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2 VA loan for new primary residence.

I currentley have a va loan for my current house. I'm moving and can't really understand the examples that the VA has on their website. Can I get a 2nd VA loan for $155,000 before I sell my current house ($157,000 mortgage)? THe new house will be my primary residence.
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May 16 2010 - Akron
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Answers (10)

As long as you will occupy as a primary residence, it is possible to get an additional VA loan. The question is what will the down payment be? This is a function of your remaining entitlement and county the property is located at. In your example, if you have full VA entitlement, you can get a 2nd VA loan 100% LTV, Zero down. Please feel free to reach out to me if you need help calculating your remaining VA entitlement and further explanation.
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July 21
[Off topic removed by Zillow moderator. Please see our  Good Neighbor Policy]
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July 14
It is a 2nd tier VA loan and yes you both can qualify for a VA loan.  Ratios are everything as well.  Keep working on your credit and get all your bad items removed.  VA loans down to a 560 credit score are ok as well.  Keep fixing your credit
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March 30 2013
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If both you and your spouse are eligible for VA loans, can they both apply for separate VA loans for the same residence? For example, if one vet is approved for $275K and the house is $350K, (short by $75K) can the other vet use their VA benefit and apply for the difference of the sale amount?
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March 29 2013
Hello there.  It seems I am a little late to the party to help answer this.  You can definitely have more than one VA home loan at a time.  I have helped clients who have had 3 VA loans at once.  It is all determined by how much eligibility you have left.  What a lot of people don't know is that even if you DONT have any eligibility left, or you have foreclosed on some eligibility, you can still get a VA home loan using 2nd tier entitlement.

Let me know if you have anymore questions.
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June 22 2010
Under VA guidelines, one can have 2 VA loans at once.  There is an automatic bump or "bonus" eligibility given if you are buying over $144,000.  You can purchase 4 times the amount of remaing eligibility.  I suggest getting with a seasoned loan originator that has experience with VA loans and knows and understands the guidelines.

Good Luck
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May 25 2010

Those rules apply to VA as well chief....

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May 17 2010
You can have 2 VA home loans IF you have enough eligibility to insure the 2nd home.  You can either contact VA directly or have your loan officer run your dd-214 to see if you have enough to cover the new home purchase of 155,000.  If you do, then you are good to go.  If not, then you will need to sell your current home. 
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May 17 2010
Nic's answer applies to FHA which is a viable option if his examples apply. VA only allows one VA loan at a time, so until you sell your current home AND pay off existing VA loan, you would not be eligible for 2 VA loans. If your spouse has a VA eligibility then their eligibility could be used, but you would need to qualify for both payments if your current house was not sold. That would apply in Nic's example, too.
Talk to a local loan officer and explore options.
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May 16 2010
If your family is expanding or you are being relocated for work, yes.  Otherwise no.
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May 16 2010
 
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