There are no limits on the number of times you can get a VA loan. In most circumstances, you can only buy or refinance one house at a time with a VA loan however. And there are certain other restrictions you ‘ll want to understand before you apply for your future VA loan. Read on to learn more !
Understanding your VA loan entitlement
Your VA lend entitlement is a life benefit. This means you can use your entitlement to buy or refinance a home many times over the course of your life. You ‘ll need to meet the eligibility standards to qualify for a VA loan. You will besides need to meet Freedom Mortgage ‘s citation, income, and fiscal requirements to have your lend lotion approved .
How to use a VA loan more than once
In most cases, you can only finance one home at clock time with a VA loan. This means you have to pay off in entire your current VA loanword before you get a raw one. Most homeowners do this one of three ways. The first way is to sell your house and pay off the mortgage.
The second room is to refinance your family, where you pay off your current VA lend and replace it with a raw VA lend. many homeowners do this with a VA IRRRL refinance. These are besides called “ Interest Rate Reduction Refinance Loans ” or “ streamline refinance ” mortgages. IRRRLs allow you to get a lower rate with less paperwork and fast closings compared to other types of loans.
The third base way is to pay off in full the VA loan. There are certain restrictions that apply in this circumstance however. See the Department of Veterans Affairs web site for more information.
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Keep in mind that you can only use a VA loanword to buy or refinance a basal home, which is the home where you live most of the clock. You ca n’t use VA loans to buy vacation homes or investment properties. Houses financed with VA loans besides need to meet condom, sanitary, and structural standards .
Ask Freedom Mortgage about your next VA loan
Freedom Mortgage is the # 1 VA lender1 in the USA. We are committed to helping veterans and overhaul members buy and refinance homes with VA loans. lecture to our VA Loan Advisors nowadays by calling 877-220-5533 or Get Started on-line .
1. Inside Mortgage Finance, 2021