How to get a VA loan if already had one?


If you already used a VA mortgage before and wonder how to get a VA loan again you should know it is possible for two reasons: you could either have remaining entitlement, or your entitlement has been restored.

If your VA entitlement is restored, you are eligible for a new VA mortgage of up to $417,000. If you borrowed money through VA years ago, your entitlement has been much smaller than it is now and you are entitled to the difference in the least.

Most VA home loan lenders require that the veteran's entitlement and down payment combined result in 25% of the appraisal or home's value.

How to get a VA loan with restoration of entitlement?

VA remaining entitlement and restoration is requested through submitting the VA Form 26-1880 to a VA office.

If you sold the house and repaid the VA in full, your entitlement will be restored. Also, if the VA mortgage was fully repaid but the veteran still holds the property entitlement can only be restored once. If assumption occurs between a VA buyer and a VA seller, entitlement of the buyer is equated to the entitlement of the seller.

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