Hello!

I have lived in my current property in eastern NC for 4.5 years. I financed the purchase with a VA Home Loan ($267,900). I will be at Camp Lejeune for the foreseeable future, as I have just accepted three year orders. I would like to purchase a smaller home ($200,000) to downsize and start looking to sell my current property. I have been house hacking for the last 4.5 years. I have a lot of equity in my house, but do not have the liquidable cash to purchase a new property with a 25% down payment. I want to use secondary VA entitlement if possible.

I am interested in purchasing the smaller house now (before selling my first house) and allowing the existing renters to continue to live there until they move out. I can put some money down, but cannot pool together 50K for a down payment.

Would I be able to use secondary entitlement without having moved geographically on PCS orders. The new house I want to buy is 30 minutes away, in another county, but I will be working at the same duty station.

Please let me know if there are restrictions on using secondary entitlement based on not having moved on PCS orders. I would be on the hook for a substantially smaller down payment if this was possible.

Thank you for your help!

Connor

Also... I have a substantial amount of money in my current house. If needed, I could come up with the down payment with a HELOC and cash, but that is not preferable compared to secondary VA entitlement. Thank you!

Originally posted by @William Smithson :

Hello!

I have lived in my current property in eastern NC for 4.5 years. I financed the purchase with a VA Home Loan ($267,900). I will be at Camp Lejeune for the foreseeable future, as I have just accepted three year orders. I would like to purchase a smaller home ($200,000) to downsize and start looking to sell my current property. I have been house hacking for the last 4.5 years. I have a lot of equity in my house, but do not have the liquidable cash to purchase a new property with a 25% down payment. I want to use secondary VA entitlement if possible.

I am interested in purchasing the smaller house now (before selling my first house) and allowing the existing renters to continue to live there until they move out. I can put some money down, but cannot pool together 50K for a down payment.

Would I be able to use secondary entitlement without having moved geographically on PCS orders. The new house I want to buy is 30 minutes away, in another county, but I will be working at the same duty station.

Please let me know if there are restrictions on using secondary entitlement based on not having moved on PCS orders. I would be on the hook for a substantially smaller down payment if this was possible.

Thank you for your help!

Connor

 Hi William 

We were able to do a secondary entitlement VA loan but we moved closer not farther out. We had to write a letter basically stating that it would save my wife 12 minutes a day on her commute. If you can find something closer to your work you shouldn't have a problem getting approved.

Originally posted by @Clifford Paul :

Originally posted by @William Smithson:

Hello!

I have lived in my current property in eastern NC for 4.5 years. I financed the purchase with a VA Home Loan ($267,900). I will be at Camp Lejeune for the foreseeable future, as I have just accepted three year orders. I would like to purchase a smaller home ($200,000) to downsize and start looking to sell my current property. I have been house hacking for the last 4.5 years. I have a lot of equity in my house, but do not have the liquidable cash to purchase a new property with a 25% down payment. I want to use secondary VA entitlement if possible.

I am interested in purchasing the smaller house now (before selling my first house) and allowing the existing renters to continue to live there until they move out. I can put some money down, but cannot pool together 50K for a down payment.

Would I be able to use secondary entitlement without having moved geographically on PCS orders. The new house I want to buy is 30 minutes away, in another county, but I will be working at the same duty station.

Please let me know if there are restrictions on using secondary entitlement based on not having moved on PCS orders. I would be on the hook for a substantially smaller down payment if this was possible.

Thank you for your help!

Connor

 Hi William 

We were able to do a secondary entitlement VA loan but we moved closer not farther out. We had to write a letter basically stating that it would save my wife 12 minutes a day on her commute. If you can find something closer to your work you shouldn't have a problem getting approved.

 Hello Paul,

Unfortunately the house I am placing an offer for is a little bit further, but it is smaller/less expensive and closer to the beach and to the city of Wilmington, where I could potentially work after the Marine Corps. Hopefully, that justification is sufficient, but glad to know that it is possible without a PCS

If you are close to retirement that sounds like a good justification