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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.

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Keith Gumbinger
Keith Gumbinger
Mortgage Expert
Vice President, HSH.com
About Keith: Mortgage market observer and analyst with 35 years experience... (more)
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