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.
Mortgage Broker Or Lender, Louisville, KY
Mon Jul 15, 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.
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.
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.