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VA Eligibility

Can I Use My VA Eligibility More Than Once?

Can I Use My VA Eligibility More Than Once? Unlimited Mortgage Lending

Is it Possible to Use My VA Eligibility Multiple Times?

Yes, you can provide that certain conditions are met.

You can receive a VA loan if you have been in military service for a minimum of 24 continuous months. You can be active or discharged but you cannot have received a dishonorable discharge. Medicare is also not acceptable.

Eligible veterans may qualify for another VA loan, if they completed payments your old VA loan, or your prior VA loan was ‘paid in full’ AND you no longer own the property.  You can verify your status of eligibility by looking at your recent Certificate of Eligibility (COE) and review the code status.  If you have a code 05 that denotes that you have already used your eligibility for a previous loan and it has been reinstated.

Documentation and Options

You will have to provide documentation to substantiate that your present mortgage has already been paid in full. You would need either a letter from the lender that shows that your mortgage has been satisfied or a Closing statement that shows the loan paid in full. There will be a list of documents that you will need to get together to go thru this process smoothly.

If you are still living in the original home that you previously used a VA Loan or the interest rate on your VA loan is high compared to today’s market,  check into interest-rate reduction (called an IRRL) financing first which doesn’t require re-establishing your VA loan eligibility – before pursuing a new VA loan.  Generally, you would not have to present many documents for an IRRL.

Today’s Crazy Market

A side note about VA loans in today’s crazy market.  First of all the Veteran Administration guarantees your loan that is provided by a lender.  The main issue that some realtors and sellers are concerned about is the appraisal.

An appraisal that is done for a VA loan is done in a stricter manner than a general conventional appraisal would be done.  The concern is that the value that the VA appraiser determines has a higher chance of being less than what the seller wishes to receive.

Don’t Despair

Even with facing this type of problem, do not despair.  There are properties out there that are on the market for the right selling price along the lines of an appraised value.  Just keep on knocking down the doors and you will find the right property to buy.

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