How Many VA Home Loans Can I Get? A Complete Guide

Getting a VA home loan can be an excellent way for eligible veterans, service members, and surviving spouses to purchase a home with little to no down payment. But many wonder – how many times can I use my VA home loan benefit? The short answer is you can use it as many times as you want, as long as you have remaining entitlement.

In this comprehensive guide we’ll cover everything you need to know about getting multiple VA loans including

What is a VA Home Loan?

VA home loans are mortgages backed by the Department of Veterans Affairs that provide favorable terms for eligible borrowers. Some key benefits include:

• Requires no down payment for first-time users
• No monthly mortgage insurance payments
• Flexible credit score requirements
• Can be used for new construction and renovations

To qualify, you must be an eligible veteran, active-duty service member, or qualifying surviving spouse You’ll also need to show you can repay the loan

Is There a Limit On How Many VA Loans You Can Get?

No, there is no set limit on the number of VA home loans you can obtain over your lifetime. As long as you have remaining entitlement, you can keep using your VA loan benefit to buy and finance homes.

According to the VA, they have helped veterans get up to their 9th VA loan before. So you can use a VA loan once, twice, three times or more if needed.

The key is having available entitlement, which we’ll explain more below.

What is Entitlement and How Does it Work?

When you get approved for a VA home loan, you receive a Certificate of Eligibility (COE) stating your entitlement – the amount the VA guarantees to pay the lender if you default.

For your first VA loan, you get full entitlement, meaning the VA guarantees the full loan amount, no matter how much you borrow. This removes the need for a downpayment.

If you’ve used your benefit before, you may have partial or remaining entitlement left over from your last loan. This leftover amount becomes your VA home loan limit for another loan.

You can restore your full entitlement in a few ways:

• Pay off your existing VA loan in full and sell that home
• Have a foreclosure or compromise claim on your previous loan and repay the VA in full

How Do VA Loan Limits Work?

For repeat users, your entitlement affects the maximum VA loan amount you can get. Here’s how the home loan limits work:

• Full entitlement – No limits, VA guarantees full loan amount
• Partial/remaining entitlement – Your limit is based on county loan limits where the home is located. VA will guarantee 25% of the county loan limit minus entitlement already used.

So if you have $50,000 entitlement already used and want to buy in a county with a $500,000 loan limit, your max VA loan amount would be:

$500,000 x 25% = $125,000
$125,000 – $50,000 entitlement already used = $75,000 VA loan limit

In this case you’d need to make a downpayment on any loan amount above $75,000.

How Many VA Loans Can You Have at Once?

Generally you can only have two VA loans out at the same time. This can happen if you buy a new home before selling your old one.

The VA wants you to live in the home getting a VA loan. You can’t use VA loans to buy investment properties or vacation homes you won’t occupy.

When you get the second loan, the first mortgage balance reduces the amount of entitlement you can use for the new home.

Strategies to Get Multiple VA Loans

If you need more financing than your current entitlement allows, here are some strategies to get another VA loan:

• Refinance your first VA loan to a conventional loan to free up entitlement
• Pay off the old VA loan and restore full entitlement
• Make a downpayment on subsequent loans to supplement available entitlement

As long as you plan ahead, you can use the VA loan benefit as often as needed to buy, build or improve your home.

When Should You Avoid a VA Refinance?

While VA loans are a great option in many cases, there are times when a refinance into another VA loan may not make sense:

• You can qualify for more favorable loan terms outside the VA program
• You have minimal remaining entitlement and home prices in your area exceed VA loan limits
• You have an existing low rate and refinancing costs can’t be recouped quickly

In these cases, it may be better to refinance into a non-VA conventional, FHA or USDA loan.

Tips for Getting Multiple VA Loans

If you’re hoping to tap your VA benefits more than once, keep these tips in mind:

• Check your COE to see your current entitlement amount
• Research county loan limits where you want to buy
• Compare VA and non-VA loan options to find the best rate/terms
• Pay off any existing VA loans as soon as possible to restore full entitlement
• Avoid cash-out refinances that use up entitlement
• Work to improve your credit score to qualify for better loan terms

With the right planning, you can leverage the VA home loan perk multiple times during your home buying and ownership journey.

The Bottom Line

The VA doesn’t limit how often eligible borrowers can tap into their home loan benefit. You can use a VA-backed mortgage once, twice, or more times over your lifetime as long as you have sufficient entitlement.

Understanding entitlement, loan limits, and smart refinancing strategies can help you maximize this earned VA benefit while getting the best loan terms possible. Check your eligibility and entitlement to get started on the path to your next, third or ninth VA loan.