VA Loan Secrets: What Veterans MUST Know about Using Multiple VA Loans (updated 2023)

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Email Me For Anything VA Loans: [e-mail]
Everything you need to know about credit scores and VA loans.
Contact me:
1. Check your eligibility and receive a personalized evaluation of your VA Loan: connect.valoan...
2. Email me at [e-mail]
3. Call me 602-908-5849
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Facebook: / valoansforvets
Jimmy Vercellino, Mortgage Loan Originator/Regional Residential Mortgage Director NMLS 184169 at First Western Trust
Corporate NMLS 477166
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This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates and programs are subject to change without notice. All products are subject to credit and property approval. Other restrictions and limitations may apply. Equal Housing Lender.

[@JimmyVercellino]

Thanks for watching! I SERVE VETERANS NATIONWIDE. If I can personally assist you with a VA Loan you're welcome to apply at www.VALoansForVets.com/apply. For specific VA Loan related questions drop your comment down below. You're also welcome to email me at [e-mail]

[@Binoiccity]

Hey jimmy, i been trying to reach our to you (web and email) but for some reason it wouldn’t allow me to.

[@ericoneal9079]

Jimmy, great information given within this video. I'm currently serving in the USMCR and have been looking for a way to break into real estate investing utilizing my veteran benefits. Is there any way possible I could get more information from you or your team tailored to my specific situation? Not sure if we could speak on the phone or other means to communicate.

[@scatteredtreasures3640]

I'm looking to purchase. Plz advise

[@ThatRealtor_Xavier]

I’m a US Army Veteran located in North Jersey. I am also a full time realtor and if anyone needs help investing in multi family homes using the VA loan in New Jersey I’d be more than happy to help you out!

[@JimmyVercellino]

Thank you X ! Thanks for letting everybody know!

[@user-le5jy4nv1e]

What about wrongful foreclosure with a Va home loan

[@deuceyepp7793]

Where can I find you?

[@Bruceleekiccs]

What about Pennsylvania?

[@joelsanderson2021]

I'm tryna learn the sauce brudda

[@jtsmassivepurpose7549]

This video might be the saving grace in a wholesale deal vet to vet! Thanks so much from your info and channel. SOOOO helpful you have no idea! Being a vet myself this is a game changer!

[@JimmyVercellino]

💪💯🇺🇸

[@johnbrown7944]

@JTs Massive Purpose Can you explain what you mean? How could you use this in a wholesale deal?

[@baconclusters]

Wow jimmy, thanks you really doing gods work.

[@JimmyVercellino]

Blessings sir! Thank you!

[@dabeemanmike]

Thanks jimmy for the info im a disabled vet and never used my benefits in my 50's and looking to get a home finally. Great Job!

[@JimmyVercellino]

Let's make it happen! Here to help - [e-mail]

[@ericb.8813]

THANK YOU for making this information clear and easy to understand!

[@JimmyVercellino]

My pleasure Eric! Appreicate the comment. Always here if you need me!

[@devyntakestheworld1684]

This information is great and absolutely accurate. I myself am new to the industry (lending) as I wanted to learn how to maximize my va benefits (I am still active duty transitioning out) my wife is a realtor in our area too. The company I’m working with has mostly well established investor type borrowers. My mission is to learn how to apply their property investment strategies, to va buyers. He is correct. You NEED an originator that knows what they are doing with VA. I myself didn’t have that when purchasing my home, and under the right guidance, I could have been on my third property by now. Now that I’m working with this company, I’m learning so much that can really change veterans lives. Folks, write what he’s saying down, and use it to test your potential lender to see if they are write for you!

[@JimmyVercellino]

Thank you sir! I appreciate the kind words. If I can every help you out or be a resource in any way please don't hesitate to let me know. Thank you for your service to our great country - [e-mail]

[@devyntakestheworld1684]

@@JimmyVercellino did NOT expect a response from OP! Appreciate that! And I’ll save that email and reach!

[@lennycooksey300]

I’m glad I came across this video, I’d love to talk a little more about the information you shared.

[@JimmyVercellino]

Glad it was helpful! Happy to chat - please email me at [e-mail] to set up a time

[@anastasia6885]

Excellent info! 👏🏽

[@JimmyVercellino]

Thank you!! 💯💪

[@joesanchez4034]

Jimmy, Thanks for sharing this valuable information.

[@JimmyVercellino]

My pleasure Joe 💯💪

[@Gerrick]

This is such a helpful video. My fiance and i are looking into buyung our first home, and we know at some point we will need to move for his industry. Amazed at the flexibility the va home loan offers

[@JimmyVercellino]

So happy to hear you've found the information useful. I'm here to be a resource in the future. [e-mail]

[@MrCuautla2000]

Jimmy, I am very lucky, please and proud that I find you, by far this is the greatest more informational video about explaining to the bone how the VA Home Loan process works, Thank you so much brother for taking the time the time to educate us.

