If my husband and I have recieved a VA loan in the past, can we recieve another after we sell our house we have now.

My husband is in the Marines and we bought a home in NC. We recieved a VA loan to help us get this home. He now wants to get out and we are wanting to sell and move to another area. Would we be able to recieve another VA loan after already having one in the past. We have only owned our home for a year.
(0) | asked by: David | share | 65 months ago | Report

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Hey David! I'm a REALTOR in Jacksonville, NC and about 99% of the homes I sell are financed VA and yes, you can use it over and over and over again. You can actually have more than one VA loan at a time. Many people aren't aware of this, but it can be done. If you have any other questions then feel free to call, text or email me at any time. I'd love to help you in any way! Best of luck to you! Emily Tesh, REALTOR Century 21 Champion Real Estate
(1)   |   by Emily Tesh   |   62 months ago   |   Report
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answer by Mary and Donna Team    |   Visit My Website   |   Contact Me
Yes, as long as the other one is paid off.
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61 months ago  |   Report   |   share
answer by Team Move OVM    |   Visit My Website   |   Contact Me
Emily answered correctly and this is called a 2nd tier VA loan where you own a home with a VA mortgage and then purchase another with your 2nd tier entitlement. Check with an expert lender to help you on this. Good luck
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61 months ago  |   Report   |   share
The Va requirement is you must live in the home for one year. You have done that. The other requirement to use it again is you must satisfy the current loan in full and once it is cleared you can use it again. My question would be are you going to be able to pay all the normal fee's and clear you loan, after only one year in the home. If you bought the home with lets say $30,000 in equity, you should be fine. I know a couple Realtors in that area, I can connect you with and see where you stand. Click on the contact me icon and we can get started. Thanks.
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65 months ago  |   Report   |   share
Yes - you just can't have two VA loans out at the same time.
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answer by Beth Dalton    |   Contact Me
you can use you VA loan again once your current loan is satisfied. The only difference for the 2nd or more use is the the VA funding fee is slightly higher than for the 1st use.
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65 months ago  |   Report   |   share
answer by Cindy Smith    |   Contact Me
I believe that you are allowed to use the VA loan over and over again. You will need to sell your current home and then you should have another VA loan to use.
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65 months ago  |   Report   |   share
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