Getting a Second VA Loan
VA loan borrowers are the first to praise its benefits. The VA Home Loan program dwarves the advantages - if there are any - of conventional mortgage options. As such, VA loan users always turn to another VA loan to refinance or buy a new home. There is no maximum on how many times a borrower can use the VA Home Loan program. However, the process of getting a second VA loan is not a facsimile of getting the first one.
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Why Can I Get a Second VA Loan?
It may shock VA loan borrowers, but it is possible to capitalize on the VA Home Loan program more than once. Even for veterans who used all of their entitlement, the program is available for a second time. The basic eligibility requirements must be fulfilled again, and the VA loan must be issued by a VA-approved lender. Veterans who pay their mortgage and never default cost the VA nothing. Remember that the VA insures these loans, and when a borrower does not default, it costs the VA nothing. Therefore, the VA is willing to guarantee more loans for that borrower in the future.
To get started, check out our VA Loan Request Form.
Funding Fee Differences for First and Second VA Loans
The small VA Loan Funding fee keeps the loan program afloat. There is a chance that borrowers can roll the fee into monthly payments rather than paying it upfront and out-of-pocket.
- Regular military veterans who make no down payment pay a 2.15 percent funding fee the first time, and 3.3 percent the second time. If they make a down payment, the fee is smaller.
- The first-time funding fee is 2.4 percent and 3.3 percent for the second time for reservists who pay nothing down. Again, these percentages drop if there is a down payment.
- For refinancing a mortgage loan, the percentages are the same. See more information about Refinancing an Existing Loan.
Making use of your VA benefits, such as the VA Home Loan program, comes with a plethora of financial benefits.
VA Loan Specialists
VA Mortgage Center.com prides itself on being one of the premier VA loan lenders. Gives us the chance to prove how much we value your path to homeownership. We're experts at handling VA loans, so get started today, or call us at 800-405-6682.
Still Have a Question?
We're available six days a week to answer your questions and concerns about VA Home Loan program. You can contact a VA Mortgage Specialist online, or call us at 800-405-6682. Our experts will make sure that a VA loan is the best option for you before moving the process along.
What Our Customers Say
"Nothing could have made this experience better. I feel that everything went smoothly. Ben was very helpful from the beginning to the end. He was always keeping me informed and went above and beyond to find out information about certain questions I had. Ben Choi has made our first home buy a great one and I would highly recommend him to our family and friends."
Uriel Silvaalcala
Staff Sgt, United States Marines
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