Can I Use The VA Loan More Than Once?

You can only have one active VA Loan at one time in most cases. In order to use your VA Loan, you must satisfy the eligibility requirements and have a Certificate of Eligibility (COE) issued from the Department of Veterans Affairs.

If you have already used your VA Loan, you may be able to get your entitlement restored. In order to do this, you will need to have sold or refinanced the previous home that you purchased with the VA Loan. You will also need to pay a funding fee to the Department of Veterans Affairs. This funding fee is a percentage of your loan and will be higher if you have used your VA Loan previously.

VA Loan Limits

The VA Loan limit does apply when you have a new loan or if you are using your VA Loan benefit for a second or even third time. Like with all loans, you will need to qualify based on your income separately from your lender. Using the VA Loan just means that you don’t need to put down a down payment and that the VA will guarantee your loan up to a certain value.

In theory, you can use your VA Loan an unlimited amount of times over the course of your lifetime. Each time, you must restore your entitlement by showing that your previous VA Loan has been satisfied in full and paying a VA funding fee.

There are a few situations where you can keep your home and purchase a new home with your remaining VA Loan entitlement. One of the main stipulations of the VA Loan is that you use it to purchase a home that you intend to live in as your primary residence. If you have used your VA Loan and outgrown your home or need to move to a new area, it is possible to rent out your previous home and purchase a new one with the remaining amount of your VA Loan entitlement.