VA Loan second home question

travisr0 · ‎06-19-2015

Hello, My question is in relation to obtaining a second home under my VA certificate. I cannot seem to get a clear definitive answer on this. Like most vets I think the cap is around 400K. I bought my first home years back after returning from overseas and I knew I would end up moving to employment. So my first home was about 170K. My question is: Am I able to take out a second mortgage under my same VA loan? Meaning so I still have the 240K'sh I could use to purchase another home.

Experian 756 // Equifax 764 // Transunion 759 // AAoA 5.7 years

Anonymous · ‎06-19-2015

Do you still have a VA loan on the first house?

travisr0 · ‎06-19-2015

Yes I do. Just wanted to get confirmation if I have to payoff the loan before I can use it again? or can you use the remaining VA loan portion for another home concurrently?

Experian 756 // Equifax 764 // Transunion 759 // AAoA 5.7 years

Anonymous · ‎06-19-2015

You can use your remaining entitlement for a new VA loan, yes. Request a new COE from the VA and it will tell you the amount of your remaining entitlement (if you didn't use it all on your first home).

Anonymous · ‎06-19-2015

It will be a 2nd tier va loan. We are closing on ours in a week. It needs to be 144001 and over.