Getting a Second VA Loan
Veterans who have used the Home Loan Program know how beneficial it is in helping them get a mortgage loan to buy a new home. This is why so many Veterans come back to the VA for refinancing or to obtain a loan for their next home. The VA Home Loan Program has no limit on how many times a Veteran can use the program, but there are some differences to consider between the first time and the second time you use the program.
Get Started With Your VA Loan Request
You may be wondering how you can use the program more than once if you have already used your entitlement. The VA Home Loan Program is available to Veterans even if they have used their full entitlement as long as they are able to meet the basic eligibility requirements and get a mortgage loan through a VA-approved lender. The VA guarantees the loan for the Veteran to make it easier to obtain a mortgage, view our VA Loan Request Form. As long as the Veteran pays their mortgage and never defaults, the loan has no cost for the Veterans Administration, so it is willing to guarantee more loans for the same Veteran in the future.
The funding fees are different the second time a Veteran uses the VA Home Loan Program. Veterans are required by the VA to pay funding fees in order to keep the Home Loan Program running. These fees can be calculated into the mortgage instead of coming out of pocket.
Differences in Funding Fees for First and Second Loans
- For regular Military Veterans with no down payment, the fee is 2.15% the first time and 3.3% the second time. These percentages are lower if there is a down payment.
- For Reservists with no down payment, the fee is 2.4% the first time and 3.3% the second time. These percentages are lower if there is a down payment.
- The same percentages apply for refinancing a mortgage loan.
The VA Home Loan Program provides valuable opportunities Veterans can take advantage of on the path toward homeownership.
See a related article: Refinancing an Existing Loan
VA LOAN SPECIALISTS
We are the online VA Loan Specialists. It is our goal to ensure that your VA Home Loan process goes as smoothly as possible. Let us help you get the process started online today, or call us at 800-405-6682.
HAVE A QUESTION?
If you need advice concerning Veteran Home Loans, feel free to contact a VA Mortgage Specialist online or call 800-405-6682. Specialists can help determine whether a Veteran Home Loan is the best financial decision for you.
