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You might be wondering, “Can I use a VA loan for a second home?”
The answer is yes, under specific conditions.
The rules offer flexibility if you meet occupancy and entitlement requirements; however, it’s essential to understand the exact criteria.
In this post, we address 7 of the most frequently asked questions about using a VA loan for a second home.
Table of Contents
Summary of Key Points
- Buying a second home with VA loan benefits may be possible if you meet specific eligibility requirements and plan to use the new property as your primary residence.
- VA loans can’t be used for vacation homes or investment properties unless you intend to occupy the property as your primary residence.
- You may be able to have two VA mortgages at once or use your VA loan benefit again if you have remaining or restored entitlement.
1. Can You Use a VA Loan for a Second Home?
Yes, you can use a VA loan for a second home under certain conditions.
To be clear, VA loans aren’t designed for vacation homes or rental properties. But if you’re moving to a new primary residence and meet VA guidelines, you might still be eligible.
You can use a VA loan for a second home if:
- You plan to live in the new home full-time.
- You meet the occupancy requirement (usually move in within 60 days).
- You have enough remaining VA loan entitlement.
You can’t use a VA loan to:
- Buy a true vacation home that you only use part-time.
- Buy or build a home that will only be used as a rental or investment property.
Check Out: Best States for Veterans to Buy a House
2. Can I Use a VA Loan for a Vacation Home?
In most cases, no. The VA requires that the property be your primary residence, not a second home or getaway.
However, if you’re on active duty or preparing to retire, you may still qualify for a VA loan if you certify that you’ll move into the property and make it your primary residence within 12 months of closing.
In those cases, the VA may still consider it your primary home, even if it appears to be a vacation property on paper.
3. Can You Use a VA Loan for an Investment Property?
Yes, you can use a VA loan to purchase a multi-unit rental property (up to four units) if you live in one of the units for at least one year.
The VA requires you to move into your new home within 60 days of closing to meet the primary residence requirements.
After that, you can rent out all the units and use your VA loan benefits again to invest in more properties.
Related Post: Can I Use My VA Loan for Rental Property?
4. Can You Have Two VA Mortgages at the Same Time?
Yes, you can have two VA mortgages at the same time, but it depends on your remaining VA loan entitlement and your ability to meet occupancy and income requirements.
This is common for service members with PCS orders who want to keep their current home and buy another as a new primary residence.
If you have enough remaining entitlement and meet the VA’s rules, such as living in the new home and qualifying for both loans, you may be able to use your VA benefits for a second mortgage.
5. Can You Get More Than One VA Home Loan?
Yes, you can use your VA loan benefit more than once.
There’s no limit to how many times you can use a VA home loan, as long as you’ve restored your entitlement or have remaining entitlement available.
This can happen after selling your previous home, paying off the VA loan in full, or applying for a one-time entitlement restoration if you’re keeping the original home.
6. Can You Transfer a VA Loan to Another Property?
No, you can’t transfer a VA loan from one property to another. VA loans are tied to the specific home you purchase.
If you want to buy a different property, you’ll need to apply for a new VA loan, which requires checking your available entitlement and meeting all current eligibility requirements.
You may need to sell the first property or apply for restored entitlement before moving forward.
7. Can I Have Two VA Loans at Once?
Yes, you can have two VA loans at the same time under certain conditions.
This typically occurs when you relocate for work or service, plan to keep your primary home, and have sufficient remaining entitlement to cover the second loan.
Keep in mind: the second home must still meet VA occupancy requirements, meaning it must be your new primary residence.
Final Thoughts
Using a VA loan for a second home is possible, provided you follow the VA’s criteria. You must treat the new home as your primary residence and meet occupancy requirements within a specific time frame.
Whether you’re moving to a new duty station, upgrading your living situation, or planning a long-term strategy with multi-unit properties, your VA loan benefit can go further than you might think.
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Author
Kelly Olone
Kelly Olone is a military spouse who earned her degree in Psychology from Florida International University. After working in the non-profit sector for several years, she turned to her passion for writing. She aims to contribute to a better understanding of the valuable benefits that veterans deserve. As a mom, Kelly navigates the delicate balance between deadlines and bedtime stories with finesse.
