Two VA Loans At The Same Time - Secondary Entitlement (2020 Updated)

[@emmettmortgage]

Are you a veteran with questions about your VA loan? Please leave a comment and I'd love to help! Thanks for watching and please subscribe!

[@justinellis3539]

Sorry to be so offtopic but does anybody know of a tool to log back into an instagram account..? I somehow lost the password. I would appreciate any tips you can offer me.

[@gavinamir611]

@Justin Ellis instablaster =)

[@justinellis3539]

@Gavin Amir thanks so much for your reply. I found the site through google and Im trying it out now. Looks like it's gonna take quite some time so I will get back to you later with my results.

[@justinellis3539]

@Gavin Amir it did the trick and I finally got access to my account again. Im so happy:D Thanks so much you saved my ass :D

[@gavinamir611]

@Justin Ellis happy to help =)

[@Foshizelism]

Great advice. I just bought my second home with my bonus entitlement. I have two houses now. One is generating income while I live in other one. Thanks to the VA!

[@emmettmortgage]

Outstanding!! 😁

[@marroncruz4509]

bossman, im planning to do the same thing my question is like, so do i just call VA and say, "hey" i would like to use my bonus entitlement to qualify for another 300k house since i still have a remaining entitlement that can cover 25% of a 300k house? just wondering if i am correct and if not i would appreciate a good point on the right direction thankyou

[@marroncruz4509]

@@emmettmortgage bossman, im planning to do the same thing my question is like, so do i just call VA and say, "hey" i would like to use my bonus entitlement to qualify for another 300k house since i still have a remaining entitlement that can cover 25% of a 300k house? just wondering if i am correct and if not i would appreciate a good point on the right direction thankyou

[@emmettmortgage]

@@marroncruz4509 The VA does not do anything loan related. They only provide the 25% guarantee. The process is talk to a VA approved broker like me and we can find out the possibilities. What state are you looking to buy in?

[@JeePnoY1]

@@emmettmortgage Emmett, thanks for what you do !!! can you and your company help me purchase my second home in CA using VA loan? I have an existing one that’s pretty low in VA, but I’m retiring back in my hometown in CA.

[@disabilityinsurancequeen4127]

Awesome job Emmett! Very important information and update!

[@emmettmortgage]

Thanks!

[@justinbrewer3288]

I just moved to PSL not too long ago. We'll have to talk soon!

[@emmettmortgage]

Sounds good. Find the link in the description to book a time!

[@investorwarrior]

Thank you so much Dempsey. Great video and helpful.

[@emmettmortgage]

Very welcome. Thanks for watching!

[@EanMcNaney]

Really informational and I appreciate the time to make the video but if I could make a suggestion you like many knowledgeable people speak just a bit to fast for older folks like my father to follow without having to pause and rewind every several minutes , again thanks

[@emmettmortgage]

Thanks ean. Yes talking fast is one thing I really need to get better at. Thank you. I will work on it!

[@hueyoteng5486]

Very informative information, is there a time limit on when you can use your second entitlement? Also is there a link to check the Virginia FHFA county limit you used, can't find it online.

[@emmettmortgage]

Hey Huey. No no time limit, and the limits just changed! Go ahead and email me at [e-mail] and we can talk more about the numbers.

[@luisrivera5314]

Hello. What will be the best strategy to buy a second property with VA Loan here in Puerto Rico? or can you direct me to who I should talk here in Puerto Rico, please? I bough a Duplex with VA Loan on January 2023 and I want to create wealth.

[@emmettmortgage]

I have a Mortgage Broker colleague in PR I can refer you to.

[@PedroGonzalez-fv5ut]

Can you do the same when you move from one place to another? I bought a house and then PCS to another state, will I be able to do the same? Will the limit be based on the new area or the old already used area? Thanks in advance.

[@emmettmortgage]

The area you are moving TO

[@josephquintana1970]

Hey, currently still active. I’m in Norfolk,VA. Have a house here a little over a year. Have 2 roomates. They pretty much cover the mortgage payment. I am trying to get a 2nd house in va beach using va loan. Which is the next city over. Am I able to do that. And how would I talk to the lender about that? Thanks in advance

[@emmettmortgage]

Hey Joe! I was a Quartermaster officer so Fort Lee was home base. I would visit my buddies who were in the Navy every now and then and one was in the Army at VA Beach. Beautiful. 👍. OK your question 😂 Yes IF you plan to occupy the 2nd house as your primary. Id love to help and refer you to a good VA knowledgable mortgage broker there.

