How to Restore VA Loan Eligibility
By Tim Storm, Orange County FHA and VA Home Loan Specialist
(Fairway Independent Mortgage Corporation)
The VA loan program is a great way for a Veteran to buy a home in Orange County, since it allows for 100% financing and has no mortgage insurance. But what many don't realize is that it can be used more than once. As a matter of fact, there is not a limit to how many times it can be used. What is more important is whether a Veterans previous VA loan has been paid off or not and what the final disposition of that property was.Can a Veteran have more than one VA Loan at the same time?Yes, a Veteran can have more than one VA loan at the same time. Recently I had a client who moved from Colorado to Orange County, CA. In 2011 while in Colorado they had used their VA eligibility to purchase a home for $238,800 with no down payment. Because of a job transfer they were moving to California but ...
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