It is technically you’ll having one or two Va finance during the same date. To do so, you might you need adequate remaining entitlement to possess a different financing, on top of your you to definitely.

Generally, while in search of delivering a different sort of Virtual assistant financing, your best option should be to pay-off the initial Va loan completely. Keep in mind that new Virtual assistant financial benefit enjoys occupancy requirements, meaning that you will likely should be planning move into new home to ensure that that it is entitled to a beneficial Virtual assistant mortgage. The program can not be used to purchase a rental property or money spent.

Theoretically, you should use an excellent Va mortgage to invest in an extra house but there are certain guidelines try to realize.

You’ll want to have remaining entitlement and you will need have shown you are financially available to the borrowed funds money off a supplementary mortgage. But not, additionally, you will must demonstrate that another Virtual assistant mortgage brings a minumum of one websites tangible work for.

• Moving closer to a different obligation channel
• Reducing monthly mortgage insurance rates
• Opening a shorter mortgage identity
• Locking inside the a lowered interest or payment per month
• Refinancing regarding a supply so you’re able to a fixed-price mortgage

After you’ve complete one to, the procedure to possess an extra mortgage system is extremely just like the process you experienced the very first time.

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