Qualified applicants who apply for a VA Loan can obtain more than one loan within their lifetime. However, it is important to look at some of the areas that determine a qualified applicant. Those who can qualify for multiple VA Loans include veterans of the U.S. military, spouses of veterans who were killed in the line of duty and veterans who received an honorable discharge under the character of service box listed on the DD 214. If you are missing your DD 214, the VA will pull up another copy and send it to you.
Qualifying for More Than one Loan
Veterans are usually restricted from obtaining multiple loans at one time. However, if the borrower obtained a VA Purchase Loan and paid off the loan, they are then eligible for another VA Loan program. A veteran who qualifies for a VA Loan can use this benefit as many times as they see fit; only if they pay off the debt that is owed on the home they purchased. It is possible for a veteran to obtain one loan and purchase two properties with the funds that are allocated. However, two properties is the maximum amount of properties a borrower can obtain with one VA Loan.
The Power of Using MortgageDepot
Although trying to obtain more than one VA Loan at a time appears complicated, we actually break it down into very simple terms. We specialize in working with veterans who are looking at various VA Financing Programs. Whether we are first time home buyers or looking to refinance an existing loan into a lower rate, we can and will help. Our professional staff that is based out of New York prides itself on being one of the best mortgage providers in New York.