I am a veteran eligible for a VA loan. I want to purchase a home but I currently have one that is due to be fully paid in 5 years. I heard that you can use a VA loan for multiple times, what are the requirements? Do I need to fully pay my current loan before I can apply for a new loan? by sgtwalker646 from Blue Lake, California. Oct 4th 2022
yes - more than likely you will need to refinance the VA loan to a conventional loan or sell the existing home in order to re use your VA loan ....get in touch with a loan officer to determine if you have any avaialbe VA eligibility that can be used to buy another proeprty
You can use you VA loan benefits over and over. No problem. Technically a VA loan is supposed to be 'one at a time', but you can potentially have more than one at a time depending how much of your VA eligibility you are currently using, and how much is left. It is a super goofy formula to figure out, so reach out to a VA loan expert in your area for help. If there isn't enough eligibility left (which is usually the case), you would either have to refinance the current one out of a VA loan, or buy the next one on a different program. I provide VA loans in MN, WI, IA, ND, SD. Cambria Mortgage, NMLS 274132 - VAMortgageMN.com
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