Marcie Geffner: Yes, you can get another VA home loan


The VA mortgage is so attractive that it’s no wonder some borrowers want to take advantage of the Department of Veterans Affairs program more than once.

There are three ways a service member, veteran or other qualified borrower can get another helping:

– Buy a home with a VA loan, sell it and then buy another home with a new VA loan.

– Refinance from one VA loan into another.

– Have two or more VA loans for different homes at the same time.

The VA home loan “isn’t a single-use proposition,” says Michael Dill, vice president of mortgage lending at Guaranteed Rate in Tampa, Fla.

But before you start shopping for your next VA loan, hold on – a lot depends on something called your “entitlement.”


The VA guarantees to reimburse up to 25 percent of the lender’s loss if a borrower defaults. This protection encourages lenders to offer VA loans with lower rates, no down payment and easier guidelines to qualify.

Typically, if you use a VA loan to buy a home for $200,000, the VA will guarantee a quarter of that, or $50,000.

Your entitlement is the total dollar amount that the VA is willing to guarantee and pay out on your behalf. In most parts of the country, entitlements top out at $106,025, but the limit can be higher in expensive areas such as New York, Los Angeles and Washington, D.C.

The $200,000 home in our example would reduce your $106,025 entitlement by $50,000. So, you’d still have plenty left for another VA loan to buy another home.

“A lot of military guys are stationed somewhere, they buy a property with a VA loan, then they get relocated and need to buy another one,” Dill says. “They can still buy and have multiple VA loans at the same time.”

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