How many times can I use my VA home loan?

Keith Gumbinger

VA eligibility Q: I used my VA home loan eligibility already. Can I use it again?

A: There are three ways you can restore your VA eligibility so that you can take advantage of it more than once:

  1. Sell your home and repay the VA-backed loan in full. This restores the value of your certificate.
  2. Find another veteran who will buy your home, can assume your VA-backed mortgage and can transfer his or her eligibility into the loan, freeing up yours again.
  3. Pay your VA-backed mortgage in full. You can retain your home, and your certificate is restored. This is a one-time only option, though.

Remaining entitlement and restoration of entitlement can be requested through the VA Eligibility Center by completing VA Form 26-1880.

Once the loan has been paid in full, there are no restrictions on the use of the paid-off property -- it can be turned into a rental property or second home, for example. However, the new property purchased with the VA-backed loan has to meet occupancy and other requirements.

For details, you will need to read VA Pamphlet 26-7, Chapter 3, Section 5, titled, "The Law On Occupancy," which can answer any additional questions.

Ask the expert
Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
Please enter a question.
Please enter name.
Please enter email.
Captcha code invalid
Q: What is a mortgage insurance premium? Do I need this?
APR 07, 2022
A:

In general, this will be the cost you must pay for a policy which helps to protect your lender.

Read More
Q: Will biweekly mortgage payments save me money?
MAR 23, 2022
A:

Making biweekly mortgage payments will cut your interest cost and shorten the term of your loan.

Read More
Q: Is a reverse mortgage right for you?
FEB 14, 2022
A:

If you are considering a reverse mortgage (HECM), you should be sure you understand how these loans work and how one would fit in with your overall financial plan.

Read More
Add to Homescreen?
X
X
Install this web app on your phone :tap and then Add to homescreen