Does anyone know how getting a second va loan works. The limit was removed, so can I get a second home, assuming credit score and employment are fine. Can the benefit only be used on a single home? For context, I bought a home while still AD and it’s currently a rental property. I moved for school and work after getting out an am thinking about buying a home here

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Replace original with conventional is what my lender told me 🤷

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Double check what your VA funding fee will be. I bought my new house before my previous condo was sold and got hit with a $20k funding fee.

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Agree. You must payback the original loan

I know paying off or converting to conventional will restore benefit. Just wondering if anything changed now that the loan limits were removed

You can buy a second home if you have eligibility remaining but depends on the area. I tried refinancing my va loan but it’s a rental now so my rate would increase significantly

There is a way you can buy a second home using VA and keep the other home as a rental without having to refinance it under conventional.

I always thought it wasn’t possible, but I found a very seasoned VA lender who explained to me how it’s possible. I’m happy to share his contact info. I haven’t gone through the process myself, but he said he’s done it countless times. I can’t vouch for him as a lender, but worth speaking to.

Just shared the contact information with you both in a private message.

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