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Buying A Second Home With Va Loan
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If you are an eligible military member, veteran or surviving spouse, you have the option of using a VA home loan to purchase a new property or refinance an existing mortgage. VA loans have great benefits, like no down payment, but they also have drawbacks. As you begin the mortgage loan process, it's important to educate yourself on all the ins and outs of what a VA-secured loan means.
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VA loans are guaranteed by the US Department of Veterans Affairs (VA), but the money doesn't come from the government. Instead, banks, mortgage companies, credit unions, and other types of mortgage lenders offer them, and the VA guarantees them in case of default.
VA loans are available only to veterans, active duty military personnel and their surviving spouses. Many eligible borrowers also use VA loans. In the first quarter of 2022, the VA guaranteed more than 256,000 home loans totaling more than $83 billion.
Whenever you make a major financial decision, it's important to weigh the pros and cons, and a VA loan is no exception.
A VA loan isn't your only financing option. Consider the following options, especially if you're not eligible for a VA loan:
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For many borrowers, VA loans are a slam dunk. But even if you qualify, a VA loan may not be your best option.
"For example, if you're an eligible borrower who currently owns a home but wants to sell and buy a second principal home to get a large down payment from the sale -- 20 percent or more -- that you can use to buy your next home, a VA loan could not be the right choice for your next property.it makes sense,” says Rob Killinger, senior loan officer at the Massachusetts Mortgage Network.
On the other hand, a VA loan offers special benefits that other loans don't offer. "For example, a qualified borrower may purchase a two- to four-unit property that he intends to live in instead of a single-family home," Killinger says. "By comparison, a conventional loan takes at least 15% less on multi-unit properties."
However, the funding fee can be expensive. If you plan to stay in your home for less than two years, your VA loan may not cover this fee.
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If you're still not sure whether a VA loan makes sense for you, consult your loan officer carefully, who can walk you through all the mortgage options that are right for you and help you make your decision.
David McMillin is a contributing writer and covers topics such as credit cards, mortgages, banking, taxes, and travel. David's goal is to help readers understand how to save more and stress less.
By Suzanne De Vita By Suzanne De VitaArrow Right Mortgage Editor Suzanne De Vita is a mortgage editor focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters. Connect with Suzanne De Vita on LinkedIn Linkedin Connect with Suzanne De Vita via email. Suzanne De Vita Mortgage Editor
Reviewed by Robert R. Johnson Reviewed by Robert R. JohnsonArrow Right Professor of Finance at Creighton University Robert R. Johnson, Ph.D., CFA, CAIA, is a professor of finance at Creighton University and President and CEO of Economic Index Associates, LLC . About Our Review Board Robert R. Johnson Professor of Finance at Creighton University You may be wondering if you can buy a second home with a VA loan. If you want to use it as an investment property or as a holiday home, the answer is no. This is because the VA requires borrowers to occupy a home to qualify for a VA loan. But what if you can't sell your first home and have to buy your new job. How does it work?
How To Get A Second Va Home Loan
The VA loan program has a "level two eligibility" or "bonus eligibility" rating for this very reason. You can't buy a vacation home with your VA benefits, but you may be able to use a VA loan for a second home/primary residence. To qualify for a second VA loan, you must live in your new residence for at least one year. In most cases, you'll need to move to a new job, but there are exceptions, as long as you can demonstrate a 'net advantage'.
Let's use an example to explain how the entitlement works: If you bought a home for $200,000 with no down payment, use your entitlement for $50,000 (1/4 the price because only the VA
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