Profile picture for dtruth

i am 100% disable an in 05 i bought a home thru Va cert. of elgibility thinking of selling my home.

i am a 100% disable vet and i have been in my home since may05.I am having trouble now tring to maintain wit all the cost an im thinking of selling.I did use the Cert.Of Elgibility an wanted to know if i do sell is there a chance that i could use it again when im ready
  • November 14 2009 - Tulsa
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Answers (6)

Absoutelly. You can use your VA benefits on more than one house. We bought a house VA then sold it. A few years later we decided to go with a VA loan again. The only difference was the funding fee increased. Maybe check in on the disability - maybe they would reduce the funding fee? Best of luck - Great time to buy a place.
  • January 24 2011
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you would need to go to www.va.gov to get the answer to your question. if your home could sell for 10% more that your purchase price you should be able to sell and not bring money to the table at closing.
  • January 12 2011
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The thing to keep in mind with the VA is that the VA only GUARANTEES a loan, they don't fund it.  Check with them as well as the mortgage lender to see about any steps you need to take to make sure you'll be able to use the VA again. If you question is can you make enough off the sale to just "get out from under" the house, then you'll need to know what your house is worth now by having a market analysis (a realtor can do it for free) done on it.  This will let you know a price range your house could be sold for.  Take the range and see if it's enough to cover your loan plus the usual fees associated with selling property. Hope this helps!

  • November 23 2010
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Profile picture for Mr Caveat
i dont know if that was clear, if you short by way of paying off the home or bringing money to close, you can also reuse your cert...

if you short sale the old fashioned way, you can still pay off the original loan at any time and get your eligibility back... i dont reccomend either of these choices, however.
  • November 15 2009
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if you are able to sell with going short... or if you short bring in the difference, then yes you can use again... good luck! most who purchased in '05 are upside down now...
  • November 14 2009
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Profile picture for Mr Caveat
if the loan is satisfied, ie you dont short sale, everything is paid up, absolutely you can use your VA eligibility again.
  • November 14 2009
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