VA loans aren’t just for first-time buyers! Learn how veterans can use this lifetime benefit multiple times. #VALoanMyths.
A common myth is that VA loans are only for first-time homebuyers, leaving many veterans unaware that this is a lifetime benefit. Whether you’re buying your second home, third, or refinancing, VA loans can be used multiple times—and in some cases, you can even have two VA loans at once! Let’s clear up this misconception and show how veterans can maximize their VA loan benefits.
Why the Myth Exists
The idea that VA loans are a one-time deal likely comes from confusion with other loan programs, like some state-specific first-time buyer grants. In contrast, VA loans are designed to support veterans throughout their lives, with no limit on how many times you can use them, as long as you meet eligibility and entitlement requirements.
The Truth About VA Loan Usage
Lifetime Benefit: You can use VA loans to buy or refinance multiple homes over your lifetime, provided you restore your entitlement after paying off a previous VA loan.
Multiple Loans: In certain cases, veterans with remaining entitlement can have two VA loans simultaneously, such as when relocating for military orders.
Restoring Entitlement: Sell your home and repay the VA loan in full to restore your full entitlement for future use.
How to Use Your VA Loan Again
Check your remaining entitlement through the VA or a John Burke. If you’ve sold a previous VA-financed home, apply to restore your entitlement. Work with a VA-approved lender, like John Burke, to explore purchase or refinance options, and ensure your debt-to-income ratio supports additional loans if seeking a second VA loan.
VA loans aren’t just for first-time buyers—they’re a flexible, lifelong benefit for veterans. Whether you’re buying again or refinancing, don’t let this myth stop you from using the homeownership benefits you’ve earned through service.
Ready to use your VA loan again? Contact John Burke, VA Mortgage Specialist, at jburke@valoansdoneright.com or call (877) 228-9069 to explore your VA loan options.
