Expanding Opportunities for Veterans and Active-Duty Service Members

Did you know that as a veteran or active-duty service member, you can utilize your VA benefits multiple times? Contrary to popular belief, VA loans aren’t limited to just one-time use. In fact, you can carry multiple VA loans simultaneously, provided you meet certain eligibility requirements.

Flexibility in Homeownership

This means that if you’ve already used your VA loan to purchase a home, you can still utilize your benefits to buy another property. Whether you’re looking to invest in real estate or upgrade to a larger home, your VA benefits offer flexibility and opportunity.

Navigating Eligibility Criteria

Additionally, having multiple VA loans doesn’t necessarily affect your ability to qualify for future loans, as long as you meet the necessary income and credit criteria. The VA places emphasis on ensuring that veterans and service members have access to affordable homeownership options, even if they’ve utilized their benefits in the past.

Understanding VA Loan Limits

It’s important to note that there is a VA loan limit, which dictates the maximum amount of money the VA can guarantee without requiring a down payment. As of 2024, this limit is set at $766,550 in most counties. However, in high-cost areas, the limit can be higher. Understanding the loan limit is crucial when considering multiple VA loans, as it impacts the amount you can borrow without a down payment.

Calculating and Charging Entitlement

The VA calculates entitlement based on the loan limit and the borrower’s entitlement available. Entitlement represents the VA’s guarantee to repay a portion of the loan to the lender in the event of default. You have the opportunity to exceed your entitlement amount, but you will be required to provide a down payment (25% of the increase you make past your available entitlement).

Unlocking New Possibilities

So, if you’re a veteran or active-duty service member considering your next move in the housing market, remember that your VA benefits can be utilized time and time again, opening doors to new possibilities and helping you achieve your homeownership goals. If you have any questions or concerns regarding your eligibility, please contact Creekside Mortgage! We will pull your Certificate of Eligibility straight from the VA Lender Portal, completely free of charge, and we will go over your entitlement availability with you!