Financing in Benton>Question Details

Gracie, Other/Just Looking in Benton, IL

Can you use a veterans no down payment loan if it isn't your first purchase?

Asked by Gracie, Benton, IL Wed Jun 13, 2012

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Hi Gracie,

You sure can, the no money down VA program is not just for first time buyers. The big question is have you used your VA entitlement before?

If you have, there are a couple things that need to be done. First if you used it on home and still own that home, you'll have to qualify under the bonus entitlement provision which is a little more detailed. If you sold the home and paid off the previous VA mortgage, then we have to get your entitlement restored which is fairly easy.

Please feel free to contact me for more information or help. You can also check out my VA mortgage website for more information by clicking the link below.

John Burke
Senior Mortgage Banker
ENG Lending
1 vote Thank Flag Link Thu Jun 14, 2012
Sure you can, if you qualify for the loan and are going to live in the house. I think the funding fee increases to 3.3% . But even that is not a big deal with rates as low as they are today, good luck,

Jim Simms
NMLS # 6395
Financing Kentucky One Home at a Time
0 votes Thank Flag Link Thu Jun 14, 2012
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