Home Buying in Hopewell>Question Details

Crystal Dray…, Home Buyer in Georgia

What do I do if I am military moving and already have a VA loan on my first home?

Asked by Crystal Drayton, Georgia Tue Mar 5, 2013

This question was asked from this property: http://www.trulia.com/property/3089908973-1901-Camerons-Land…

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You may have multiple financing options. You could purchase a new home with 20% down and get a conventional 30 year fixed mortgage. FHA is available with a 3.5% minimum down payment. Lastly you may be able to purchase a home and re use your VA benefits. Contact the VA online and request a new "COE" certificate of eligibility.

Jason Smith
1 vote Thank Flag Link Thu Mar 7, 2013
Hi Crystal,

Thank you for your service.

You can actually buy with another VA Mortgage using your VA 2nd tier or bonus entitlement!

Depending on how much 2nd tier entitlement you have available you may be able to buy with no money down!

Another great thing is even if you do need a down payment it's going be pretty cheap.
Here's what I mean. Let's say you have enough entitlement left to buy another home for $200,000 without a down payment but the home you really want is $230,000. You would only need 25% of the difference for a down payment so that's only $7,500!

One more great thing about the VA program in cases like these is if you convert your current home into a rental property we can actually count the rent as an offset for that mortgage payment to make it easier to qualify for the new VA mortgage.

You can find more information on the VA 2nd tier or bonus entitlement on my website by clicking the link under web reference.

Take a look at the recommendations from some of my past clients on my Trulia profile by clicking the link below my phone number.

Please feel free to contact me for more information or help.

John Burke
Senior Mortgage Banker
Lending in ALL 50 states
Great Plains National Bank
NMLS# 787231
0 votes Thank Flag Link Fri Sep 19, 2014
Hi Crystal,

First I would like to thank you and all of the Warriors and Families for their service to our country. As your local USAA Realtor I would be honored to assist you with all of your real estate needs.

Thanks, Scott Morgan
0 votes Thank Flag Link Thu Oct 24, 2013
Again, thanks for serving!
We didn't hear that in '72.
I understood that if you are being relocated, they will reinstate your full benefits and even help you sell.
Have you gone to your local VA office and talked to them?

Good luck and may God bless
0 votes Thank Flag Link Wed Mar 6, 2013
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