The VA Loan was originally known as the GI Bill of Rights. This GI Bill was signed by President Franklin D. Roosevelt in 1944. The law provided United States veterans to purchase a federally insured or guaranteed home with absolutely no down payment.
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VA will guarantee a maximum of 25 percent of a home loan amount up to $89,912, which limits the maximum loan amount to $359,650. Generally, the reasonable value of the property or the purchase price, whichever is less, plus the funding fee may be borrowed. All veterans must qualify, for they are not automatically eligible for the program.
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Yes, you can definitely get more than one VA loan, but this largely depends on your circumstances.
Residual Entitlement – You can obtain more than one VA loan if you still have money left from your entitlement and it’s sufficient in allowing you to purchase another home. For first-time VA loan takers, an entitlement represents the amount of money that the government is willing to guarantee in behalf of the VA loan taker.
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Sometimes, things just don’t work out right for you no matter how much planning and effort you’ve put into it. This could happen with your VA loan as well. The U.S. Department of Veteran Affairs certainly understands the possibility of this happening, and that’s why they’ve set rules and regulations regarding of release of liability and assumption for people having trouble with their VA loans.
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Veterans can obtain inexpensive financing through VA loans and most of them have heard about them. However, seldom know the specifics about these loans, the eligibility requirements, the entitlement, the uses that these loans can receive and the advantages of financing through a VA loan instead of a regular home mortgage loan.
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It is estimated that twenty-nine million men and women qualify for Department of Veterans Affairs home loans, also called VA loans. VA loans are a popular way for a veteran borrower to obtain financing for the purchase of a home. VA home loans are available to veterans, reservists, active service members, and members of the Public Health Service. In a recent year, the government guaranteed more than $63 billion dollars in VA loans. Advantages of obtaining VA mortgage loans:
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When a man or woman serves their nation, they give up a good amount of time, productive years that they could have used in the free market thru running a business or through a strong career and gainful employment. With these losses of opportunity, they are put at a disadvantage, which is not very fair considering their giving to the nation and the military defense to protect us all.
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