In the ongoing quest to unearth the few remaining 100% home loan options, I wrote a recent article about VA loans called 100% Financing: Focusing on VA. Since then, I have been asked numerous times whether or not a veteran can have two VA loans.
The answer is yes and yes. Now I know that the question above refers to two VA loans and not two questions, so let me explain the two yes answers. As most lenders and veterans already know, a veteran can have two VA loans in succession. Once a VA loan has been paid off and the property sold, VA eligibility is reinstated and reusable. On a one time basis, a veteran can even pay off the VA loan while retaining the property.
But the second part of that question is much more interesting.
Can a Veteran Have Two Concurrent VA Loans?
In this down market, it is not unusual for a homeowner to want to buy a new home while waiting until the market improves before selling the current home. So can the veteran purchase a second using her VA entitlement while retaining the first?
Comments(1)