How Many Times Can You Get a VA Loan

If you’re a current or former member of the U.S. military, you may be familiar with the benefits of the VA loan program. Offering numerous advantages such as no down payment and more lenient credit requirements, VA loans have helped countless veterans achieve the dream of homeownership. But have you ever wondered how many times you can use this valuable program? In this blog post, we’ll explore the guidelines for obtaining VA loans multiple times and provide insights into maximizing your eligibility.

Understanding VA Loan Eligibility

Before delving into the number of times you can get a VA loan, let’s first understand the basics of VA loan eligibility. The Department of Veterans Affairs (VA) sets specific criteria to determine who qualifies for this program. Generally, you may be eligible for a VA loan if you are:

1. An active-duty service member who has served for at least 90 consecutive days during wartime or 181 days during peacetime.
2. A veteran who served the minimum required service period during wartime or peacetime.
3. A National Guard or Reserve member with at least six years of service.
4. The spouse of a service member who died in the line of duty or due to a service-related disability.

Using the VA Loan Benefit Multiple Times

Contrary to popular belief, there’s no limit to the number of times you can obtain a VA loan. As long as you meet the eligibility requirements for each application, you can utilize this program multiple times throughout your life. The key factor is ensuring that you’ve fully repaid any previous VA loans, or if you still have an outstanding VA loan, you may need to meet specific requirements to restore your entitlement.

Restoring Your VA Loan Entitlement

When you obtain a VA loan, the VA guarantees a portion of the loan amount to the lender. This guarantee is known as your “entitlement.” The entitlement represents the maximum amount the VA will pay toward a defaulted loan. If you’ve used a VA loan in the past, it’s essential to restore your entitlement to qualify for a new VA loan.

To restore your entitlement, you have several options:

1. Pay off the original VA loan: If you’ve fully paid off your previous VA loan and no longer own the property, your entitlement will be automatically restored.
2. Sell the property: If you still have an outstanding VA loan but decide to sell the property and pay off the mortgage, your entitlement can be restored.
3. Assume the loan: In some cases, a qualified buyer can assume your VA loan, freeing up your entitlement for a new loan.
4. Request a one-time restoration: If you haven’t fully repaid your VA loan, you can contact the VA to request a one-time restoration of your entitlement. This process allows you to keep your original property and obtain a second VA loan simultaneously.

Understanding Bonus Entitlement

In certain high-cost areas, the VA provides bonus entitlement to help veterans secure larger loans without a down payment. By combining the basic and bonus entitlements, qualified borrowers can obtain VA loans exceeding the standard loan limits.

Conclusion

As a deserving member of the U.S. military community, you can benefit from VA loans multiple times throughout your life. Understanding the eligibility criteria and restoring your entitlement, when necessary, will help you make the most of this valuable program. Whether you’re a first-time homebuyer or a seasoned homeowner, the VA loan program continues to stand as a powerful tool to achieve your homeownership dreams.

Contact the Veterans and VA home loan experts at Six Pillar Lending to learn more about your eligibility and how you can get started on your journey to owning a home. Remember, the VA loan program is a well-deserved benefit, so make the most of it and secure your piece of the American dream.