How To Use Your Va Loan

Using your VA home loan benefit: working with a Realtor and lender Have the house inspected and appraised We strongly recommend that you get an inspection to check for any major defects before you purchase your home.

Keeping Your Home & Buying Again 1 Keeping Your Property. VA borrowers can look to retain their current home and purchase another using their remaining entitlement. 2 Minimum Loan Amount. Purchasing again using your second-tier entitlement also comes with a unique caveat: You can’t have a loan amount below $144,001. 3 Rental Income. ...

Generally, the entitlement you use when buying a home remains tied up in that property until the loan is repaid in full. For example, if you purchase a home for $200,000, then about $50,000 of your entitlement is wrapped up in that home, given the nature of the VA's guaranty.

The VA gives borrowers a one-time opportunity to fully restore their entitlement without selling or otherwise disposing of their home. This benefit essentially allows veterans to retain an investment property or a second home and purchase again using the full reach of their entitlement.