Do you know about all of the different VA loan benefits veterans can take advantage of? There are quite a few, which is a big reason why more vets are using VA loans today than ever before. Here at Quicken Loans, we paired up with Military.com to ensure all of your questions about VA loans were answered in our VA loan Q&A Google Hangout. One of those questions was: Can you have more than one VA loan at a time? Spoiler alert: Yes, you can!
A lot of veterans use more than one VA loan in their lifetime, but a less common occurrence is someone using multiple VA loans at once. This kind of situation comes up if someone is looking to move somewhere new and rent out their current home, or is looking to purchase a smaller vacation home in another area. John Bell of the VA says, “The VA does allow that; you can have more than one VA loan at a time. It depends on the amount of entitlement you have left after you use your first loan, but it is available.” He does warn that some areas have higher allowable loan limits than others, so entitlement is calculated differently with every loan. You can visit Ebenefits.va.gov/ for more information about how that applies to your specific situation.
Watch the full video below!