Welcome to Operation Home Buyer…your place for all things VA!
I’m often asked…”Can I use my VA Home Loan Benefit more than once?”
Yes! You absolutely can. I find that the majority of people wait until they are retired from active duty to use their VA Loan Benefit because they don’t know it’s OK to use it more than once.
So…How do you use your VA Loan Benefit more than once?
If you have a VA Loan on a property…and that property sells…those benefits are completely restored. This means you now have full entitlement to use your benefit again on your next home.
You also have “Bonus Entitlement” which allows you to have two active VA Loans at once. To use that you may be required to have a down payment on the second property. There is a formula that tells us exactly how much that down payment would be. If you’re thinking about getting a second home reach out and we can help you figure out how much entitlement was used on the first loan.
So…What’s the point?
You don’t have to wait until retirement to use your VA Benefit. In fact using it now could be a way for you to start building some wealth with real estate while you’re still serving in the military.
Thank you for your service! We’ll see you next week on Operation Home Buyer.