How Many Times Can You Use the VA Loan?

You can use your VA Loan as many times as you want, but there are some things you need to know first.
Learn more about the VA Loan and how you can use it multiple times.

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The Veterans Affairs loan program is one of the most powerful tools available to qualified military borrowers. VA loans can be used to purchase or refinance a home, and there are a number of benefits that make them an attractive option. But one of the most common questions we get from veterans is: how many times can you use the VA loan?

The answer, like with most things related to VA loans, is a bit complicated. Here’s what you need to know about using the VA loan more than once.

The VA Loan Limit

The VA Loan limit is the maximum amount of money the VA will guarantee on a home loan. The limit differs by county, but for most of the United States, the loan limit is $424,100 for a single-family home. That means that if you have full “entitlement,” you could buy a home for up to that dollar amount without making a down payment.

The VA Loan Exception

In most cases, veterans are only allowed to use the VA Loan once. However, there is an exception for certain service members who are called back to active duty. If you’re called back to active duty before you sell your home or pay off your loan, you can have your full loan entitlement restored. This means you’ll be able to take out another VA Loan when you return from active duty.

How the VA Loan Limit Affects You

The VA loan limit is the maximum amount of money that the VA will guarantee on a home loan. This means that if you default on your loan, the VA will repay your lender up to the full amount of the loan. The VA loan limit is based on the median home price in your area and is updated every year.

In most parts of the country, the VA loan limit is $424,100. However, in counties with high housing costs, such as San Francisco, the limit can be as high as $636,150. If you are a veteran who wants to purchase a home in an expensive county, you may need to make a down payment to stay within the loan limit.

You can use your VA loan benefits more than once, but there are some restrictions. If you still owe money on your first VA loan, you must pay it off before you can get another one. You can also only have one outstanding VA loan at a time.

If you want to buy a different home before selling your old one, you may be able to do so with aVA bridge loan. This type of loan allows you to use the equity in your old home as collateral for a new loan, giving you the funds you need to buy a new home before selling your old one.

You may also be able to use your VA loan benefits for a cash-out refinance. This type of refinance allows you to take equity out of your home in the form of cash. You can then use that cash for any purpose, such as paying off debt or making home improvements.

The Bottom Line

Now that you know there’s no limit to how many times you can utilize the VA Loan program, you can feel confident buying a new home whenever you’re ready. The benefits of a VA Loan are numerous, and there’s no reason not to take advantage of them if you’re eligible. Buying a home is a big decision, but with the help of the VA Loan program, it doesn’t have to be a stressful one.

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