[@JimmyVercellino]

Bless you Ambriz! People like you are why I keep making and producing content. 💯💪

[@Splenda2021]

@@JimmyVercellinoI also just found you and emailed you tonite thx Lawrence

[@marruz0]

Keep putting rounds down range jimmy!

[@JimmyVercellino]

💪💯💪💯

[@patchreefballers]

Good stuff, just subscribed! I’m just learning I can pass on my 3% interest rate to another service member in a time of 7%. I’m sure there’s pros and cons, what can you tell me. Got a video on this topic.

[@JimmyVercellino]

Thanks for the sub! You're right there are pros and cons. While I've never personally seen a VA Loan been assumed I do know that VA allows for it. In order to do so the buyer must contact the lenders current services and request to speak to their assumption department. From there, the assumption department and VA will work together to approve the assumption. If approved the veterans entitlement will remain tied to that property until the home is sold or paid off which means that the vet won't have full VA home loan benefits as long as that's the case.

[@peezy5895]

i am etsing soon. managed to save up $80,000 my credit score is almost at 800. im so excited to get started in real estate

[@JimmyVercellino]

that's phenominal and quite the achievment!!! Congrats

[@Matt-cr8mj]

Been wondering abput this. Ty

[@JimmyVercellino]

My pleasure Matt.

[@gaflyer6895]

Looking forward to using my VA loan towards a multifamily property!

[@JimmyVercellino]

Let’s go!! 💪💪

[@alienNOS18]

Great video

[@JimmyVercellino]

@@alienNOS18 💯💪

[@Luxury.Famous]

Thanks man yup I'm a veteran. This is perfect (:

[@JimmyVercellino]

That’s what I’m talkin bout!

[@djfalong]

Mom is moving to Siesta Key with her sister, she gonna really be golden.

[@JimmyVercellino]

Nice!

[@Dlowr7]

So the cap is $726k. That is the median price where I live. What the hell man it’s impossible to do that most places on the west coast.

[@JimmyVercellino]

It’s actually 766,550 however there are high cost counties that are higher. Remember VA does not have a max loan amount / guarantee either.

[@akinadownhillace]

I moved to Texas. Duplexes here are around 325,000.

[@JimmyVercellino]

@@akinadownhillace 🫡🫡

[@Magicmarkermedia]

Hey, what about me and a buddy combining a VA loan? I’d like to hear more on that!

[@JimmyVercellino]

That’s called a va joint loan. It can be done. Just requires some additional work on lenders side.

[@trentrevis7392]

I was tracking that there was no cap on VA home loans anymore. Just based on what you can afford based on your dti and income.

[@JimmyVercellino]

Hey TGrent, let me know if I can answer any other questions.

[@Guiseppejedi]

Thank you Jimmy! This was very helpful.

[@JimmyVercellino]

Glad to hear it!

[@jointu.s.militaryfilipino-9843]

Hello - as a veteran with 100% VA rating, can he/she purchase first property 4-plex live in one and rent the three. Then after the minimum of 1-year, can he/she purchase a single-family home as owner-occupied and rent all of the 4-plex considering not to exceed $726,200. The veteran has sold all properties and has credit score of 850 currently. The veteran has been home owner/landlord since 1995 and sold all in May 2023. Therefore, all loans are paid off. This veteran is planning to rebuild his/her real estate portfolio again:). Look forward to your reply. Thank you from retired US Army officer.🙂

[@JimmyVercellino]

Love it. Yes, that can certainly be done. Rinse repeat. Let me know if I can answer any other questions. [e-mail]

[@roadsaway18]

If you refinance your VA backed loan into a conventional loan and want to reinstate your benefit while keeping that property you mentioned. It is a one time reinstatement. You can’t do that multiple times. Just wanted you to get the clear. Everything else is right.

[@JimmyVercellino]

Thanks

[@brentcampbell459]

So I’m tracking: I buy House 1 with VA Loan for 300k 3 years later I PCS to buy House 2 so I rent out House 1 and buy a new house for 426k 3 years later I PCS and refinance House 1 with a conventional lender. Freeing up 300k of entitlement and buy House 3. At that point I can no longer refinance VA loans conventionally? I have to either sell the home or purchase the home with a conventional mortgage? Is that correct?

[@fo7809]

Yes that is correct. The VA home loan is intended to put veterans in a home and not to be a real estate mogul. VA will tell you you’ve exhausted your entitlement after 2 home purchases with justification, unless you sell all the homes originated by the VA. Hopefully by then your rental cash flows.