[@brandonhernandez3188]

Thank you for the insight and knowledge, I am truly interested in investing in multi family homes in the NC (Bragg) or surrounding areas. I recently got out in May of 2022 and already purchased a home using the VA loan. I would like to start investing in a multiplex but am unsure on how a lendor will review my finances. I have never stopped employment since my ETS. In my situation what do you suggest is the best option? Wait for time on the new job or apply trusting the VA loan to back me?

[@emmettmortgage]

As I said on the video, or maybe on my update, I was very clear that this strategy is for buying another owner occupied property, NOT an investment property. I am not licensed in NC, but I have a buddy there I can refer you to. Send me an email at [e-mail]. Thanks!

[@americaawesome8271]

Great intel .

[@emmettmortgage]

Thanks!

[@JeePnoY1]

Emmett, thanks for what you do !!! can you and your company help me purchase my second home in CA using VA loan? I have an existing one that’s pretty low in VA, but I’m retiring back in my hometown in CA.

[@emmettmortgage]

Thanks for reaching out and I hope Paul was able to help. 😀

[@Haydini69]

Hey so I’m looking at purchasing a second home in Maryland with a fhfa of 548,250. My other home is in Alaska purchased for 273k with an fhfa of 822,375. The second home we’re looking at purchasing is around 240k. Would that be covered fully under the VA being that the county limit is higher for the first home?

[@emmettmortgage]

No. VA is an owner occupied program only. It makes the home youre leaving into a 2nd home/investment. The home you're buying is always the home you intend to live in.

[@88mabelen]

I just bought a property a month ago with a VA home loan. I work for the Federal Government and I am being transfer to another state. Can I keep my current home and use a new VA home loan for a new property at my current job location. Or do I need to sell my current home first?

[@emmettmortgage]

Yes you can! Also with the expected increase in the Conforming loan limit, the numbers look better too. What state are you moving to/from?

[@Keyumiz]

Just to confirm, you use the purchase price and not how much is left on the loan when figuring out remaining entitlement?

[@emmettmortgage]

No. For remaining entitlement, you get that figure from the VA. I do a search for you and find your Certificate of Eligibility first. Then we find the max purchase price you can do with 0% down based on that.

[@Keyumiz]

@@emmettmortgage You mean the county loan limit? Yes, I've already checked that. My house was 187k for purchase price and I now owe 112k. My county loan limit for a second house is 702k (Mecklenburg county). Do I use the purchase price or the owed amount for remaining entitlement?

[@emmettmortgage]

@@Keyumiz Entitlement and remaining balance are two different things. Your balance changes each month. VA doesnt record that. You need your COE to see how much entitlement is being charged against you. That is the remaining entitlement. If you shoot me an email at [e-mail] I can find out for you.

[@marksurtel9954]

Currently I’m a resident in Ohio using my VA home loan benefit now. I want a vacation home in Florida - Delray area... Am I able to use my VA benefits again for a second home loan in FL? Steps/process? Thanks

[@emmettmortgage]

Hey Mark. Sorry my KZbin comments were coming to Gmail and in spam. Are you still inquiring about this?

[@hectorz8712]

Hi, thanks for the video. What are the requirements?

[@emmettmortgage]

First the home you're buying has to be Owner Occupied. Then we have to look at your charged entitlement to see what you need for down payment.

[@EverythingBusiness]

Hey thanks for this info. You say 2 loans at the same time. Do you mean though buy 1 live in it as primary for 12 months that you have to, then get the 2nd house and make that primary? Or is there a way that 2 house at the same time could be considered primary, like if you stay in 1 for 6 mth then other for 6 months

[@emmettmortgage]

Thanks for the comment! What you're taking about is house hopping or house hacking. That is a great tactic too for property accumulation. However I am talking about moving into a house, you live in it for a while and then want to buy somewhere else. It was bad advice that you can only have 1 VA loan at a time. This talks about stretching your VA entitlement to the max so you can use the benefit on another home too.

[@Alex-xz5ey]

Emmett Dempsey what if I buy a house for $300k and then two years later I build one for $900k, using a construction perm loan. Can I refi the newly built home with a Va loan for the full loan while still keeping the first house under a VA loan?

[@crypto_ai_v2]

How long do I have to live in my owner occupied duplex before I can do it again? 6 months 12 months?

[@maramelendez1846]

As a couple with two VA loans we can buy two houses at the same time? What about the part of intent to use as a primary residence. What if we just want to have a second home and rent it out ?

