Admoran, Home Buyer in Arlington, VA

Can we buy a second home with a VA loan?

Asked by Admoran, Arlington, VA Sat Dec 17, 2011

We own a house in the Chesapeake, VA with a conventional loan, it has been rented for the las 3 years , we will be moving to DC next summer and would like to buy a primary second house with a VA loan, should we pay down our first rented house or save the money for the second home?

Help the community by answering this question:

+ web reference
Web reference:


Tim Moore, Agent, Kitty Hawk, NC
Sun Dec 18, 2011
Since you are renting the other house it is not your primary residence. Yes, you can use the VA loan to buy a new house since it seems that you will be living in it. I would speak to a VA lender and let them advise you. USAA or Navy Federal would be someone I would talk to.
1 vote
Joyce Jewett, Home Buyer, Bridgeville, DE
Sat Jun 6, 2015
You can own two homes under VA Loans, it is called second tier. You can rent your current home and still obtain a VA loan, many lenders (mortgage loan officers) are not versed in the second tier loan program with VA. I would call a lender or bank and not a broker for this type of loan. Prior to buying the new home I would suggest that you have a lease agreement on your current home, it will make the process go faster and remember VA loans are full document loans, meaning you will spend about a month just putting together the application process.
0 votes
Go to USAA
Flag Sat Jun 6, 2015
Elliott R. O…, Agent, McLean, VA
Sat Dec 24, 2011
If you occupy the property you can use your VA benefits but you may also be able to use Conventional financing with 5% or even FHA which requires only 3.5% down. It would be best to speak with a lender that can review your credit, income and assets to outline your options for you so you can decide which is best for you. I would be more than happy to help you if you still need more details.

Elliott R. Oliva
Mortgage Banker
Primary Residential Mortgage
Vienna, VA
202-681-1636 direct
"Se habla Espanol"
0 votes
Jay Seville, Agent, Fairfax, VA
Sun Dec 18, 2011
Can you take out a VA loan for a second home or vacation cabin?
The law requires that you certify that you intend to occupy the property as your home. But it specifically provides that occupancy by the veteran's spouse satisfies the personal occupancy requirement.
0 votes
Marcia Burgos, Agent, Arlington, VA
Sun Dec 18, 2011
Didn't see the whole question from my phone. I would advise saving the money for the new home purchase. Also, now is a good time to think about your long term goals with the first house. I have 4 properties, I rent out 3. My goal is to keep them all (hopefully get more) so now I'm starting to pay down the mortgages on my other properties so that in 19 years when I'm 60, I have cash flow in my later years. I may not pay them off before then but I do plan to pay them down quite a bit.

You should also consult a tax advisor because there could be tax issues that can help you decide how to go about buying the 2nd house as well and as far as paying down the 1st one. I'm not sure if on investment properties you only benefit from depreciation or also from the interest deduction. I should know, but I don't. :) I have a great accountant too so I can refer you if you need one.

Please feel free to e-mail or call. I've been in real estate almost 10 years, and investor for about 8.

Good luck and you can't go wrong buying in Northern Virginia for sure!
Web Reference:
0 votes
Marcia Burgos, Agent, Arlington, VA
Sun Dec 18, 2011
Only as a primary residence. I have a great lender if you need one and I believe Navy Fed has a 100% financing loan.
0 votes
Carol Perdew, Agent, Manteca, CA
Sat Dec 17, 2011

I would suggest that you talk to a local loan officer that offers VA loans. VA financing is for owner occupied home buyers. A good lender will know how to package a VA loan to get loan approval. Hope this works out for you!

Carol Perdew
Prudential California Realty
(209) 239-7979
0 votes
Ron Thomas, Agent, Fresno, CA
Sat Dec 17, 2011
You might check with your local VA Office, (no point is not telling them),
But I'm sure that you have to be an owner/Occupant.
It might depend on their (or the Lender's) definition of Owner/Occupant:
Does it mean 6 months + 1 day, or does it mean 9-10 months out of the year.
Talk to them; they've got no axe to grind.

By the way, thanks for serving.

Good luck and may God bless
0 votes
Search Advice
Ask our community a question
Home Buying in Popular Arlington Neighborhoods

Email me when…

Learn more