You can get a VA loan multiple times if you’re eligible for one – it’s a lifelong benefit of serving in the military. However, there are some key things to know about the specifics of getting a second VA loan such as potential VA loan limits. We’ll discuss the details here and answer common questions about getting another VA loan.
Key Takeaways
- You can use a VA home loan multiple times, as it’s a lifelong benefit of your service.
- If you pay off an existing VA loan, you won’t have any limits on future VA home loans as long as all payments were made on time and there was no foreclosure on the property.
- You’ll still need to get and provide a copy of your Certificate of Eligibility (COE) to your VA lender, which will confirm any limits that exist – known as your entitlement amount – due to a previous VA loan.
- You can work with a VA lender like USAA Bank to understand your options for getting another VA loan.
Can you use a VA loan more than once?
Yes, you can get VA home loans multiple times. You aren’t limited to getting just one, or even having only one at a time. Getting another VA loan is known as "restoring an entitlement” or in some cases using “remaining entitlement”. There are some limitations to know about if you do get a subsequent VA loan .
Am I eligible for another VA home loan?
| If you… | You may be able to get another VA loan… | Conditions |
| have sold the home you bought with your previous VA loan | by restoring entitlement, without loan limits | as long as you have paid the previous VA home loan in full |
| have transferred the previous VA loan to another qualified person (Veteran-transferee) | by restoring entitlement, without loan limits | as long as they take over your loan and substitute their entitlement for your same original entitlement amount |
| repaid your prior VA home loan in full but haven’t sold your home | with your remaining entitlement without loan limits | but only one time |
| have an active VA loan you’re still paying back | with your remaining entitlement | which will depend on the amount of your existing VA loan |
| refinanced a VA loan into a non-VA loan and still own the home | with your remaining entitlement | which will depend on the amount of your previous VA loan |
| had a compromised claim or short sale on a previous VA loan and didn’t repay the VA in full | with your remaining entitlement | which will depend on the amount of your previous VA loan |
| had a previous VA loan and transferred the home’s title to the lender that held your mortgage to avoid foreclosure | with your remaining entitlement | which will depend on the amount of your previous VA loan |
| had a foreclosure on a previous VA loan and didn’t repay the VA in full | with your remaining entitlement | which will depend on the amount of your previous VA loan |
How many VA home loans can you have?
You could potentially have one or two VA home loans at the same time. This is common when you are looking to get another home before being able to sell the home you previously purchased with a VA loan.
Determining your available amount for a second VA loan
In some cases, when getting a second VA home loan you’ll need to calculate the remaining amount of your entitlement. This remaining amount will be based on the location of your home (and that county’s loan limit amount), the previous entitlement charged, and your VA loan amount. The amount you’re eligible for will also be listed on your individual COE .
You can use the VA guaranty percentage calculator to estimate. Then you can work with a lender like USAA Bank to determine what you may be approved for when it comes to your second VA home loan.
How to take out a second VA loan
The process is very similar to getting your first VA home loan, with one key thing to note:
Confirm your VA loan eligibility and entitlement
When getting your first VA home loan, you proved your eligibility to your lender. However, when you are looking to purchase another home with a VA loan, you’ll need to go through this process again and confirm whether you have a full or additional entitlement available. You’ll need to fill out a Request for a COE (VA Form 26-1880) and send it to the VA regional loan center in your state.
The rest of the process is very similar to the first time you applied for a VA home loan. However, if you are using a remaining entitlement, it is more likely that you'll have to make some sort of down payment. If you are required to make a down payment then the amount will depend on your remaining entitlement, the new loan you’re getting, and your personal financial details such as income and payment history.
Understanding VA loan entitlement
VA loan entitlement is something you’ll want to understand whether getting your first, second, or any VA loan. Here are the key things to know about entitlement:
- Since VA loans are a lifelong benefit, once eligible for them, you are usually always eligible for them.
- However, the amount of your entitlement depends on if you have a current VA home loan open or own the home you purchased with one.
- Various circumstances mentioned above will guide whether you are eligible for your full entitlement on a subsequent VA home loan or a portion of it known as the remaining entitlement.
If you have any questions about VA home loan entitlement, you can speak with a USAA Bank representative or someone at the VA.
How long does it take to apply for another VA home loan?
You’ll need to confirm your eligibility and remaining entitlement amount by requesting your COE from the VA. This request can usually be done quickly online. However, it may take time if you have extenuating circumstances and thus could delay the overall process of getting your VA home loan. As with other mortgages, you’ll likely need to provide documents as part of the VA loan approval and closing process. The quicker you can get those additional documents, the faster things will move forward.
Is getting a second VA loan more complicated?
It’s not more complicated to get another VA home loan if you’ve already gotten one. You’ll just need to be aware of the entitlement amount you have left and any potential down payment you may need to pay. In many cases, if you’ve paid off a previous VA home loan in full and sold that home, you’ll have no loan limits and the process will be very similar to any VA home loans you’ve gotten before.
Can I apply for a second VA loan with the same lender?
Whether it’s your first, second, or third VA loan, you can apply with any VA lender like USAA Bank, who is here to help you with various financial needs like buying another home.
Tools and resources provided by USAA Federal Savings Bank should be considered general advice and for informational purposes only. All information is subject to change without notice and may not apply to all members. Products, services or features mentioned may not be offered by USAA Federal Savings Bank. The information contained is not intended to represent any endorsement, expressed or implied, by USAA Federal Savings Bank or any affiliates.
Learn more about applying for a VA home loan
If you’re interested in learning more about a VA loan, you can speak with a USAA Bank home loan officer anytime to learn more. Just fill out this form and we’ll get in touch to share more about the savings, costs and benefits of a VA home loan.
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