Q: We are sell?ing our house that we pur?chased with a VA loan and will be able to pay off the VA loan, my ques?tion is this: am I eli?gi?ble for another VA loan?
?Tim, Ocean, New Jersey
A: You sure are. In fact, we?re cur?rently liv?ing in a house which we pur?chased with our third VA loan. As you prob?a?bly remem?ber, one of the costs of using a VA loan is called a fund?ing fee. Unless you?re exempt because you receive VA dis?abil?ity com?pen?sa?tion, this fee is paid at clos?ing or added to your loan. The fee varies depend?ing on your sit?u?a?tion, but here?s a link to the VA chart that lays it all out. Note that in all cases the fund?ing fee for sec?ond or sub?se?quent use increases. That should be about the only dif?fer?ence you?ll find if you decide to take advan?tage of another VA loan. Good?luck!
Source: http://askjune.military.com/2012/07/va-loan-not-a-one-and-done-deal.html
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