Can I have 2 VA loans? You sure can, find out how.
David diligently posts market updates and this one I found a bit unusual. My parents alwasy belived they could only buy one VA home, ever. I quickly learned as a Realtor that's not true, but many have that perception. To find out you could qualify for 2 is astounding. Enjoy.......
If you are a veteran you can actually have 2 VA loans. You may want two VA loans if you are moving and not selling your current home, etc. The calculation to find out if you can have two VA loans can be a little confusing. So, Here are the steps to follow when figuring out if you can have 2 VA loans:
1. Order your Certificate of Eligibility- Your Mortgage Lender can do this for you. It requires you to provide your DD-214 form. If you do not have the DD-214 form, you will want to find it.
2. Your Entitlement- On you Certificate of Eligibility, it will show the remaining balance of your entitlement. The majority of veterans will start with an entitlement of $36,000. So your remaining balance will be less than this amount.
3. Calculate- Next you will want to take the amount of your entitlement that you have used and subtract it from $104,250. So if you used $30,000 of your entitlement, it is $104,250- $30,000=$74,250
4. The Max your 2nd VA loan can be- Take the number from #3, $74,250 and divide it by .25. This will give you the max your new VA loan can be. Which in this example would be $297,000.
The above list gives you the exact step by step process to find out if you can qualify for a 2nd VA mortgage. Keep in mind, this calculation is only to see if you can get a second VA loan. This does not automatically mean you can qualify for a another mortgage, that would be determined on your income, assets, credit score, etc. This calculation for a 2nd VA loan is for loan amounts of $144k and higher. For loans under $144k there is a different calculation. Please call or email me with any questions.
David Krichmar
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AmericaHomeKey, Inc
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