Can a VA Loan Be Used More Than Once

By Gilberto Fuentes

The Department of Veterans Affairs offers eligible veterans a home-loan benefit to secure a federally insured mortgage. Depending on your circumstances, the VA offers guidance on how to claim your VA home-loan benefit more than once.

According to the VA, the total home-loan benefit does not have a lending limit. However, the limit may be determined by your county government. In high-cost counties, the VA loan benefit is as much as 25 percent of $1,094,625. Generally, for loans of more than $144,000, the VA limit is 25 percent of $417,000.

You may be able to use your loan more than once if you only used a portion of your total benefit for a previous home loan.

If you used your VA loan for a previous mortgage and then paid it in full, you may be eligible to use your home-loan benefit again if you no longer own the property.

If you secured a VA home loan for a previous property and you still own the property, the VA may make a one-time exception to renewing your VA home loan eligibility. However, the loan on the first home must be repaid when you apply to restore your loan eligibility.

If you sold your VA financed home to another veteran on an assumption, the veteran who assumed your mortgage may defer his benefit to you. In this case, you may be able to use the VA home loan benefit again.

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