VA-eligible veterans can hold multiple VA loans at the same time under certain conditions. The video explains how second-tier entitlement works and when you can carry two VA loans simultaneously.
Did you know that VA eligible veterans can have multiple VA loans over the course of their lifetime? If you're a VA eligible vet, you have a VA loan on your current house. As long as you're selling that house, by the time you close on the new house, you can use a VA loan again on that new house. And better yet, there are situations where you can have two VA loans at once. So let's say you have a VA loan on your current house. You plan on moving from that house, but you're going to keep it and rent it out. Let's say you can do what's called second tier entitlement and get a VA loan on a second home. Now, there are some situations that the loan amount is not too much where the VA might finance that up to 100% again with no down payment. But if the loan limit's too much compared to what you have left on your eligibility, you might have to start putting a down payment. This is where it's a little bit of a gray area and we just have to look at the details. But the key takeaway is you can have two VA loans at once. Reach out. If you have a specific situation, we'll be happy to help.
