Can I use my VA home loan benefit more than once?

What is VA entitlement?

Entitlement is the amount VA guarantees to your lender if the loan isn't repaid. Your Certificate of Eligibility (COE) shows it, including any entitlement already charged to prior loans. Entitlement isn't the amount you can borrow; the lender still approves you based on credit, income, debts and assets.

When can entitlement be restored?

Under 38 U.S.C. 3702(b), VA may restore entitlement used on a prior loan when:

• you've sold the home (or it was destroyed) and the loan is paid in full, or VA is released from liability and any VA loss is repaid
• an eligible veteran buyer assumes your VA loan and agrees to substitute their entitlement for yours
• you refinance the same home after the prior loan is paid in full
• the loan is paid in full and you keep the home; this one-time restoration can be used only once

Can I have two VA loans at once?

It's possible. If you keep your first home, for example as a rental after a move, and don't restore that entitlement, VA explains that your remaining entitlement is figured from the county loan limit where you're buying, minus the entitlement already used. If what's left isn't enough for the loan amount, the lender may ask for a down payment. By law you must certify that you intend to live in the new home.

How do I get it restored?

• Request or update your COE through VA and include proof the prior loan was paid off, such as a closing statement or paid-in-full letter.
• If someone is assuming your VA loan, make sure the buyer is a veteran substituting entitlement, or your entitlement stays tied to that loan.
• Ask your loan officer to review your COE before you make an offer.

See also VA loans in NH, assumable mortgages and VA occupancy rules on active duty.