Two VA loans

ryanluechtefeld · Joined: 22 Dec 2008 Posts: 1 1.29 Dollars($)

I am moving from Alabama to Illinois. I currently have a VA loan on my home in Alabama and I am keeping it. I am being told that I can get a new VA loan if I pay more than $144,000 for my new home. I purchased the home in Alabama 2 years ago and paid $135,000. Can I get the new VA loan and still keep the VA loan on my home in Alabama?

jameshogg · Posted: Mon Dec 22, 2008 9:23 pm Post subject:

Hi ryanluechtefeld!

As far as I know, you will be able to take another VA Loan. But as you are using it for a second time, you may be charged an increased funding fee (which your lender has already mentioned) depending on your status. You can either get your entitlement restored from your previous use or you can have enough entitlement left to cover your new purchase. To fully restore entitlement, you will have to pay off the current VA Loan in full.

Thanks

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