How many houses can you buy with a VA loan?

Asked By: Lingling Runa | Last Updated: 10th February, 2020
Category: personal finance home insurance
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It doesn't happen often, but it is possible for you to have two VA loans at once. Today, a VA-eligible borrower with full entitlement has enough VA backing for a loan of $424,100 in most U.S. counties.

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Considering this, can I purchase a second home with a VA loan?

VA loans won't allow you to purchase this type of home with your benefits. But you can buy a second primary residence with your VA benefits, potentially with a zero down payment. You just need to have enough entitlement and income to qualify for both houses.

Secondly, how many times can I use a VA loan? VA loans aren't a one-time benefit. They can be used over and over again. You can even have more than one active VA loan at the same time.

Consequently, what types of homes can I buy with a VA loan?

VA Home Loans can be used to purchase:

  • An existing home, or a condominium or townhouse in a VA-approved project.
  • A multi-unit property (up to four-plex), provided the buyer occupies one of the units.
  • A manufactured (mobile) home or a modular home.
  • A new construction.

Can I have 3 VA loans at the same time?

The good news is, yes, you can get another VA home loan if you're an eligible service member, veteran or other qualified borrower. Here are three ways this is possible: Purchase a home with a VA loan, sell it and then buy another home with a new VA loan. Refinance from one VA loan into another.

35 Related Question Answers Found

What is the maximum allowable debt to income ratio for a VA loan?

The acceptable debt-to-income ratio for a VA loan is 41%. Generally, debt-to-income ratio refers to the percentage of your gross monthly income that goes towards debts.

Can I rent out my VA home?

Renting out your home financed with a VA loan is an option. As a rule, VA loans are not used to purchase income property due to the owner-occupancy rule. But, once you've lived in the home, it is okay to vacate and rent out the home.

What is maximum VA loan amount?

About VA Loan Limits
The standard VA loan limit is $510,400 for most U.S. counties in 2020, an increase from $484,350 in 2019. For more expensive housing markets in the continental U.S., VA loan limits reach all the way up to $765,600 for 2020, up from $726,525 in 2019.

Can you use VA loan for rental?


While a VA Home Loan cannot be used to purchase property solely for investment purposes, such as a rental home, the Department of Veterans Affairs does allow a homebuyer to use the VA Loan on a residence that has one to four units – as long as the homebuyer certifies that they intend to occupy the home.

Can you be denied a VA loan?

If your VA loan was denied, it's possible that your loan officer made a mistake or the lender does not do manual underwriting on VA loans. In some cases, you will not get an automated underwriting approval, but that does not mean that you are not still eligible for a VA loan.

Can you get a 30 year loan on a manufactured home?

Facts About FHA Manufactured Homes Loans. A typical mortgage comes in a 15-year or 30-year maximum loan term, Title I loans for manufactured homes have shorter terms--20 years is the maximum for a loan on a manufactured home or on a single-section manufactured home and lot.

Can I use my GI bill to buy a house?

Many underwriters will not allow a borrower to apply for a VA loan using GI bill income to repay the debt. The reason for this is that GI Bill income is not supposed to be used to incur new debt, only to be used to pay for housing while in school.

What is the lowest credit score for a VA loan?

No minimum credit score
You read that right: The U.S. Department of Veterans Affairs, which insures all VA home loans, doesn't require a certain credit score. But the private lenders that issue VA loans may have their own minimum credit score requirements, typically ranging from 580 to 620.

What property Cannot be financed with a VA loan?


Existing Property Eligibility
VA Loans are not available for non-owner-occupied properties, such as vacation homes or investment properties. To qualify as an existing property, the home must be fully completed for at least one year before occupancy by the veteran.

What credit score do you need to qualify for VA loan?

The VA doesn't set a minimum credit score requirement for the VA loan, but also does not make the loan. Lenders who do make the loans will typically have a credit score benchmark. That benchmark varies by lender, but a 620 FICO score is a common credit score requirement for a VA loan.

Can I purchase a foreclosure with a VA loan?

VA loans can be used to purchase foreclosed properties as long as the VA guidelines are met. Foreclosures are controlled by the servicer of the loan and are usually sold in two different ways. In most cases, a foreclosed property will first be offered through auction by the county sheriff to the highest bidder.

What will a VA loan cover?

What is a VA Loan? A VA loan is a $0-down mortgage option issued by private lenders and partially backed, or guaranteed, by the Department of Veterans Affairs (VA). Eligible borrowers can use a VA loan to purchase a property as their primary residence or refinance an existing mortgage.

Can I use my dad's VA loan to buy a house?

My father is veteran, does his status allow me to qualify for a VA home loan?” The short answer to this question is no. VA loans are generally for only the veteran, veteran and spouse together or the surviving spouse of a veteran under certain circumstances. Some non-veterans are allowed to apply.

Who pays closing cost on VA loan?


The seller is allowed to pay all of the veteran's closing costs, up to 4% of the home price. So, it is possible to avoid paying anything out of pocket to buy a home. Tip: If you have little or no funds available for closing cost, let your real estate agent know that you are purchasing your home with a VA loan.

Do VA loan rates vary by lender?

Other Loan Costs
The lender, not VA, sets the interest rate, discount points, and closing costs. These rates may vary from lender to lender.

Who has the best VA loan rates?

Summary of Best VA Mortgage Lenders of February 2020
Lender Best For Minimum Down Payment
Quicken Loans NerdWallet rating Learn more at Quicken Loans online VA mortgage experience 3%
Veterans First Mortgage NerdWallet rating Read review customer service 0%
Caliber NerdWallet rating Read review online VA mortgage experience 3%