Can I have 2 VA loans? You sure can, find out how.

By
Mortgage and Lending with www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo
http://actvra.in/kHn

If you are a veteran you can actually have 2 VA loans.  You may want two VA loans if you are moving and not selling your current home.  Or possibly would like to buy a new home without selling their current home.  The calculation to find out if you can have two VA loans can be a little confusing.  So, Here are the steps to follow when figuring out if you can have 2 VA loans:

 

1.      Order your Certificate of Eligibility- Your Mortgage Lender can do this for you.  It requires you to provide your DD-214 form.  If you do not have the DD-214 form, you will want to find it.

2.      Your Entitlement- On you Certificate of Eligibility, it will show the remaining balance of your entitlement.  The majority of veterans will start with an entitlement of $36,000.  So your remaining balance will be less than this amount. 

3.      Calculate- Next you will want to take the amount of your entitlement that you have used and subtract it from $104,250.  So if you used $30,000 of your entitlement, it is $104,250- $30,000=$74,250

4.      The Max your 2nd VA loan can be- Take the number from #3, $74,250 and divide it by .25.  This will give you the max your new VA loan can be.  Which in this example would be $297,000. 

The above list gives you the exact step by step process to find out if you can qualify for a 2nd VA mortgage.  Keep in mind, this calculation is only to see if you can get a second VA loan.  This does not automatically mean you can qualify for a another mortgage, that would be determined on your income, assets, credit score, etc.   This calculation for a 2nd VA loan is for loan amounts of $144k and higher.  For loans under $144k there is a different calculation.  

 

 

Granted is a lot of information for a anyone to remember.  So bookmark this article and can come back to it when you or a veteran you know needs a  2nd VA mortgage.  It is also important to remember this article because many loan officers are under the impression you not have 2 VA loans.  Which is just not true.    Please call me with any questions. 

 

 

 

 

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David Krichmar 

Mortgage Banker NMLS#293883 NMLS

Core Lending dba of Weststar Mortgage Corporation

Branch NMLS#868672  WMC NMLS#93243

Has Written For Realtor Magazine, Houston Agent Magazine, Scotsman Mortgage Guide

 

Named 5 Star Mortgage Professional 2013, 2014

 

Named Top Mortgage Professional 2010,2011

 

Office:832-689-6012

David.Krichmar@gmail.com

www.DaveYourMortgageGuy.com

For More Mortgage Info Follow me at  Dave's Blog

DaveYourMortgageGuy.com is Voted the #1 Mortgage Professional in Houston, Texas.  2011

If you are looking for a FHA, VA, USDA, Homepath, Conventional, Jumbo, Construction, FHA 203k mortgage in Fort Bend County, Sugar Land, Houston, Katy, Harris County, Brazoria County, Pearland, Richmond, Bellaire, West University, The Woodlands, Kingwood, Friendswood, Clear Lake, Galveston, Fulshear, Tomball, Spring, Conroe, Montgomery County or anywhere in Texas I am your GUY!  

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Re-Blogged 1 time:

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  1. Cathy Bureau 10/07/2011 06:33 AM
Topic:
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Rainer
200,519
Cheryl Thomson, REALTOR, Retired (U.S. Army)
Buyers Advantage Real Estate Corp. (c: 703.216.5635) - Woodbridge, VA
Real Estate in Northern Virginia

Hi David.  Wow, really? Had no idea and I'm a veteran myself...thanks for that great piece of info, I'll bookmark this so I don't forget.

Oct 04, 2011 12:46 PM #1
Rainmaker
325,955
David Krichmar
www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo - Sugar Land, TX
DaveYourMortgageguy.com

Thank You Cheryl.  This is great information for all Veterans to know

Oct 04, 2011 12:48 PM #2
Rainmaker
365,817
Cathy Bureau
www.GreenHomeRealty.com - Alamo Heights, TX
Your Personal Real Estate Concierge

Hi Dave - I had to bookmark this one. I have always heard, only one at a time. Thanks for providing quality information!

Oct 04, 2011 12:58 PM #3
Rainmaker
325,955
David Krichmar
www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo - Sugar Land, TX
DaveYourMortgageguy.com

Thank You Cathy!

Oct 04, 2011 01:10 PM #4
Rainer
26,616
Michael Rohde
Sunstreet Mortgage LLC. Licensed Mortgage Professional - Tucson, AZ

Dave, this is really good and pertinent information. VA can be very confusing and although I have been doing them for 16 years I got burned by some news I didn't know earlier this year with a person who had a past VA foreclosure in 2001 and although he had bonus entitlement I had never understood how it worked until I had his $88,000 sales contract and an underwriter telling me that he could buy if his contract was over $144,000 but if it's under $144,000 then it's a no go. I was scratching my head and then upon research I found the problem and learned my lesson. We flipped to FHA and made it work but I was a little embarrassed to say the least. Thanks for a great post.  

Oct 04, 2011 10:13 PM #5
Rainmaker
325,955
David Krichmar
www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo - Sugar Land, TX
DaveYourMortgageguy.com

Michael, that is a great point to remember.  Like i mentioned in the article, this calculation is for loans over $144k.  under $144k, has a different calculation and that makes it more difficult to get a 2nd va loan. 

Oct 05, 2011 08:54 AM #6
Rainer
234,262
Doug Bullwinkel
Vitek Mortgage Group - Roseville, CA
NMLS #281609

With home prices this low, many more veterans can qualify for this "2nd loan" option than ever before.  Thanks for the great information.  Veterans make great buyers.

Oct 19, 2011 04:13 AM #7
Rainmaker
325,955
David Krichmar
www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo - Sugar Land, TX
DaveYourMortgageguy.com

Thank You Doug. 

Oct 19, 2011 07:57 AM #8
Rainer
3,279
James Costello
Platinum Home Mortgage (NMLS ID# 13589) - Coeur d'Alene, ID
Very good info! Last month I had a borrower upside-down on their current house with a VA loan. They wanted to rent out their old house and buy a new $125k house with a new VA no down loan. I said "Bad news first: I cannot approve you for a $125k no down VA loan. Now good news: I can approve you for a $144,001 or higher no down VA loan." As you can imagine the buyer's agent had no problem finding him a $150k house. I was even able to use 75% of the rental income from his departure residence in qualifying (without any previous rental property history). Just needed to show a rental agreement and proof of first month's rent from the tenant and we closed like clockwork. It's very nice to not have credit policy overlays that most of the big boys have.
Dec 01, 2011 12:55 AM #9
Rainmaker
325,955
David Krichmar
www.DaveYourMortgageGuy.com, FHA, VA, USDA, HomePath, Jumbo - Sugar Land, TX
DaveYourMortgageguy.com

James, that is a great story and thank you for the comment

Dec 01, 2011 10:34 AM #10
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David Krichmar

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