McLean Mortgage constantly gets asked “Can I have two VA Loans?” The answer varies depending on the situation. It depends on the amount of entitlement and the loan amount.
There are two types of entitlements – basic and the bonus entitlement. The basic VA entitlement is $36,000. Every eligible veteran also receives a “bonus” entitlement which is much more than the basic. The bonus entitlement kicks in for VA loan amounts over $144,000.00. Essentially the entitlements can be used for any loan amount without a cap. There is however, a limit on the amount the VA will guarantee. This is based off the VA county limits. If you’re county limit is $417,000 than the VA will only guarantee a loan for $417,000 and nothing more. Both entitlements can be used in combination with each other.
If a veteran has a loan that is up to $144,000 than the veterans bonus entitlement is still available. The only issue is that the VA loan is only for owner occupied properties, which means you can’t have more than one VA loan in the same city.
Veterans can use their entitlements as many times as they want, as long as prior VA loans have been paid off, or if a veterans’ entitlement is still available. The VA entitlements are restored when prior VA loans are paid in full.