[@RGcorbett]

sure we can have that amount guaranteed but what if we only use our 90% disability pay.... what will the lenders approve us for? is there a black and white answer??

[@JimmyVercellino]

Great question. A lender will use all forms of verifiable income towards your qualification.

[@agileipt]

I learned more here than in college 🎉

[@JimmyVercellino]

🤣🤣🤣🤣💪💪💪💪💯💯💯💯

[@sunnindawg]

Excellent snd inspiring

[@JimmyVercellino]

Love it. Appreciate the comment.

[@ericoneal9079]

Jimmy, great information given within this video. I'm currently serving in the USMCR and have been looking for a way to break into real estate investing utilizing my veteran benefits. Is there any way possible I could get more information from you or your team tailored to my specific situation? Not sure if we could speak on the phone or other means to communicate.

[@JimmyVercellino]

Certainly - shoot me an email at @ [e-mail]

[@tanishiaepps]

This is great. I sent you an email.

[@JimmyVercellino]

Great! I’ll check it out 💯💪

[@mauganation6714]

Hey Jimmy, I paid off my home and never used my VA loan. Would like to use VA loan to possibly buy home or homes to earn money as passive income. Any suggestions or routes of making this happen?

[@JimmyVercellino]

Hi there! This can be done. Would you be paying cash for the new home ?

[@athenaphan8663]

Jimmy, can a mom co-sign for her military son? She will not live in there.

[@JimmyVercellino]

Yes, but you must put down 12.5% hope that helps Athena!

[@tnchuck3637]

hi Jimmy, thank you for the video! i'm in the exact scenario you just presented and would like to know if there's anything we need to bring to contract signing that would allow us to obtain that 2nd loan? almost feels like you were explaining my situation to everyone in this video and would like to be prepared with all tools/ppwk needed to make it a smooth collaboration.

[@JimmyVercellino]

Hi Chuck! It was meant to be... Thanks for the comment. Let's set up a time to chat and we can get all of your questions answered! -- [e-mail]

[@mikesmalls8751]

This the info I needed

[@JimmyVercellino]

Super!

[@Inspire_andrew]

thank you

[@JimmyVercellino]

My pleasure.

[@kingmode4]

Jimmy when you were talking about turning your original VA home loan into a conventional loan you mentioned a down payment. Down payment on the new refinanced traditional loan?

[@JimmyVercellino]

Down payment on the new home if it’s over the max amount you can borrower with NMD. For example: if it’s a max VA loan 400K and the purchase price is 500K you need to come in with 25% of the difference so 25K.

[@yanny4784]

Love you jimmy

[@JimmyVercellino]

Love you too Yanny!

[@usmcsuperj]

Okay Jimmy, I've got a question brother. So, I used my va loan for the first time about 2 years ago to purchase a rental property for my son to live in/purchase from me one day. Well, he's decided to get married and move elsewhere. I'm going to keep the property as rental. Now here's my question: I located a piece of property with a crappy trailer on it, but the property location sits on a gold mine for future development , in my opinion. Paid $340k for the other property(that my son is renting for now until he moves shortly). This other property with the trailer, is listing at $230k. How can I get over this dilemma? I know you said from your video, that you can go from big to bigger, but in this case.......well you know. By the way, I own 2 more piece of properties, my primary that I'm living in and another right beside it. Thanks brother and look forward to your reply!

[@JimmyVercellino]

Good question! VA will require the property be your primary residence and the mobile home must be affixed to the ground.

[@chriscarraway6315]

Great video. Im in a VA laon now by myself. Since then i got married and now 2 incomes. Great credit and jobs. Im unsure if i should just sell and get a new VA loan and use my equity as a down payment or rent out. Id like to talk more with you and use your services for my next home. Also id be moving to a different state.

[@JimmyVercellino]

Hi Chris, I would be happy to be a resource. Please email me at [e-mail] and we can set up a time for a prelimanary mortgage consult.

[@JP-ij7rp]

Thank you for your videos Jimmy! I don’t have the credit to buy a home yet but I do have the VA home loan benefits. Can I use a non-veteran guarantor to apply for a loan?

[@JimmyVercellino]

You can. Keep in mind that a lender will also require you have the minimum credit scores in addition to your co-signor. If your co-signor is not a Veteran VA will require a 12.5% down payment.

[@drdilettante]

Just found your channel and subscribed! Super helpful! My question concerns the $726,200: Say I already have two properties using VA loans totaling $300k in loans (I do), can I get a 3rd? And say that's A $150k home, after a year or two can I go get another $150k home? And then, since I've been paying on the principles for all of these, could I get a 5th $150k home-all using VA loan without ever needing to convert to conventional loans?

