VA loans

[Ryan Keenan]

hey BP people I've been trying to find the answer to this VA loan question and have not found a straight answer. Can a person own two homes with two VA loans and refinance one of the homes into a conventional loan freeing up some of the entitlement which would enable you to buy a 3rd home under the VA loan? Has anybody done this?

[Shawn Hughes]

You are able to use your VA benefit multiple times there isn't a limit. What I mean by that is, that in your case to get another one you need to refinance to a conventional loan freeing up the VA loan. However when you buy a new house it has to be your residence for 6 months to a year. So if you refinance the first home into a conventional, then buy another home and move into it you can use your VA benefit. You can do this as many times as you want as long as the two homes don't exceed the benefit if that makes sense. I learned this from many of my pilots in the airforce. One of my pilot buddies had 8 homes across the country all initially funded by the VA loan and then once he moved or bought another home refinanced and used the VA loan again.