Can You Use Your VA Loan Twice?
Yes, and Here's How Your VA Loan Entitlement Works
Fort Walton Beach
- Niceville
- Navarre
- Crestview
- Shalimar
- Mary Esther
- Destin
- Freeport
A lot of military families think the VA loan is a one-time deal. It isn't. Whether you sold your last home, kept it as a rental after a PCS or paid it off years ago, you can use your VA benefit again. Here's how it works, and a quick calculator to see where you stand.
Yes. Again and Again.
Your VA home loan benefit isn't used up after one home. What matters is your entitlement, the amount the VA guarantees to your lender. Get it back in full, and you can buy again with no VA loan limit. Keep part of it tied up in your first home, and you can still buy again with what's left.
Your Certificate of Eligibility, or COE, shows how much entitlement you've already used. Your lender can usually pull it online for you, so it's a great first step before you start looking at homes.
What Happened to Your First VA Home?
Pick the one that fits you to see how you can use your VA loan again.
You Sold Your First VA Home
Once the home is sold and the VA loan is paid off, you can have your full entitlement restored. With full entitlement, there's no VA loan limit, so your budget comes down to what your lender approves and what the home appraises for.
Ask your lender to request an updated COE showing your entitlement restored. They'll often use VA Form 26-1880 and may need proof of the sale, like your closing statement.
You're Keeping It as a Rental
This is common after a PCS. Part of your entitlement stays with the first home, and you buy the next one with your remaining entitlement. Yes, you can have two VA loans at the same time.
Your county's loan limit sets how much entitlement you have left. If the next home costs more than it covers, you may need a down payment. Try the calculator below to see your numbers.
You Paid It Off and Kept It
If your VA loan is paid in full, either paid off or refinanced into a non-VA loan, and you still own the home, you can request a one-time restoration of your full entitlement.
It really is one time. After that, you'd need to sell the home to restore your entitlement again, so it's worth planning ahead with your lender.
Another Veteran Took Over Your Loan
VA loans can be assumed. If the buyer who takes over your loan is an eligible veteran and substitutes their own entitlement for yours, your entitlement can be restored.
If a non-veteran assumes your loan, your entitlement stays tied to that home until the loan is paid off. Make sure the substitution is part of the plan before closing.
What's Your Second-Time Budget?
Enter a few numbers to estimate your remaining VA loan entitlement, your $0-down buying power and your funding fee.
- Max home price with $0 down$0
- Estimated down payment needed$0
- Loan amount$0
- Estimated funding fee$0
An estimate using VA's entitlement formula and the funding fee rates for use after the first VA loan. Your lender confirms your actual entitlement, approval amount and fees.
Is It Higher the Second Time?
Only if you put less than 5% down. At 5% or more, the fee is the same as your first VA loan. And many veterans don't pay a funding fee at all.
No Funding Fee If You…
- Receive VA disability compensation
- Are eligible for it but get retirement or active-duty pay instead
- Are a surviving spouse receiving DIC
- Are active duty with a Purple Heart
Funding fee rates from VA.gov for purchase loans. The fee can be rolled into your loan.
What VA Buyers Ask Me
Can you use your VA loan twice?
Yes. The VA home loan benefit can be used more than once. You can either restore your full entitlement, usually by selling your first VA home and paying off the loan, or buy again with the entitlement you have left.
Can you have two VA loans at the same time?
Yes, as long as you have enough remaining entitlement. Many military families keep their first home as a rental after a PCS and buy the next one with their remaining entitlement. The new home needs to be your primary residence.
How do I restore my VA loan entitlement?
Sell the home and pay off the VA loan, then request an updated Certificate of Eligibility, often with VA Form 26-1880. You can also restore it once if the loan is paid off and you keep the home, or when an eligible veteran assumes your loan and substitutes their entitlement.
Is the VA funding fee higher the second time?
Only with less than 5% down: 3.3% after first use, compared with 2.15% the first time. With 5% or more down, the rate is the same either way. Veterans receiving VA disability compensation don't pay it.
Do I need a down payment on a second VA loan?
Not if you have full entitlement. If part of your entitlement is still tied to another home, you may need one when the price is more than your remaining entitlement covers. Lenders often ask for 25% of the difference.
Can I rent out my VA home when I PCS?
Yes. VA loans require you to move in as your primary residence when you buy, but when orders take you somewhere else, keeping the home as a rental is common. Here's more on what to do with your home when you get PCS orders.
Your VA Benefit Isn't One and Done.
Sold your last home? You can likely get your full entitlement back. Keeping it as a rental? You can still buy again with what's left. Either way, start by having your lender pull your COE so you know exactly where you stand before you fall in love with a house.
For the whole process, from pre-approval to closing day, read my complete VA buying guide. And if you're PCSing to Eglin or Hurlburt, see where to live near Eglin AFB and Hurlburt Field, or how I help as a VA buyer's agent in Fort Walton Beach.
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