[@JimmyVercellino]

Technically yes, you could do that. You will want to ensure that these are your primary residences. So if you have 426,200 remaining you could parse out those amounts (so long as there above 144K each) and you live in the properties you intend to purchase. Keeping in mind you must occupy for 1 year each.

[@drdilettante]

@@JimmyVercellino Thanks! This makes sense when doing live-in rehabs to rentals.

[@robincox3911]

Thank you so much for making this video! My husband and I are looking to buy a new home using the remaining entitlement & rent out our current home that we've lived in for 4 years. The home we're interested in purchasing is approx. 7 miles from our current residence. I am told that I can't use my VA for that purpose because the potential new home is in the same area. Is that true and how far must the new home be from my current home?

[@JimmyVercellino]

That is NOT true. Bum scoop. As long as it's your primary residence you could absolutley do this. Keeping in mind that you have to qualify by way of credit and income. Here to help if you need me [e-mail]

[@drdilettante]

I first bought a duplex, and then bought a new SFH just 3 doors down from my duplex as my primary residence. It wasn't a problem. And it helps me keep an eye on the rental property!

[@josueaguilar9911]

Thanks for the info! Wondering if you can dumb some stuff down for me. The first scenario applies to me almost to the T. Currently renting out my first property and looking to purchase another with the remainder entitlement. What I do not understand is the offset portion on the first property..could you break that down for me Barney style?

[@JimmyVercellino]

Sure. So let's assume your mortgage payment is $1,000 a month currently and you intend to put a renter in that home. VA allows you to offset 75% of that mortgage payment with the lease on the departing residence. Think of it like a 75% off coupon. So if it's 1K a month and the lease agreement is 1K a month you only have to qualify with $250 of the 1K payment. Does that help?

[@Kingdom_Piano]

Thank you Jimmy, how would I deploy a VA loan towards a "subject to" deal?

[@JimmyVercellino]

Hey King - my pleasure. When you say deploy towards a subject to deal - how do you mean exactly?

[@banquetcasinogaming3733]

Hey Jimmy ! Love this content but quick question , how particular are they about showing two years worth on employment with no breaks in between in order to get pre approved ?

[@JimmyVercellino]

VA is more concerned about a 2 year work history over 2 years of consecutive employment. If there were any job gaps 60 days VA require an explanation for the gap of employment. Now, if you are a commissioned employee, or relying on bonus/overtime income, this type of income must be averaged over a two-year period as well. Hope that helps - Jimmy

[@banquetcasinogaming3733]

@@JimmyVercellino yes it makes sense. I used my VA home loan for the first time last year around this time I’m actually coming up on my 1 year , so obviously I’m thinking about the steps to get my next property. But for my first home i only used my disability and that was enough to get pre approved for, now that I have a really good job I’d like to use that income along with my VA disability to get pre approved for more for my 2nd loan …. But I keep hearing I need to have 2 years worth of employment and 2 years of W2s and that is what is currently holding me back from getting my 2nd house if that wasn’t the case I’m ready right now !

[@moisesadan5154]

@JimmyVercellino What if you didn't want to come up with 25% of the 100k difference between the $526,200 and the $426,200? Can I use the va loan to cover a 5% down payment with a conventional for the $100k difference in price?

[@JimmyVercellino]

Negative. VA would not allow us to do this.

[@therealopenair247]

I swear at 3:10. I thought I was about to have to go back to the VA. I thought I was hearing voices in my head can’t be doing that to me airborne

[@JimmyVercellino]

Ha! Dont worry sir... You're good! ;-)

[@77dnm]

Great info, just subbed! But I'm a little confused. Are they giving us a 75% credit because they are unaware we are renting it out or does that not matter? And if they don't care, that means you get the tenants rent and the 75% credit on top? Also, if i freed up 300k entitlment after a refi into a conventional loan, then why do i need to pay a downpayment when using it on the next home? Thanks in advance! Edit: Watched again. So because I have only 300k entitlement after the refi, the next home now needs a downpayment, because the next home needs to be an upgrade from the previous ones to satisfy your reason for buying it to the VA? Am I tracking?

[@JimmyVercellino]

Good question sir. Let's unpack this together. Can you email me at [e-mail]

[@CookingWithMommySara]

I have remarried(I’m the Veteran) recently. How do they determine how much I can buy if I have a home loan I got alone in 2020? Obviously, I have more income now from my husband now that I would not have before.

