If I PCS before selling my home and paying off a VA home loan, can I get a new VA home loan at my new duty station?

2014-06-25T14:40:58-04:00

You sure can! Depending on the lending institution, there a few ways to go about this. The first option is to wait until you sell your home at your previous duty station. This gives you time to find the area that is right for you and your family. The second is to get pre-approved to buy a new home, wait for your previous home to have buyers, and do a simultaneous transaction. In this scenario your old home will sell simultaneously for you to qualify for your new home purchase. The third and least known situation is to qualify for a second VA home loan. To do this, you likely need to find a VA Lending Specialist that knows which lending institutions will lend to you. It is also advantageous to have your previous home rented out with a solid lease agreement as you will need to qualify for both mortgage payments. Your new home purchase most times must actually be above $145,000.

Response by SSG(P) Private RallyPoint Member made Aug 4 at 2014 1:38 PM

2014-08-04T13:38:20-04:00

I was under the impression that you can receive another VA loan, but they will only give you a loan for the remainder of your VA. The rest you would have to cover with another loan. For example. I have a house that is $200k. If I wanted another home with a VA, I could get one up to $200k (with the understanding that I have roughly $400k in VA to use). If I wanted more, I would have to cover that with another loan. Is this not correct?

Of course, once you sell a home, that VA portion is reinstated.

Response by CMSgt Danny Roby made Aug 6 at 2014 2:31 PM

2014-08-06T14:31:14-04:00

Glad that got clarified, because I thought I knew the rules fairly well and the initial post made me stop and think. If I'm up to day, the current limit is $417,000 and you can buy another home if you have not used all of that amount...but can't go over a total of the $417,000.

Response by Amanda Albertson Lucas made Mar 26 at 2019 2:50 PM

2019-03-26T14:50:12-04:00

As a Mortgage Loan Originator that’s been in the business for 17+ years this is one of the the biggest misconceptions veterans have with VA loans. Being born and raised right here in Fayetteville, NC (just outside of Ft.Bragg), I have certainly seen my fair share of veterans not having the knowledge and/or being misled about what the Certificate of Eligibility could actually do for them. Typically it’s because there are a lot of lenders that are in markets where they aren’t as prevalent so they are not aware of all the benefits that are available for the veteran.
Now to address your specific question in reference to obtaining a new VA home loan before paying off your current VA home loan..... the answer is “it is very possible”!
You are able to use your certificate of eligibility as many times as you want as long as you have entitlement available. There are so many factors that goes into determining this so it’s best to talk to a mortgage specialist who knows VA loans.
Feel free to message me if you are thinking about purchasing a home.
I want to make sure that you (our military and our veterans) get the mortgage you need for the home you deserve!!
~Amanda Lucas,
NMLS 1324402

Response by Maj Diane Varni made Oct 23 at 2021 12:24 PM

2021-10-23T12:24:54-04:00

There are some new rules and calculations involved since VA eliminated the caps. So some one with a lower home loan has more ability to buy than someone with a high cost loan. In Northern Virginia our prices tend to really limit options but the lender should give realistic options. If they do not know, get a different lender.