In the past, getting a second VA loan may not have been possible for you but new might work to your benefit.
Can You Have Multiple VA Loans?
The VA Home Loan benefit earned by Veterans and active-duty service members is not a one-time benefit. You can use your benefits again after you get your first VA loan. Plus, you may qualify to have two or even three VA loans at the same time.
Many VA lenders don’t know how to do these kinds of loans and as a result will deny you for a VA loan. These loans require careful calculations of your VA entitlement. According to the Department of Veterans Affairs, the VA Home Loan benefit is available for active duty service members, Veterans, and sometimes their surviving spouses to use more than once.
What Is My Second Tier Entitlement?
According to the Department of Veterans Affairs, the basic entitlement for each eligible Veteran is $36,000. In addition to the primary entitlement, eligible Veterans throughout the country get a second-tier entitlement of 25% of the loan amount. VA lenders typically loan up to 4 times the available entitlement without a down payment. A Veteran’s income and credit must meet VA standards and the property must appraise for the asking price.
Can I Get A Second VA Loan Without Down Payment?
Yes, it is possible as a Veteran to get a second VA loan without a down payment. The first step in determining this is to contact us or apply below to answer a few questions. VA Home Loan experts with HomePromise will then calculate your maximum purchase price, lending limits, and the used portion of your primary entitlement to determine if a down payment is needed.
“I just want to thank you very much for your work to help us refinance our loans. I know you had to do so much work for us and we really appreciate it. If I know anyone who wants to buy a home or refinance I will do my best to refer you to them. Again, thank you very much.”
“My mother recently had a refinance with HomePromise. The process was easy for her (and I) to follow. The loan representative, Chris Gaus was very helpful and responsive for the entire process and explained everything. I would definitely recommend this company.”