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Using a VA loan multiple times

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 Reply


Dave Skow (daveskow)
#15 ranked lender in Washington - 455 contributions

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

Oct 5th 2022
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Joe Metzler (JoeMetzler)
#17 ranked lender in Minnesota - 4,848 contributions

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

Oct 13th 2022
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