[@JimmyVercellino]

Good questions Sara! I'd be happy to help you figure that out. Do you still own the property that you purchased in 2020? Also, if you'd like to discuss offline you can email me at [e-mail]

[@oski1990]

Thank you for your video. I do have a question, does the second home need to be in the same county? We're about to PCS from Hawaii to San Diego in August and looking at our options. Thank you!

[@JimmyVercellino]

Not necessarily. As long as you occupy the home as your primary there are no issues.

[@jaegerwilliams6301]

Jimmy, if you refinance the home, you do not regain entitlement if you maintain ownership of the house. Do you roll it into a LLC or something ?

[@JimmyVercellino]

If you refi into a conventional then it frees up your VA Loan entitlement. If you refi with a VA Loan then you're correct, the entitlment would remain on the house.

[@jaegerwilliams6301]

@@JimmyVercellino you can only do this once though right? If you sell the house it’s different.

[@luisrivera5314]

Hello, Jimmy! Is it possible to have two VA loans both of them in Puerto Rico?

[@JimmyVercellino]

Hi Luis - it is. You'd need to find a lender in PR that could assist you.

[@ameriguardextermination]

Jimmy, how long does a lease need to be in place in order to count the 75%, also does there have to be established rental history? Thanks

[@JimmyVercellino]

Good question. Only needs to coincide with the closing.

[@JimmyVercellino]

only needs to coincide with the closing date.

[@luisrivera5314]

Hello, Jimmy. 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 welth.

[@JimmyVercellino]

Hi Luis, keep in mind VA requires us as Veterans to occupy the property. If you want to purchase another home in PR I would suggest you connect with a MLO who can assist you on the island. A simple google search will point you in the right direction.

[@luisrivera5314]

Thanks for answering, Jimmy!@@JimmyVercellino

[@smithhueso3247]

What about in the case of divorce? My wife and family still want to live in 1st home, can I use VA loan to buy second home?

[@JimmyVercellino]

Certainly. Let me know if you want me to review - [e-mail]

[@djfalong]

Jimmy, Original VA in Cali. 230k. Moved to my mother's in las vegas , she has a VA on her property. We talked and she wants to sell to me for 195k. My credit is above 700, who should I talk to to make this happen. I'm keeping my Cali. Property, appreciation doing well.

[@JimmyVercellino]

I would be honored to assist you. You can reach me at [e-mail]

[@kenrog1]

What are they going to do when they realize that each home is north of $700k in a lot of areas? Just get a second non va loan if it’s a great deal?

[@JimmyVercellino]

Good question. Every year FHFA annoucnes new loan limits based off the median home value and price. I would not be surprised if VA conforming loan limits increased in 2024. Let me know if I can answer any questions.

[@zionluke5407]

Maybe Cali but that 700k is not the median price of every home in the USA

[@FreethemGuyz]

​@@zionluke5407so true... you can get a beautiful home for 250 300

[@chaserGB]

I live in Hawaii, my town house was $740k

[@KickinItAllDay]

Possible to discuss some issues with you? Going through Assumable sell and buy right now.

[@ernestenockdavis415]

Thanks for the information. I am currently renting but in the process of looking for real-estate I intend to house hack for a while. I am interested in two duplexes. Can I negotiate to purchase both but use two loan products? VA loan for the duplex I will live in and then a conventional loan for the other duplex?

[@JimmyVercellino]

You could but the VA would need to be for your primary and the investment would likely require 25% down for the conventional.

[@Garcia43]

Thanks for the video Jimmy! I have a quick question, Would I be able to take a heloc out on my primary residence and use some of it as a down payment for the extra balance on my new home?

[@JimmyVercellino]

Yes, you could do that. Great question! You'll want to confirm with the heloc originator that there will not be any issues with this strategy before you do.

[@lloydparker1837]

Jimmy, my question is if I go out and I purchase a parcel of land with my personal funds, can I use the same scenario to take out a construction loan to build a 2nd home?

[@JimmyVercellino]

Sure. That could be done. VA would not allow that with a VA Loan however, you could consult with a lender who does C2P Financing.

[@dallasjeremy1818]

I purchased my primary home in 2020 with my VA loan for $1.1M and am wanting to build a new home in the mountains that will be my primary. Assuming I pay the land off, can I use a VA construction loan to do this?

[@JimmyVercellino]

You could do this. Just make sure you find a lender who can write this type of loan for you and is competent with VA C2P.

[@joshizzle42]

So me and my wife are both veterans and we both used parts of our entitlements to purchase our current home. We refinanced after 6 months and got our interest rate down to 2.45 percent. Our family has grown and we have one more baby on the way so we want to get a bigger house. Since we split our entitlements does that mean we still have basically a full entitlement between us to purchase another home with a va loan? I don’t want to sell our current home because the interest rate on it is so low.

