How Many VA Loans Can I Have?
How many VA loans can I have? This common question may have a very surprising answer. Find out now how many VA loans you can have.
How many VA loans can I have? This question is shared by many veterans alike. Perhaps you are financially thriving despite the less than ideal economic situation and are in the market for a second home. Or perhaps you would like to purchase and fix up some rental properties in the hopes of securing a new income stream. No matter the reason, the question of whether it is possible to have more than one VA loan is on many veteran’s minds.
How Many VA Loans Can I Have At Once?
It is only possible for a veteran to have one VA loan at a time. In addition, that VA loan should be on the veteran’s primary property. In other words, if a veteran has a conventional loan on their primary house, they may not then take out a VA loan to purchase a rental property. A primary property is considered to be one that the veteran lives in the majority of the year, both vacation homes and homes that are to be rented out are excluded.
How Many VA Loans Can I Have In A Lifetime?
While a veteran may not have two VA loans at once, they may have more than one VA loan throughout their lifetime. In other words, if a veteran currently has a VA loan on his or her primary home, but is selling that home and purchasing a new primary home, another VA loan may be obtained. Additionally, if a veteran has completely paid his or her VA loan, eligibility is then restored. Also, the second time that a veteran obtains a VA loan, the fees that are to be paid by the veteran do increase.
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