Hello,
I was wondering if anyone knew how many times you are able to use a va loan. I know the loan limit is a little over 400k but is there a limit as to how many times you are allowed to pay that off and get another loan with all the va benefits.
Thankyou
Hello,
I was wondering if anyone knew how many times you are able to use a va loan. I know the loan limit is a little over 400k but is there a limit as to how many times you are allowed to pay that off and get another loan with all the va benefits.
Thankyou
@James Tucker the two most common misconceptions I hear on VA loans is that you can only have 1 and there is a loan limit.
FACT - You can absolutely have more than 1 VA loan AND you can even have more than 1 at a time. VA does allow you to have 2 loans at once as long as they are in their different "buckets" and you are following their other allowances.
FACT - There is NO loan limit on VA loans. You can absolutely have a VA loan of $1million. Once you go over the "jumbo" loan amount then your "VA Loan Guarantee" starts being limited. So while you have no down payment requirement on a $400,000 purchase you will have some amount of a down payment on a home purchase of $500,000.
OVERLAYS - However, a lender may not follow EITHER of those rules. There's these things in the lending world called "overlays". Overlays are the extra rules lenders put on top of the loan rules to be more conservative on their lending. For example, VA has NO credit score minimum. But most banks will. Lending to a person with a 400 credit score is a wee bit risky. And a lender might feel that #1 & #2 are risky as well. So the put these overlays to limit their risk.
I hope this helps in some way but feel free to ask anything additional. Thanks!
@James Tucker I am not sure if there is any limit to how many times you can use your VA loan. As long as you qualify for the loan and you still have your entitlement left for $0 down. Andrew explained very well how the actual limit works. If you are curious about your remaining entitlement, you can always go to your ebenefits account and check, as the entitlement varies by county.