Can You Use a VA Loan Again Here’s What You Need to Know

All right I get this a lot I have a VA loan open I'm looking to buy another house Can I use my VA loan again with this VA loan open We all know that if you don't have a VA loan you can use it over and over and over again right So the answer is yes and no Yes if you have eligibility No if you're trying to Move forward without eligibility If you're not eligible you're not eligible right Now here's the thing Even when you are eligible you're only eligible for a certain amount So let's say that you're gonna buy a three hundred thousand dollar house and you have two hundred thousand dollars worth of eligibility left In that scenario there's a one hundred thousand dollar difference And like we talked about before The VA is backing this loan by 25 percent So what are they going to ask you to do They're going to ask you to put 25 percent down of that one hundred thousand dollars over your eligibility because they're going to cover 25 percent of the first two hundred thousand dollars You are expected to cover 25 percent of the second right So there it is 25 thousand dollar down payment for a Three hundred thousand dollar purchase and you might want to if you don't have disability go ahead and put down that thirty thousand dollars so that you can get that funding fee break at that ten percent down rule