Buying Two Homes With V.A. Loans

Did you know you can own two homes with VA loans on them? It is a misconception that you can only have one VA loan at a time.  You can in fact have 2 VA loans going simultaneously.  VA allows you to have loans 100% financing up to $417k, so if you have a home loan for $200k, you can have another loan up to $217K with no down payment (these loan amounts do include the VA funding fee).  You can go above the total amount of $417k, you just need to have a down payment of 25% of the difference.  So, if you have $217k left and want to buy a home that is $250k, you would just need 25% of the difference, $250k – $217k = $33k x 25% = $8,250.  Not a bad down payment for not having any mortgage insurance.  Please call me at 719-522-6952 and I will be happy to answer any questions and analyze your situation!

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About Dave Slater

Dave Slater is a Senior Loan Officer at Academy Mortgage in Colorado Springs and would be happy to help you get pre-qualified for a new home loan, V.A. Loan, re-finance, and much more. Call him at 719-522-6952 or send him an email at dave.slater@academymortgage.com.