Using Va Loan For Second Home. Even though having that renter helps, you cannot use the additional income to help qualify for the second va loan. If the veteran later decides to keep the condo and rent it out, and use a zero down va home loan for another purchase, the maximum va loan would then be four times $14,750, or $59,000.
Paying off your first va loan doesn’t automatically restore your entitlement. Yes, you can use a va loan to buy a second home, as long as it will be used for your primary residence. Va entitlement after one va loan is paid off, the borrower’s entitlement is restored, and they can use the full amount of entitlement towards their next loan.
Sell your house and pay off the va loan attached to it.
The va agrees to back a portion of the mortgage loan (not the entire loan) for up to a basic entitlement amount ($36,000 in fy 2020, though the department of veterans affairs may revise these numbers at any time if conditions warrant). However, before moving on to that, let’s understand va entitlement. And you can definitely qualify for a va loan. Using a va loan for a second home.
