Rashawn McNeal at Keller Williams called me today asking if her client (a Veteran) can use his VA Entitlement to purchase the home he’s under contract for. He was under the impression he couldn’t because he got a VA loan back in the 1970′s.
Good news is: VA loans can be repeated time after time under certain conditions.
Since this particular client owns/paid off the home he purchased with a VA loan, as long as he continues to own that home, he can have that entitlement “restored” ONCE so he can buy another home. Condition is he needs to have paid off the loan. (i.e. free & clear )
However . . .watch this . . if he no longer owned that home he purchased using his VA entitlement, then he can have that entitlement restored time after time without restriction.

2 Responses to “Can Veterans be Repeat users?”
  1. JemmaH says:

    what if we got a few late pmts on our va loan? we tried to modify but didnt work, and we got like 3 lates in the last yr or so. we want outta this neighborhood. we’re gonna sell and bring some cash to make the numbers work, but we wanna get a VA loan on a new home right afterwards.

  2. Administrator says:

    Lates on a Mortgage can be difficult to overcome. The good news is that VA loans, like FHA and CONV and USDA loans, are underwritten through an Automated Underwriting engine (known as ‘DU’ or ‘LP’ ). if the automated results ‘ok’ the lates you are good to go as long as you have a valid reason for them. This last matter needs to be manually reviewed by the VA Underwriter.

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