[@emmettmortgage]

Nope. VA is an owner occupied program. You can use it for the same goal, but the intent is to occupy the home you're buying as your primary. So you buy one, live in it, buy the next one, live in it, etc.

[@InTheWindBye]

Hello, I am a 28 y/o veteran and used my first home loan for my current property. My wife got a great job at a local hospital and I got a great office at a local university. I would like to have our second home built custom. First house was $130,000 bought in 2017 September. It’s right up under $99,000 now. What should or could I do? I think I might want to start my family now, but definitely not at the first house.

[@emmettmortgage]

Thanks for the comment! With that small a first loan, you can buy quite a lot on the next one. Send me an email at [e-mail] and I can run the numbers for you.

[@niayajohnson5985]

Question : We are looking to covert our current VA loan to a conventional loan to be able to use it as rental property and obtain a second VA loan to purchase a new bigger home . My question to you is "is there a time period after we covert before we can apply for the second VA loan?"

[@emmettmortgage]

You mean refinance? There is no "conversion". If you refi the VA loan into Conventional it releases your entitlement in full so there is no need for this tactic. You just buy a new primary home wiht full VA and have no loan limit.

[@joelscott1898]

Question. The amount in the column of the first home. Is that calculated on the original loan amount? Or on the amount you still owe.

[@joelscott1898]

Details. I owe 237,000 I'm Michigan. Looking to buy a home in NC for 305,000. The county limit is 548,250 in both counties. I lived in MI active duty 3 years then got orders to NC.

[@kristinalarsen3067]

Hi! Question: is there a distance requirement? I heard it has to be like 60miles from original? Or as long as your under your county limit you can buy in the same city? Thanks!

[@emmettmortgage]

Nothing from VA, but some investors put an overlay requirement. However, you intend to occupy the 2nd one as your primary. As long as you can financially carry both properties, there should not be an issue.

[@Semper2003]

I still don’t understand the numbers I bought a home in CA for $605k in 2021, now homes in same area are $720 plus How would second entitlement help me

[@emmettmortgage]

Only if you desire to buy another VA home to live in. In your case, I am assuming you have an outstanding rate. Unless you must move, why would you?

[@dathoang6993]

I bought a house last year thru va loan in NJ. But I plan on buy another house as investment. House cost $160k. So I can buy another house without down payment?

[@emmettmortgage]

Only if you plan to use that as a primary. You cannot use a VA loan to buy an investment property. If you buy as a primary, move and then it BECOMES an investment property that is understandable.

[@pamfoster4460]

I have a home purchased with a VA Loan and am selling to relocate for a job so I am confused about secondary entitlement so I can buy q home while selling at the same time

[@emmettmortgage]

Hey Pam. If you sell your home with a VA loan, it releases your entitlement. So when you go to buy a new home you have full VA entitlement and can buy with no loan limit. There would not be a need for this tactic since you are not keeping the home with the VA loan on it.

[@havenpersonalcare7968]

Hi Emmett; if I refinance in 2020 under IRRRL; would this restore my entitlement under the New Unlimited Loan for 2020, which was recently pass?

[@emmettmortgage]

No the IRRRL doesn't change entitlement. It is meant as a fast way for vets to lower their rate.

[@Amarilys06]

I got a VA loan in PR the total loan amount was 88k the remaining loan amount is about 55k but I can't sell that house because is in a disaster zone due to frequent earthquake. I am trying to buy a house here in FL can I get a second tier entitlement I am 100% disabled service connected veterans please advise.Thank you in advance

[@emmettmortgage]

From what it sounds like Yes. If you could go to my website at dempseymortgage.com and put in your info or call me I can run the numbers to be sure.

[@tonyfitnessmotivation]

Can I use something like the IRRRL refinance to buy a second home?

[@emmettmortgage]

No you cannot. The IRRRL is meant to refinance the current VA loan to lower the interest rate

[@Vanillagorilla94]

Why is there a minimum price of 144k? I don’t understand why I can’t buy a second home under 144

[@emmettmortgage]

Thats a VA rule

[@DeenOne47]

Good Day, A year ago I bought an Older Townhome in Homestead, FL for $260,000. I want to rent out and buy a Newer Townhome in the same area going for the Low $400,000. Is it possible and how can I do it. Thank you.

