Using a VA loan a second time and restoring entitlement

[Andy Hathaway]

I'm trying to wrap my head around the new VA loan rules, am I seeing the whole picture?

Situation:

I'm currently in a live-in SFR flip that I purchased prior to 2020 with a VA loan. I want to use the VA loan again at my next station to purchase a small multi family, live in it for a year and then purchase a second small multi family to live in and hopefully use the VA again.

My understanding is that I can restore my entitlement once by refinancing to a conventional mortgage which would make me eligible for the 2020 no-cap entitlement.

My question is, if I use my one-time restoration on my SFR, would that mean I can buy a multi family with no cap but then I can't use another VA loan until I dispose of the multi family?

Or

If I use my one-time restoration on my SFR, I can purchase a multi family with no cap, then a second multi family with the second-tier entitlement but I will only have a portion of entitlement available based on the county and how much I used for the first multi family?

Alternatively, I could sell my SFR, recoup all of my holding/rehab costs and make a small profit to avoid having to use my one-time restoration.

Thank you for your time and look forward to connecting!

[Zack Karp]

@Andy Hathaway you nailed it with the 2nd part.  Whether you restore with a refi or sell, if you have full entitlement it's no cap, and you can use secondary/bonus entitlement up to the county cap after that.

TYFYS and best of luck!