Can You Use a VA Loan Twice?
One of the great things about the VA loan benefit is that you can use it multiple times to buy homes. There is no limit to the amount of VA home loans that veterans can use with the VA loan program; it is a life-long benefit. To secure an additional loan, your lender will look into your VA loan entitlement. The VA funding fee will go up slightly for you from what it was when you bought your first home.What is the VA Funding Fee?
The VA funding fee goes to the Department of Veterans Affairs to help them keep the cover any losses on the loan and to keep their loan guarantee going. This fee can be rolled into your mortgage, but it will slightly increase your monthly mortgage payments. You can ask your seller to pay all or part of the funding fee on your behalf, and some sellers are willing to do this, but it is most commonly rolled into the mortgage. You are exempt from paying the funding fee if:- –You are receiving VA disability compensation or are entitled to it.
- –You are in active service and have been awarded a Purple Heart.
- –You are the spouse of a veteran who died in service or from a disability connected to their service.