How to Have Multiple VA Mortgage Loans at A Time

The most common misinformation we hear about VA loans is that you can only have one at a time. This is false.

VA loan eligibility hinges on entitlement, among other things. If you have already purchased a home with a VA loan, then you have used entitlement, but you may have some left. To figure out how much entitlement you have and how much money the VA will guaranty for your mortgage, it requires some math (We are experts at this, so let us know if you need help with this.)

The other thing to know is that when buying a home with a VA loan, it may only be used for a primary residence. But this does not mean you can never move out of the house or rent it.

So if you move five years later, it’s OK. In fact, you do not have to pay off the balance of the VA loan at that time. You can refinance your VA loan into another VA loan (IRRRL) even if it is a rental.

Fill out the form below if you want to know if you have remaining entitlement, or if you have any questions about VA loans.