How Many Times Can You Use A VA Loan?

A VA home loan was created to honor our Veterans and active-duty military personnel and assist them with getting into a home of their own. They are fully backed by the U.S. government and are one of the most attractive and flexible mortgages on the market. Here are some of the main benefits of a VA mortgage:
  • Can offer up to 100% financing for homebuyers with sufficient entitlement benefits, meaning you may not need to put down a down payment
  • Has more lenient credit and qualifying guidelines compared to Conventional mortgages
  • Does not require monthly private mortgage insurance
  • Sellers are able to contribute to closing costs
  • Can be used to purchase a primary residence or refinance an existing mortgage
Even better, what many people don’t realize is that there is no limit on how many times you can use your VA benefits - so many Veterans may have the option to obtain a second, or even third, VA mortgage.

VA Mortgage Entitlement

The Department of Veterans Affairs (VA) does not originate loans, but instead promises to repay a specific amount if the homebuyer defaults. This is known as the VA loan entitlement. This guarantee is what allows private lenders to extend the benefits that come with a VA mortgage to homebuyers. So, when an eligible homebuyer purchases a home, they are applying some or all of their entitlement to that loan. 
VA home loan benefits are available throughout one’s lifetime and can be reused again and again, as long as the original mortgage is paid off each time and the full entitlement is restored.
Some homeowners may even be able to have more than one VA loan at the same time, but they will need to meet the VA's occupancy requirements.
If you have questions or are unsure if you meet these requirements, be sure to check with your local Loan Officer. They’ll be able to look at your specific situation and help you figure out if you can qualify for VA financing.

The VA Process

VA mortgages are available exclusively to qualifying active-duty service members, Veterans, reserve members, Public Health Service Officers, Officer of the National Oceanic & Atmospheric Administration, Merchant Seaman during World War II, National Guard members, and eligible surviving spouses. To qualify for a VA loan, you will have to meet minimum qualifying criteria and a valid Certificate of Eligibility (COE). 
The first step is getting pre-qualified with our Digital Mortgage. Your Mortgage Loan Originator will assist in selecting the best home loan product for your specific situation and will guide you through the entire process. But don't worry, your team at Certainty will be here if you have questions along the way.
- Oct 07, 2020