[@JimmyVercellino]

That's correct Josh. You can deploy the remaining entitlement towards the future purchase of a new home. If I can assist you with that you're welcome to contact me at [e-mail]

[@badillosway154]

Hi Jimmy, thank you for this information. Do you have a business email I can ask a few specific questions at?

[@JimmyVercellino]

My pleasure - [e-mail]

[@cheeriomartinez]

I thought only certain underwriters use potential rental income to offset your loan. A lot of them don’t.

[@JimmyVercellino]

This is a VA guideline. If a lender did not follow it would likley be becuase they have overlays which prevent them from doing so. If I can personaly assist you I can be reached at [e-mail]

[@Bolodro247]

You said that we can transfer our current VA loan into a conventional loan, what about transferring it into an FHA loan to free up more money for the VA loan? This would be easier because with an FHA I would only have to have 3.5% paid off, correct? Thanks!

[@JimmyVercellino]

Good question. That would not be allowed as FHA requires that you occupy the property.

[@Bolodro247]

@@JimmyVercellino Oh I see. So because they’re both “owner-occupied” loans, it can’t be done like that. That makes sense. Thank you!

[@ProudBrotherProductions]

Jimmy, could really use your help! I bought my first VA loan 0% down home back in 2021. The outstanding mortgage principle as of today is 160k. In 2022 I bought my second VA loan 0% down home. The outstanding mortgage principle for that property today is 220k. My question is, I still have 346k still left in entitlement. Can I get a third 0% VA loan at or below the 346k mark? Or do they cap it at only two properties, regardless of entitlement left, and I would have to switch one of the mortgages to a conventional to free up my entitlement privileges? Any direction here would help, thanks!

[@JimmyVercellino]

PBP - great to hear from you. Would be honored to be a resource. Based off of what you describe you would in fact be able to deploy the $346,000 towards another home using a VA Loan with NMD keeping in mind you need to qualify by way of income and credit. If I can answer any other questions please let me know [e-mail]

[@ProudBrotherProductions]

@@JimmyVercellino that's so weird cause my current mortgage company said I can only have 2, regardless of entitlement left. VA United must have their own rules. I'll definitely email you! Thanks for the clarification!

[@kristoffer12241998]

I had a question, so yes 0 down but we must pay then 2.15 percent funding fee along with the closing cost ? Would you happen to know the math of the home is 300k?

[@emmanuelalexandre9843]

So is that 426,000$ an example or is that the set entitlement for all applicants?

[@JimmyVercellino]

Correct, and example. It can chane depending upon how much entitlement has used. Thanks E - let me know if you have any other questions - [e-mail]

[@paulmeek537]

Jimmy, I bought a new construction in 2022 for 386k. Recently PCS'd so I rented out the house, now I'm thinking about buying a lot and building a duplex. Is there any way I could tap into that 426k?

[@JimmyVercellino]

Nice paul! Yes you could do that. However, you'd want to make sure you found a lender that wouild do this for you. My suggestion toweards the path of least resistance would be to buy an existing VA duplex. Let me know if I can answer any other questions -- [e-mail]

[@paulmeek537]

@@JimmyVercellino thank you

[@garrettsalter4885]

Correct me if im wrong but I thought you had to sell the home to restore your VA entitlement and simply refinancing it would not restore your VA entitlement because the house would still be under your name.

[@JimmyVercellino]

Hi Garret, VA will allow us to use / deploy any remaning entitlement we have leftover towards another home withouth having to sell as long as you live in the property for 1 year. So for example if you used 200K you could deploy the remaning 526,000 on another home w/o having to sell your existing home. Hope that helps, let me know if I can answer any other questions.

[@kingmode4]

Jimmy can you get a 2nd VA loan in the event you need to downsize? I heard the examples you made in favor of a 2nd VA home loan such as Pool, more rooms, more sq footage.... but what about the opposite? Less rooms, less square footage etc... is it still possible?

[@JimmyVercellino]

You can. As long as it's your primary residence.

[@USMC-vp4rr]

Does short term rentals count towards the 75% mortgage offset?

[@JimmyVercellino]

Good question. VA would require a lease of at least 1 year. I don't see how that could be done with a STR scenario.

[@user-mu9st7rx9s]

Hello! We used the va loan to buy our home in California where we currently live. Refinanced in 2020 to get a lower interest rate. We are thinking of relocating to Florida within a year. We’d like to rent out our California home without be able to use another refinancing to a conventional loan if possible. To do that, we’d just need 25% to put down on the second home & still use a second VA loan? I appreciate any advice! Thank you.

