can i buy two homes using va loans
TRANSCRIPT
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CAN I BUY TWO HOMESUSING VA LOANS?
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Taking out a second VA loan while still holding your original loan is known as second tier eligibility or bonus entitlement.
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The question of whether a borrower can take out a VA loan to buy two homes is an important one as families grow or active duty personnel move to a new assignment.
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A loan officer will review the application for a second mortgage and take into account a number of considerations.
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These include whether the current loan is in good standing, whether it is on a rental property that can cover its own expenses…
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...whether the family is looking for a second home due to a Permanent Change in Station (PCS) or shift in family circumstances and the size of the loan requested.
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CAN I BUY A SECOND HOME WITH A VA LOAN WHILE I STILL OWN MY FIRST HOME?
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Each borrower, whether on active duty or a veteran, has a designated entitlement for buying a home.
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If you are keeping the original home, you can use the full entitlement one more time for purchasing another property but only if you have paid off the original VA loan.
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Many borrowers choose to do this, for example, if they have bought a home in one area where they’re stationed…
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…have received a new PCS, and want to keep their first home as a second home, or to save it as a retirement residence.
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However, the amount you’ll have to spend on a second home will depend on how much eligibility was used on the first home.
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CAN I BUY A SECOND HOME WITH A VA LOAN AFTER I SELL THE FIRST HOME?
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If your original VA mortgage has been paid off and you no longer own the property, you can have your entitlement restored as many times as you want.
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VA eligibility can be reused for every home you purchase from the first to the last.
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This is an amazing benefit considering that the loans do not require either a down payment or expensive mortgage insurance.
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Providing you have good credit and sufficient income, lenders will often loan up to four times your available entitlement without a down payment.
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Loans are not made through the U.S. Department of Veterans Affairs, but rather through a private lender with partial guarantee by the VA.
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DO I HAVE TO LIVE IN THE HOME?
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The VA specifies that VA home loans are for residential use which disqualifies purchasing investment properties from the loans.
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In other words, the borrower must use the property either as a first or second home. Generally, properties may not consist of more than four family units and one business unit.
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This provides somewhat of a loophole, as borrowers could reside in one of four apartments and rent the other three and the storefront.
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Technically, you could then wait a year, find out if you’re eligible for an IRRRL, take one out and then buy a second home with your remaining entitlement.
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You can also use a VA loan to refinance a home you originally occupied as a primary home and now rent.
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WHAT IS AN IRRRL?
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The VA’s Interest Rate Reduction Refinance Loan (IRRRL), also known as VA Streamline Refinance, is a refinance mortgage loan available to borrowers with existing VA mortgages.
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The program allows refinancing without the need for presenting normally required documentation…
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… including credit score, bank account verification, home appraisal and income/employment verification.
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The loans are available through VA-approved lenders and are guaranteed by the federal government.
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The loan allows you to refinance at a rate lower than your current rate and is very popular because of its ease of use.
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To get an IRRRL loan, you need to:
Be current on your mortgage.Be able to certify that you have resided in
the property.Have a new loan payment lower than your current mortgage payment.
Loan must be a VA to VA loan, so you have to have borrowed your original mortgage from the VA.
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HOW DO I GET MY ENTITLEMENT RESTORED?
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In order to have your remaining entitlement restored, you need to contact the nearest VA office and complete VA Form 26-1880.
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Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.
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Be a proud homeowner today. For more details call 480-351-5904 or visit the site https://www.valoansforvets.com/va-loan-eligibility/
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VA LOANS FOR VETS7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]
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