VA home loans are mortgages financed by the U.S. Department of Veterans Affairs (the VA). They help veterans and service members finance the home of their dreams. Access to these perks is life-long, leading some borrowers to wonder how many VA loans they can take at a time or during their lifetime.
There is no lifetime limit to the number of VA mortgages you can take out. In order to apply for a VA home loan, you will need to be an eligible veteran, service member, member of the Reserves or National Guard, or their surviving spouse. Your eligibility will be verified by both the VA and your lender.
How many VA loans can I have at once?
It is possible to have two VA loans at once, depending on the status of your VA Entitlement. VA loans are only available for the purchase and refinance of primary residences, so you may only have two VA loans if they are for two primary residences. This often applies to active-duty service members who are purchasing a new home after receiving PCS (Permanent Change of Station) Orders. In this case they will purchase the home with their remaining VA entitlement, holding onto and/or renting out their old home for the tour of duty.
A ”VA entitlement” is the dollar amount the VA guarantees to pay a lender if you default on your loan. You should have a full entitlement if you are applying for your first VA home loan, or if you have paid off any previous VA loan in full. The standard VA Loan Entitlement is $36,000 or equal to 25% of your loan amount. (These figures are accurate at the time of this publishing.) Remember that a reduced VA entitlement may require you to make a down payment on the second primary home loan.
Even if you have not paid off a previous VA loan in full, you could still have a reduced entitlement to access the other perks a VA mortgage can bring you. You can check the status of your entitlement any time on your Certificate of Eligibility. Second VA loans may be still available to you at a reduced entitlement if you’ve defaulted on a VA home loan in the past, or if you have not yet received an entitlement restoration from the VA.
If you’re interested in obtaining a VA loan, you can access our learning center for VA borrowers online for more information on VA entitlements, COEs, and eligibility for VA mortgages. The team of VA lending specialists at The Federal Savings Bank is ready to assist you in financing your next home. You can reach us by phone at +1 877-788-3520, or via our website for assistance in navigating the VA loan process.
Subject to credit approval. Terms and conditions may apply. Property insurance is required for all loans secured by property.