[@JimmyVercellino]

Hi Amanda, thanks for the question. If you refinanced your VA Loan into a conventional and freed up your entitlment 100% you would likley not require any money down on the purchase in FL. I would need to review your COE to confirm this however. If I can personally asssit you please feel free to reach out www.VALoansForVets.com

[@kevinapolinar3444]

Can someone point me to a source document to prove only 25% of the difference is what a veteran requires (time stamp 4:19). Thanks in advance!

[@JimmyVercellino]

Morning Kevin, are you a loan officer?

[@kevinapolinar3444]

@@JimmyVercellino I am not. I’m going thru underwriting for our next house. However, our current loan officer (Lennar Mortgage) does not have the information you’ve provided. I am trying to communicate what you’ve explained on your video and they said that there’s no such thing.

[@khalilshabazz3553]

What if your seperated or divorced from your spouse and want to buy a new home without selling the original home

[@JimmyVercellino]

VA would allow this. We'd have to determine how much entitlement you have leftover to deploy on the new home. If I can personally assist you please let me know [e-mail]

[@BobM888]

What about multi family properties?

[@JimmyVercellino]

Hi Bob! VA allows up to 4 units!

[@MrSPLASHimDRIPPY]

How do i get the VA to pay part of my mortgage for a home that is on a va loan that I'm renting? I'm in the process of using my VA loan for a second time on a new home.

[@JimmyVercellino]

Hey Splash - VA does not pay part of the mortgage. When you're buying a new home, and you rent out the home you're departing VA allows us as Veterans to offset 75% of the mortgage payment with the rental income we're receiving for qualification purposes. So for example if you rent out the home for 1K and your payment is 1K then you only need to qualify with $250.00 worth of the mortgage payment. Let me know if I can answer any other qeustions - [e-mail]

[@MrSPLASHimDRIPPY]

@@JimmyVercellino thank you for the clarification

[@JimmyVercellino]

@@MrSPLASHimDRIPPY my pleasure !

[@MirellaS-ij6ti]

Please tell me how to sell my current va loan home to buy a new permanent home

[@JimmyVercellino]

Not hard, just requires some proper planning with your agent. If you submit a loan application we can show your home sold (in theory) so you don't need to qualify for it and we can begin the process for the new loan. They simply need to close sale and purchase on the same day. Happy to discuss over the phone if you'd like.

[@yasira9428]

What if my HOA doesn’t allow rent? Is there another way around it than selling the home?

[@JimmyVercellino]

Selling or renting?

[@royandrews7423]

Can you refer me to a real-estate agent in SW MISSOURI?

[@JimmyVercellino]

Sure: shoot me an email [e-mail]

[@thomasgrady9292]

Jimmy I'm a vet not on active duty with a VA loan not looking to buy another property, I have another in another town that we'd like to move int as our primary residence : Can I rent my current property out on a permanent basis?

[@JimmyVercellino]

Hey Thomas, 100% you can. So long as you've lived in the home for 1 year. You can email me at [e-mail] for more info.

[@thealphawolf437]

Hey I’m E-5 active duty in barracks overseas in Germany can I buy/ qualify for a home in the states??

[@JimmyVercellino]

You sure can. VA requies that you purchase a home in or around your duty station and must occupy the property within 12 months or return from deployment. Let me know if I can answer any other questions.

[@nathanielmulero7631]

If I wanted to get a second home, does it need to be a certain distance away? I was told the second home needs to be a minimum of 50 miles away from the first property.

[@JimmyVercellino]

No sir. As along as it's your primary residence. VA does not have a distance limit. Let me know if I can answer any questions - [e-mail]

[@khalilshabazz3553]

What if you live in a city where medium home prices are at or around 700000 or higher

[@JimmyVercellino]

We'd likley have to find a way to free up the existing VA Loan you have an replace it with a conventional loan.

[@JesseJames19699]

I’m hearing that since 2020 there’re no borrow limits anymore for a VA loan?

[@JimmyVercellino]

Hey Jesse - you’re spot on. In 2020 the cap was lifted on VA Loans. If you don’t have an existing VA Loan there is no cap. If a Veteran has an existing loan and they intend to hold onto the home then they will run into some max VA Loan limits with no down payment. Pls see my latest upload for more details.

[@scottscott45]

How many times can you refi to a conventional? Can you keep doing this process every year or every other year?

[@JimmyVercellino]

Hey Scott, you sure can. Keep in mind that you must establish enough equity in the home to be able to use this strategy. Generally speaking this number is 25%, so you need to have roughly 25% equity in the home in order to refi into a conventional investment loan.

