Using VA Home Loan Entitlement
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
Can I get more than one VA loan at a time?
Sometimes VA borrowers want to know if they can have more than one VA loan at a time. In rare circumstances it is possible for a VA borrower to have more than one VA mortgage. Remember, basic entitlement is $36,000 and bonus entitlement can only be used on loans over $144,000. Consider a scenario when a VA borrower has used all his or her basic entitlement for a VA home loan of $144,000, but still has bonus entitlement of $68,250 untouched. That borrower could use the bonus entitlement alone to get a VA loan for more than $144,000. If this borrower wants to pay zero down, the loan would have to be between $144,000 and $273,000. A lender uses the 25% guaranteed by the VA in lieu of a down payment. This borrower could get a veteran's home loan for more than $273,000, but would have to come up with some money down.
A VA loan professional is someone who can help you understand your entitlement situation.
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