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How Often Can You Use a VA Loan?

For a layman, availing of homeownership is not that easy as it requires a lot of investment and saving. Apart from these monetary factors, the eligibility criteria set by the US government are also tricky. You need to prove your financial stability and signify that you can repay the loan within the given period. 

However, if you are a US military veteran, you might be familiar with the VA loan, which the Department of Veterans Affairs provides. The best thing about this kind of loan is that it relaxes most of these common barriers to avail yourself of the ownership of your dream home.

Mortgage lenders in the US offer this facility to individuals who have served in any military branch. If you are a qualifying veteran, you can apply for a VA loan at any point in your life. The queries and facts regarding this loan are described in this article so that you can easily apply for one when required.

How Many Times Can You Take Out A VA Loan?

There’s no limit to how often qualifying veterans, active-duty service members, and surviving spouses can use the VA loan program. They can take the loan as many times as they like, providing they pay off the outstanding balance on each loan before taking out a new one. This is no one-time deal. Veterans can take advantage of this program throughout their lives.

Of course, there are a few catches. 

  • First, the borrower must sell or otherwise pay off the existing loan before taking out a new one. 
  • Additionally, if the borrower wants to take out a new loan on a different property, they must first occupy that property as their primary residence. 

By checking these two requirements, Missouri mortgage lenders ensure that veterans are using the program as it was intended – to finance a home.

Broad View About VA Loans

VA loans in Missouri are available only to those who have served in the military, either in active duty or the reserves, and have been honorably discharged. This means that veterans who are still on active duty can qualify for a VA loan, as can reservists and National Guard members. 

  • The main attraction of the VA loan is that it allows the veterans to buy a house with “no money down.” This is the most significant relief for the veterans. Many veterans go for this loan because there is no such barrier to paying the down payment.
  • In addition, the program caps the seller’s concession at the determined percentage of the sales price, which helps limit the buyer’s closing costs. 
  • The VA also guarantees a portion of the loan, protecting the mortgage companies if the borrower defaults. Because of this government guarantee, lenders are willing to offer more favorable terms to VA loan applicants.
  • The Veterans Administration limits how much they will guarantee for each veteran. The limit differs depending on the county where the veteran intends to purchase a home. 

Privileges Offered to Veterans

These loans are backed by the Department of Veterans Affairs (VA), and hence, the mortgage lenders that lend the money don’t ask for any down payment or private mortgage insurance (PMI). For all the lender’s risks, the department of VA affairs is answerable to the lender in case of any default. Also, the interest rates on these loans are very low compared to other types of loans. So, if you are a veteran or know someone who is, then this type of Missouri mortgage loan can help them own their home with lesser struggles.

To avail of the trade-off for getting a 0% down payment mortgage, the buyers should pay the one-time fee named the funding fee to the Department of Veterans Affairs. The amount of this fee changes with the change in down payment. If the veteran is making a down payment of 5% or more, they would be required to pay 2.15% of the loan amount as a funding fee. On the other hand, if they make a down payment of less than 5%, they would be required to pay 3.3% of the loan amount as a funding fee. The funding fee is calculated based on the size of the Missouri VA loans and the type of veteran. 

The good news is that this fee can be rolled into the total loan amount or at the time of closing the loan.

There is a specific exception for veterans paying off the funding fee. 

  • For any veterans with VA-approved disability, the funding fee is waived entirely. 
  • For veterans who are passed while in action or due to a service-connected disability, the surviving spouse is exempt from paying the funding fee. 
  • Lastly, those who return after receiving the purple heart from active duty are exempt from the funding fee.

What is VA Loan Entitlement

VA Loan entitlement refers to how much the Department of Veterans Affairs (VA) is willing to back for a given loan amount. In addition, it refers to the maximum amount of money the VA will guarantee in loan default.  

Full Entitlement

You are eligible for full entitlement when you have never used a VA-backed loan before. It is also available in the case when you have paid off an existing VA loan in full and then sold the home. You are also eligible if you have disposed of a property with a VA loan on it through a short sale or foreclosure. 

Partial Entitlement

Partial entitlement is available when you still have an outstanding balance on a previous VA-backed loan. The amount of your partial entitlement is determined by subtracting your due loan balance from the maximum amount that VA will insure. That means VA will only guarantee your loan up to the amount of conforming loan, less any money you still owe on an existing VA-backed loan. 

The Final Word

Now when you are planning to get a VA loan, you have a detailed understanding of the whole process and what factors can be changed. With this overview, you will not have to face any issues and can quickly get your dream home with a VA loan. 

If you still have any questions or queries related to this topic, feel free to ask mortgage lenders near me. The experts working there will be glad to help you out and guide you further. Please don’t go in a hurry and make a well-informed decision; We hope this article was of some help to you. Wishing you all the best for your future!

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