{"id":1730,"date":"2010-03-08T00:11:14","date_gmt":"2010-03-08T00:11:14","guid":{"rendered":"http:\/\/www.mortgageblogarticles.com\/?p=1730"},"modified":"2010-03-08T00:11:14","modified_gmt":"2010-03-08T00:11:14","slug":"how-many-va-loans-can-i-have","status":"publish","type":"post","link":"https:\/\/dev203k.orbitwebx.com\/dev203k\/how-many-va-loans-can-i-have\/","title":{"rendered":"Am I Allowed to Have More Than One VA Loan?"},"content":{"rendered":"

\"\"The short answer is…YES!\u00a0 This answer often surprises veteran borrowers who have used the program before.\u00a0 As you are probably well aware, a VA loan offers many benefits unavailable with conventional loans.<\/strong><\/p>\n

In many ways, the procedure for getting a second (or third, or fourth\u2026) VA loan is similar to obtaining the initial home financing.<\/p>\n

First,<\/strong> veterans <\/a>must be able to show that they satisfy the basic eligibility rules mandated by the U.S. Department of Veterans Affairs. The eligibility requirements can be found at the following Department of Veterans Affairs General Rules of Eligibility<\/a> website.<\/p>\n

Second,<\/strong> the VA loan has to be received through a lender that has been approved by the U.S. Department of Veterans Affairs. It is important to check with lenders prior to starting to ensure that they are qualified to provide a VA mortgage.<\/p>\n

Third,<\/strong> the VA will analyze your mortgage application including your payment history on your previous loan to see if you have a history of paying your mortgage on time or have gone into default at some point.<\/p>\n

The VA loses money veteran borrowers go into default, which means they are essentially doing a cost analysis on you to decide whether or not to grant you another VA loan. In addition if the VA suffered a loss on a previous loan you will be required to repay it before having your eligibility fully restored.<\/p>\n

If you currently have a VA mortgage, or have had one in the past, then you already know about the required VA funding fee<\/a>. However, there are differences between what the funding fees are for first-time VA loan borrowers and subsequent borrowers.<\/p>\n

For VA loans, regular military members are categorized as either a first time user or a subsequent user. For first time users the fee structure is set up as follows:<\/strong><\/p>\n