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Thread: VA Loan question

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    #1

    VA Loan question

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    When utilizing the VA loan program, do you still have to be active duty? Can you still use this program if you are separated from the military voluntarily without retiring?

    We're going over different scenarios for buying when/if DH separates rather than reenlists and we've really not looked into the VA loan at all. We have an option of somewhere to stay that we were planning on using, but if you cannot use the VA loan program after separating it might be a better financial decision for us to buy.

    And we'll obviously be talking to a financial adviser/Realtor before we make any decisions.
    Never do anything halfway unless you want to be half happy.

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    until you opened up my eyes to what it's like when everything is right...I can't believe you found me ♥
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    #2
    We used a VA loan after DH voluntarily separated.
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    Thank you! I know I should do some research independently, but I knew someone would have a quick answer.

    I wonder if there's a cap on how many years after separating you can use it.
    Never do anything halfway unless you want to be half happy.

    Is this a dream? If it is, please don't wake me from this high. I'd become comfortably numb
    until you opened up my eyes to what it's like when everything is right...I can't believe you found me ♥
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    I thought it was a lifetime entitlement, like you have one at x rate and the additional at y rate.
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    #5
    Quote Originally Posted by missinghim View Post
    Thank you! I know I should do some research independently, but I knew someone would have a quick answer.

    I wonder if there's a cap on how many years after separating you can use it.
    I don't think it "expires" in terms of time. It is through the VA after all, but I have not specifically asked.

    When we got our loan there was paperwork to sign certifying that DH had served and they required a copy of his DD-214.
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    DH utilized the VA loan a year after he was separated from the military. My understanding (which could be wrong) is that as long as the servicemember had an "honorable discharge" that benefits stay in place. Needed his DD214 and other paperwork, but it was a fairly painless process for us. Also, we were told that we can utilize the VA loan essentially forever, just have to pay off home #1 before going through with the 2nd VA loan.
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    Quote Originally Posted by Tojai View Post
    I don't think it "expires" in terms of time. It is through the VA after all, but I have not specifically asked.

    When we got our loan there was paperwork to sign certifying that DH had served and they required a copy of his DD-214.


    Quote Originally Posted by dolphindm04 View Post
    DH utilized the VA loan a year after he was separated from the military. My understanding (which could be wrong) is that as long as the servicemember had an "honorable discharge" that benefits stay in place. Needed his DD214 and other paperwork, but it was a fairly painless process for us. Also, we were told that we can utilize the VA loan essentially forever, just have to pay off home #1 before going through with the 2nd VA loan.
    Thank you both! I need to do some research on their website for sure.
    Never do anything halfway unless you want to be half happy.

    Is this a dream? If it is, please don't wake me from this high. I'd become comfortably numb
    until you opened up my eyes to what it's like when everything is right...I can't believe you found me ♥
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    #8
    We have used the VA loan twice and we actually didn't have to sell the first house before buying the second. They did say it depended on the amounts though but I guess even with using the VA loan for both, it wasn't required that the first had to be paid off.

    We did have to confirm that our intent was to sell though - we were told that the VA loan cannot be used for a home that isn't a primary residence. If we had wanted to rent out the first home, we would have been required to refinance or pay off the loan in full.
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    #9
    Quote Originally Posted by Tojai View Post
    We have used the VA loan twice and we actually didn't have to sell the first house before buying the second. They did say it depended on the amounts though but I guess even with using the VA loan for both, it wasn't required that the first had to be paid off.

    We did have to confirm that our intent was to sell though - we were told that the VA loan cannot be used for a home that isn't a primary residence. If we had wanted to rent out the first home, we would have been required to refinance or pay off the loan in full.
    I think I remember reading the total amount could not be over 400k? So if your first loan was for 200K you could theoretically take out another for 200k if you were approved. I could be wrong on that amount, though, I just vaguely remember reading that a year or so ago.
    Never do anything halfway unless you want to be half happy.

    Is this a dream? If it is, please don't wake me from this high. I'd become comfortably numb
    until you opened up my eyes to what it's like when everything is right...I can't believe you found me ♥
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    #10
    Quote Originally Posted by missinghim View Post
    I think I remember reading the total amount could not be over 400k? So if your first loan was for 200K you could theoretically take out another for 200k if you were approved. I could be wrong on that amount, though, I just vaguely remember reading that a year or so ago.
    That sounds about right. When we were getting our approval they did mention that it was for an aggregate amount vs. how many homes we had bought. Our first loan was for about $100K and the one we just did was closer to $200K.
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