Can I have multiple VA loans in Arizona with 100% financing? There are many veterans in Arizona who do 
not know that they can obtain more than one VA loan at the same time in Arizona. Using your VA guarantee without selling your current home is a great way to obtain 100% financing. There are some things to look out for when obtaining multiple VA loans in Arizona and if you would like to buy with 0% down there are a few things to watch out for.
The VA entitlement available to each VA-eligible borrower is $36,000 on loans of $144,000 or less. Every eligible veteran also receives "bonus" entitlement that is taken into consideration in excess of the $36,000 of the basic entitlement. Bonus entitlement is only for loans over $144,000. Bonus entitlement is calculated by taking the annual Freddie Mac conforming loan limits for counties, multiplying them by 25% and then subtracting the basic entitlement of $36,000.
In Arizona to calculate your bonus entitlement you would take 417,000 x 25% = 104,250 subtracting the 36,000 which would leave you with 68,250 as your bonus entitlement
To have multiple VA loans in Arizona with 100% financing here is a simple example you can use:
A VA borrower is already using $36,000 of his entitlement on a current loan + 10,000 of his bonus entitlement with his current mortgage of 184,000, would now would like to purchase a new home for $210,000. The maximum loan the VA will guaranty in Maricopa County is $417,000.
$417,000 x 25% = $104,250 maximum VA guaranty
$104,250 - $36,000 - $10,000 = $58,250 available entitlement
$58,250 x 4 = $233,000 maximum loan amount for this borrower
Since the proposed loan amount is less than $233,000, the lender will receive an entitlement of $52,500 which is the full 25% VA Guaranty on his loan of $21,000, and a down payment should not be required. However if the same VA buyer in Arizona were to purchase a home above 233,000 they would be required to have a down payment.
Also, remember that when buying a new home with the multiple VA loans in Arizona you will you have to be purchasing a home above 144,000 or the bonus entitlement will not kick in. This is more common when buying a new home with your 2nd VA loan in Arizona as prices have dropped considerably and upgrading your home costs less than other states.
To see if you qualify for multiple VA loans in Arizona or to see what your down payment would be with a 2nd VA loan please contact your Arizona VA Home Loan Specialist.
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