Making the whole process smoother and less stressful

Don’t let the details of VA loan eligibility overwhelm you or stop you from using this valuable benefit you’ve earned through your service. We’re here to handle the complexity while you focus on finding your perfect home.

Ready to get started? Call 800-720-0250 or APPLY ONLINE NOW and let our VA loan specialists guide you through each step with confidence.

Take Action with HomePromise

Call HomePromise at 800-720-0250 today! Get a free consultation and expert guidance to unlock your full benefits and turn your dream home into reality. We’ll be with you every step of the way. Call now, don’t wait!