VA allow VA eligible borrowers to get a second VA loan, and third, fourth and so on. However there are some rules around the re-use of your VA loan eligibility that you should be aware of:
- You are only allowed to have one VA loan at a time. So let’s say you got a VA loan a few years ago, moved out of that house and rented it and now want to buy with another VA loan, you can’t do that unless you refinance that house of a VA loan or sell it
- You are only allowed to retain one property that formerly had a VA loan. Let’s say you bought a house 10 years ago with a VA loan and refinanced to a conventional loan and kept the property as a rental. Then 5 years ago you bought another home with a VA loan and also refinanced that and kept it as a rental. In this case you could not get full eligibility to get a VA loan to buy a third house. You would have to sell one of the rentals to restore your VA eligibility.
So there are some quick rules about re-using your VA eligibility to get a VA loan to buy a home. If you have any questions don’t hesitate to call or email me, 858-922-7899 or homeloan8@gmail.com
And here is a quick reminder in the latest updates of the benefits of VA lending in California:
- If you qualify VA loan it is a 100% financing zero down loan. It is the only 100% financing mortgage loan available today. The next best is FHA with 3.5% down.
- VA loan 30 year fixed interest rates are still very, very low compared to historical norms
- California VA loans available with 100% financing all the way up to $600,000, $700,000 and beyond depending which county you buy in California. This allows you to buy with VA 100% financing even in coastal areas such as San Diego, Los Angeles, San Jose, San Francisco and Orange County. A VA loan over $417,000 is a jumbo VA loan.
- VA loan credit scores do not have to be perfect, you just need a 600 score to qualify.
- You can get a second VA loan (and 3rd, 4th, etc…) even if you have had a VA loan before, but you can only have one at a time.
- VA loan benefits include a waived VA funding fee for veterans if you receive any VA disability pay. This is a savings of thousands and thousands of dollars
- VA lending has NO monthly mortgage insurance. You have to put 20% down to get any other type of mortgage with no monthly mortgage insurance.
Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or want to apply for a VA loan.
Warmest Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
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