[@emmettmortgage]

Yes it is possible if you plan on occupying the new townhome as your primary residence. Lets book a call to talk about it: calendly.com/emmett-5/mortgage-discovery-youtube

[@emmettmortgage]

Yes as long as you're Debt to Income can qualify carrying both. And the one you are buying is your primary residence to use your VA loan again.

[@flpnpinoy88m]

If I just refi in may and getting out soon... can I buy another house with A va loan in same county without selling my current home?

[@emmettmortgage]

Yes. The home you're buying has to be the one you want to live in and you need to make enough income to qualify for both homes.

[@cman8798]

Do you have to be active do use the va loan twice?

[@emmettmortgage]

No you do not. You just have to be VA Eligible.

[@Tkh21209]

The max price on the second loan os contingent on debt to income ratio?

[@emmettmortgage]

Generally yes. You still have to be able to qualify with income and debt on both homes.

[@AskMinhWin]

Get it !!!!

[@emmettmortgage]

Thanks!

[@cman8798]

What if the second home is on a higher loan limit county?

[@emmettmortgage]

You just have to do the math base on available entitlement. Its likely a down payment is necessary, but still a great deal in most cases vs FHA and Conventional.

[@tttman4385]

???I herd you can use your VA Loan Abroad in US Territories is that TRUE

[@emmettmortgage]

I believe that you can only use it in the US

[@victormiller1334]

So does my second house need to be a minimum of 144k?

[@emmettmortgage]

Generally yes

[@jarciniega996]

How do I use my secondary entitlement to buy a property in another state in relocating

[@emmettmortgage]

What state are you moving to?

[@drsammillionaire3749]

Do you get the same benefits if a veteran co-sign?

[@emmettmortgage]

No. VA loans are for veterans only and for non-vets they need to be married to a vet generally. Especially in the 2 VA loan scenario where entitlement is key.

[@luuvjonz1]

Can I sell my VA home loan and get cash? I don't want another home right now.

[@emmettmortgage]

Sure you can

[@tacotuesday000]

So I just used 190k of entitlement. So I cant use a secondary?

[@emmettmortgage]

That amount is not your entitlement. You have to pull your Certificate of Eligibility (COE) and see what has been charged

[@Mr.SetApart]

How do I apply for my tier 2 entitlement and I’m in FL!

[@emmettmortgage]

Hey there! You can go to my website at dempseymortgage.com and we can run the numbers

[@Foshizelism]

@@emmettmortgage I’m interested in buying a second home with my VA loan. Am I able to do it with you or do I have to live local?

[@emmettmortgage]

@@Foshizelism It depend on what state you wish to buy in. I am currently only licensed in FL. I can refer you to a reliable broker in another state.

[@Foshizelism]

@@emmettmortgage Massachusetts

[@emmettmortgage]

@@Foshizelism OK. I can refer you to a Broker up there. Shoot me an email at [e-mail]

[@valerier4418]

Can I buy a home in different states?

[@emmettmortgage]

Yes!

[@celeste1013]

could you post a link to the excel

[@emmettmortgage]

shoot me an email at [e-mail]

[@anibaldoble-a]

I’m a veteran living in Florida and purchased my home using VA loan but since purchasing I have used IRRL and I am wanting to purchase a second home in Puerto Rico. How if possible can I do that as a Veteran and not active duty? Home I have now was purchased for 270k home in PR asking price is 67k.

[@emmettmortgage]

Yes it seems possible. The first step is to check the entitlement charged against you. That will determine how much you can buy with the next VA loan

[@telepep1084]

I live in NYC I have a VA loan on my home for 290k. I want to buy another property for 900k should I refinance my first mortgage to a conventional sonI can use my full VA entitlement on the second home?

[@emmettmortgage]

In what state do you want the new loan in?

[@telepep1084]

@@emmettmortgage NY

[@theboss4466]

Please, can I schedule a call with you thank you.

[@emmettmortgage]

Yes you can book a call here - calendly.com/emmett-5/mortgage?month=2021-08

[@terraGaliciaXXIV]

My family and I just purchased with a VA loan about 6 months ago and are thinking we should downsize for personal reasons. However the VA has a one year occupancy requirement from what I understand. Are we able to qualify for a second VA loan prior to fulfilling the one year occupancy stipulation on our current home to build a smaller home that will be completely built shortly after we we meet the one year occupancy requirement? We would like to rent out our current home and intend to occupy it later. When we initially purchase this home we were planning on growing our family however things have recently changed. Would appreciate your input.

[@emmettmortgage]

The Two VA Loan strategy is if you want to move into the next one. Can you shoot me an email at [e-mail]?