Here is another one from the old "things I've learned along the way" file. It is possible to have multiple VA loans?

2016-09-29T08:32:00-04:00

Response by PV2 Private RallyPoint Member made Sep 29 at 2016 8:37 AM

2016-09-29T08:37:33-04:00

What? Is this even possible?

Response by SPC Jesse O made Sep 29 at 2016 9:23 AM

2016-09-29T09:23:03-04:00

You ended what seems to be a statement with a question mark. Are you asking if it is possible, or are you telling me that it is? My past experience is you can only have one VA home loan open at a time.

Response by SrA Chris "Shadow" McGee made Sep 29 at 2016 9:34 AM

2016-09-29T09:34:43-04:00

If you are talking about home loans, no. You have to completely pay off one before you can have another.

Response by Cpl Justin Goolsby made Sep 29 at 2016 10:09 AM

2016-09-29T10:09:54-04:00

I heard you could, but you had to pay off your previous one first. Can't verify the authenticity of that.

Response by MSgt Michael Bischoff made Sep 29 at 2016 10:27 AM

2016-09-29T10:27:42-04:00

I've had 5 VA home loans and the one thing is no appraisal result is the same. Some just say the house is worth the offer giving no other info whereas some give you market appraisal saying house is worth no matter what you pay..

Response by CAPT Kevin B. made Sep 29 at 2016 11:16 AM

2016-09-29T11:16:47-04:00

"VA Loan" is a misnomer. VA doesn't loan money. The VA however backs up a single primary residence loan which a lending institution issues. Since a hunk of the risk is picked up by the VA, rates are usually lower but that's governed more by your credit rating. There are also more restrictions on the nature of the property (water systems, no mobile homes, etc.). The added benefit of zero down and full value coverage has helped many a SM. You can have as many VA backed loans as you want/need, but only one at a time and only for your primary residence. What you should be looking for is when the interest rates drop with commercial being a better deal, doing a refi, and then moving on from there. Then when you want to do your next big thing, the VA backed loan eligibility is there for you. I used the VA backing three times in my life and commercial refi twice. I'm in my final home now and am glad the VA stuff was there for me.

Response by CW4 Anthoney Lowry made Sep 29 at 2016 1:43 PM

2016-09-29T13:43:46-04:00

yes it is possible. it is called a Second-Tier Entitlement. it is a complicated equation to figure out how much you would be entitled to borrow and a down payment could be required depending on the county loan limit, how much entitlement you have used, and how much your new house will cost. Google Second-Tier Entitlement and you will get some detailed explanations of how to figure out the money.

Response by MSgt Michael Bischoff made Sep 29 at 2016 4:41 PM

2016-09-29T16:41:42-04:00

You can have multiple if you don't exceed the maximum amount VA will loan to you. Then again if your spouse is eligible for one, that could happen.

Response by SFC Christopher Perry made Sep 29 at 2016 4:45 PM

2016-09-29T16:45:22-04:00

I let this hang out there a while unintentionally. It has been a rather busy day in my world. However, now I am really glad I did. The conversations were far more interesting this way. Hopefully, the thread will help folks better understand the benefit available to them.

I admit that for a good part of my career I was unaware of ins and outs of the VA backed home loan. I had actually used it three times prior to finding out the real story. I feel inclined to admit that it was my wife that moved past the myth and did the research. This was purely to to the fact that the market in Lawton OK was so bad when we left that selling the little home we had there was not a viable option.

Response by SGM Patrick Kirby made Sep 29 at 2016 8:03 PM

2016-09-29T20:03:36-04:00

Not at the same time.