All Forum Posts by: Corey Chonsky

@David Willett, you are correct that you can have more than one VA backed loan which is called a 2nd tier entitlement. However, the entitlement is dependent on the county loan limit and the 25% that the VA backs. In my situation, I bought a house in Washington state for $256000 and the VA entitlement on that loan was $64000. Fast forward a few years and we are currently purchasing a house in Virginia. The entitlement in the county I'm moving to is based off of $458500. Therefore, 25% of that is ~$114500 since we used $64000 previously we have $50500 entitlement left. We are purchasing a house for $426000. $426000 x 25%=~$106500-50500=~$56000 which is the down payment the we have to pay to make it a VA loan. A good chunk of change but better than 20% down payment and still no PMI. Hopefully, that makes sense but if it doesn't just google 2nd tier entitlement and there are probably better explanations out there.

@Eric Doud I would definitely appreciate the opportunity to sit down with you and discuss the area. I'll be getting to Norfolk at the end of July and have sometime before I report to my ship. If you're good with it, I can give you a call or text to set something up when I get in town.

Hey everyone. My name is Corey, and I'm in the process of being transferred to the Norfolk area. I'm in the Navy and after many years of moving around ever year and a half to two years, I will finally be in an area for an extended period of time. I'm fairly new to the investing game, but I do have one rental at a previous duty station. I'm mainly looking to invest in 2-4 unit properties, but I'm not against looking at 5+ unit properties if the deal is right.  I'm looking forward to having some great discussions with as many real estate professionals on here as possible and taking advantage of all of the resources available on BiggerPockets.