Can I Have Two Veteran Home Loans At The Same Time?

Mr. and Mrs. Johnson were referred to me by a local Woodbridge Agent, after they had been told by their credit union and a national bank that they needed to use a FHA Loan or Conventional loan with a twenty percent down payment to buy a home, although Mr. Johnson is active duty military.

Mr. Johnson had been deployed overseas but upon his return he would be stationed in Northern Virginia. He and his wife wanted to have a place to call home upon his return and renting was not an option.

The Johnsons owned another home which was secured by his Veteran Home Loan, so the other lenders told him he could not use his VA loan again to buy another home with no money down.

Fortunately for the Johnson this is completely untrue! In Northern Virginia we live in a "high cost area" and a Veteran or active duty military can use what is called bonus entitlement. Now there is a complicated formula to figure out the amount of entitlement available but it can be done when you work with the right Veteran Home Loan Lender.

If you are PCS to Quantico, Fort Belvoir, or the Pentagon and already own a home secured with your VA Home Loan Benefit, and desire to purchase again with no money down, contact your Veteran Home Loan specialist to figure how much home you can buy.

The Johnsons did and they are now happy homeowners in Northern Virginia.

Contact Markita Aldridge-Woods at (703) 929-2274 or via email for custom tailored mortgage solutions.

 

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Comment balloon 2 commentsMarkita Woods NMLS#196099 • August 15 2014 08:36PM

Comments

Markita-Anyone looking to get involved with a real estate transaction should have competent advisors. I'm glad they worked with you and got good advice.

Posted by Wayne Johnson, San Antonio REALTOR, San Antonio Homes For Sale (Coldwell Banker D'Ann Harper REALTORS®) about 3 years ago

Matkita I am always amazed at how many Veteran's are not aware of the most important benefit and how to maximize it. I recently helped a couple buy who thought could not use their VA because they still owned a home in S.C.! Thnanks for posting

Posted by Patty Blackwelder, Top Producing Realtor-Buyer Specialist (Twins Selling Real Estate) almost 3 years ago

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