Can you have 2 VA loans in the same city?
Yes, you can have 2 VA loans in the same city, but it depends on certain factors such as your entitlement and loan limits. Here's what you need to know:
A VA loan is a government-backed mortgage loan program for veterans, active-duty military personnel, and their spouses. It provides several benefits such as no down payment, no private mortgage insurance, and competitive interest rates.
Your entitlement is the amount the Department of Veterans Affairs guarantees for your VA loan. It is based on your length of service, type of service, and duty status. The basic entitlement is $36,000, but it can go up to $424,100 or higher in certain areas.
The loan limit is the maximum amount you can borrow with a VA loan. It varies by county and can change every year. In 2021, the loan limit for most counties is $548,250, but it can be higher in high-cost areas.
If you've used your VA loan before and paid it off or sold the property, you may be eligible for a second VA loan with a second-tier entitlement. This allows you to have two VA loans at the same time. However, the second loan may require a down payment and may have a smaller entitlement.
Your remaining entitlement is the amount of entitlement you have left after using your VA loan. It determines how much you can borrow without a down payment. If you have enough remaining entitlement, you can get a second VA loan without a down payment.
If you already have a VA loan and want to buy another property in the same city, you may be able to do so if the property is a dual-use property. This means it can be used for both residential and commercial purposes. Examples include a storefront with an apartment above or a single-family home with a separate unit for renting.
If you're interested in getting a VA loan, consider working with Mortgage Brokers Pro . We specialize in VA loans and can help you navigate the process. Here are some reasons to choose us:
Don't let the idea of having 2 VA loans in the same city intimidate you. With the right information and guidance, you can make an informed decision about your options. Contact Mortgage Brokers Pro today to learn more about VA loans and how we can help you achieve your homeownership goals.