Home Buying in Huntington>Question Details

craigjen56, Home Buyer in Huntington, WV

Can we buy a house with VA loan and combine with current VA mortgage. 2nd house in different state.

Asked by craigjen56, Huntington, WV Tue Mar 12, 2013

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You may use any remaining entitlement to purchase another home with a VA Loan. You may also have your entitlement restored if the previous loan is paid off and you still own the home. Remaining entitlement and restoration of entitlement are not automatic. We recommend consulting with one our experienced real estate professionals at Globenet Realty. Our brokers are well-versed in all types of loans.

Please call 714.988.8399 or visit us online at http://www.globentrealty.com
0 votes Thank Flag Link Thu Oct 3, 2013
Qualified borrowers have two layers of entitlement. Together, the 1st tier and the 2nd tier combine to create the VA guarantee. The second additional layer of entitlement can help borrowers who have experience foreclosures, or other major problems with VA loans.

Thanks to 2nd Tier Entitlement, even a veteran who defaults on a VA loan can still purchase again. It?s important to note on the 2nd Tier Entitlement purchase, there?s a minimum loan amount of $144,000.

This entitlement will also help you to have two VA loans at one time.

Joel Lobb (NMLS#57916)
Senior Loan Officer
502-905-3708 cell
502-813-2795 fax
kentuckyloan@gmail.com

Key Financial Mortgage Co. (NMLS #1800)*
107 South Hurstbourne Parkway*
Louisville, KY 40222*
http://mylouisvillekentuckymortgage.com
0 votes Thank Flag Link Mon Jul 15, 2013
Probably not:
You should visit your local VA office and ask for help with your allotment and eligibility:
If you had a good reason, you could apply for a reinstatement.
I doubt that you could have two, because they are intended for Owner/Occupant, and you would be abusing the privilege.

And thanks for serving.
0 votes Thank Flag Link Tue Mar 12, 2013
You have just so much VA eligibility available to you and once used that loan must be paid off to get it back to use again. So until it is paid off, or you let another vet with VA eligibility assume yours with theirs, it's gone for now if you used all of it.
0 votes Thank Flag Link Tue Mar 12, 2013
No didnt use all of it. According to the VA, we have up to 417,000 in eligibility.
And we have used 76,000 of that.
Flag Tue Mar 12, 2013
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