Find out if you’re eligible for a second VA loan to buy your dream home.
If you’re a veteran, active duty service member, or a surviving spouse of a veteran, you may qualify for a VA loan. VA loans are an attractive financing option for those who want to buy a home, refinance an existing mortgage, or make home improvements.
One of the significant benefits of VA loans is that you can use them multiple times. But did you know that you can use your VA loan while you still have another VA loan in another location?
“We’re committed to helping our military clients navigate the buying process.”
Let’s say you used your last VA loan in Pensacola, Florida, where homes have a lower price point than in San Diego. You may still have some leftover eligibility that you can use to get a VA loan for your next home in San Diego.
The VA loan entitlement is the amount the VA will guarantee to the lender if you default on your loan. The basic entitlement is $36,000, but you can get a higher entitlement based on the county you’re buying in, the purchase price of the home, and whether you’re a first-time or subsequent VA loan user. If you’ve paid off your VA loan or sold the home you bought with it, you can use the full entitlement again. But if you still have a VA loan, you can use your leftover entitlement for your next purchase.
In addition to leftover entitlement, there are other factors to consider when using your VA loan for your next home. For example, the VA loan limit for San Diego County in 2023 is $970,800, meaning you can use your VA loan to buy a home up to that amount without needing a down payment.
At the Thomas Baker Team, we’re committed to helping our military clients navigate the buying process with ease. To find out what your specific circumstances are and whether you’re going to be eligible for a second VA loan, give us a call at (858) 455-9300 or visit MRP.ThomasBakerTeam.com to learn more about VA loans and how we can help you buy your next home in San Diego.