[@dehaviandouglas1197]

Hi, what If the entire entitlement amount is used and paid off, can i still use the VA again if I’m max out but it’s paid off? Or will my value be reinstated after a home is fully paid off?

[@JimmyVercellino]

Yes, as long as the entitlement is restored - no issues.

[@djfalong]

Jimmy, additionally can I buy as is ? Without upgrades, is that up to the lender ?

[@JimmyVercellino]

That would be up to you! :-)

[@CarlosMartinez-ik4hb]

Im currently in the process of CashOut Refi my First VA property. Its a 4plex. If I refi into a Conventional, how long do I need to wait to use my remaining entitlement on another VA loan in that same city?

[@JimmyVercellino]

If you're doing the cash out refi as a primary residence, you'd want to wait 1 year.

[@TravonEllis-qd7nd]

They will refinance it and just rent one and live in the other pay it off as fast as possible then the real-estate career starts

[@JimmyVercellino]

Word!

[@yasira9428]

If I refi my loan would I be able to use the VA loan or would that new loan would still be considered a VA loan?

[@JimmyVercellino]

VA allows us as Veterans to refi with a VA Loan.

[@josej.1042]

I didn't understand what happens when you rent out your first home, the 750 credit? Or he wrote 75%?

[@JimmyVercellino]

You can use 75% of the rent payment to offset your mortgage when qualifying for the home. So for example if you have a 1K mortgage payment, and you rent out your home for 1K you only need to qualify with 250.00 of the payment. Let me know if I can answer any other questions.

[@whatsUpWithBSialoina]

I want to start using my VA Loan but worry about my credit score being in the 500s. Any resource to get a hold of someone to help veterans use this benefit and how pls?

[@JimmyVercellino]

HI there, the biggest thing a Veteran can do to heal their credit is the following: Continue making payments on time Bring current any delinquent debts Keep balances on any credits cards at a 30% utilization or lower Allow time to heal scores Once a veterans credit scores reach north of 620 they should be in a good position to proceed forward with a VA Loan.

[@thedoonder]

How do you get approved for a 2nd home purchase if I'm still on the hook for that 1st home debt? Do i just need a massive income to overcome the lender's DTI requirement to buy the 2nd home?

[@JimmyVercellino]

VA allows us to offset your existing mortgage payment from a renter by 75% so you don't have to qualify for the whole amount. You would need to have an executed lease that starts around the time of your closing.

[@thedoonder]

@@JimmyVercellino any issues if I lease it to family? Like siblings or father in law?

[@petermichelson3865]

Awesome info Jimmy! I have a question! My wife owns our condo. I want to use my VA Loan to by our retirement home in Canton, New York, and I want to refinance the remainder of her condo loan with my VA Loan can these two be done at the same time?

[@JimmyVercellino]

Hi Peter, you could purchase the home in NY no issue. VA would not allow to refi the condo becuase it's not considered a primary residence if you purchase in NY.

[@user-bs9tp3sq5q]

Does this apply to veterans who are no longer active duty?

[@JimmyVercellino]

💯%

[@void6918]

Need some help on a similar scenario w/ a veteran couple. In the DMV area, so first house is 400k and the new house is 850k. Looking at the best / worst cases

[@JimmyVercellino]

In this scenario I would estimate a down payment of $130,950 being due at closing.

[@void6918]

@@JimmyVercellinothe house was overpriced but was going to need to bring 45k

[@void6918]

@@JimmyVercellinoFound a house in the current county with a one mil limit. With the seller's help, No prop tax or funding fee and leasing the first property. Closing cost 250 bucks. Only used my VA looking to use my wifes on the next

[@void6918]

Prince Georges County, MD VA Loan Limit $1,089,300

[@soulus25]

I tried to get a VA home loan being 100% unemployable...they approved me for $160,000. That wont get me anything in or around Austin, Tx that isnt a run down shack!

[@JimmyVercellino]

I hear you. It's become increasingly more challenging to get approved for a resonable amount given the appreciation in home values. There are ways to increase purchasing power that one may want to consider. Eliminating debt is the biggest factor that will allow you to do so.

[@davidaceves8446]

Hey Jimmy, I currently have a conventional loan on a home in Virginia. Can I convert it to a VA home loan if I wanted to? I do not live there anymore currently being rented. I already have a VA home loan in Washington which is also being rented. I reside in Hawaii now living on post due to the high cost of living.

[@JimmyVercellino]

Hi David, thanks for the question. VA will require us to occupy the property. So unless you intend on moving back into that home in VA you would not ble eligible to move it into VA financing.

[@nickfetrow5692]

Does this work to purchase multi-family units like duplexes, 3 and 4 plexus?

[@JimmyVercellino]

It does. Keepiong mind you must live in one of the units!