Are you a veteran or service member wondering how you can take full advantage of your VA Loan benefits? San Diego Realtor Emma Dearing covers a few ways you can use your VA Loan to its full potential.

Did You Know You Could Do This with Your VA Loan Benefits?

If you're watching this video, chances are you're a veteran or service member who's interested about your VA benefits. Hi, I'm Emma Dearing, military spouse and realtor here at Whissel Realty Group and today I want to let you in on one of the lesser known benefits of the VA loan. One of the biggest misconceptions about the VA loan is that it's a one time use benefit when in reality it can be used over and over again.

If you're thinking about reusing your VA loan, you're most likely in one of two situations. Either A, you're wanting to sell your current home that was purchased using the VA loan, and repurchase a new home using the VA loan as well, or B, you're wanting to keep that first home that was purchased using the VA loan and purchase a second home using the VA loan too.

So let's dive into the first option we discussed where you're wanting to sell your current home and use that VA loan to purchase a new home. When you're doing this, the process is often simple and easy. As long as you pay off the loan from the sale on that first home, you can restore your VA benefits to use on the purchase of your second home. Now let's talk about option B, where you want to keep the first home you purchased under the VA loan, and also use a VA loan to purchase a second primary residence.

As a military spouse, who at one point moved four times in under two years, I understand that selling your home before having to buy a new home isn't always plausible or necessarily the best situation for you and your family. So there's a couple different ways that you can go about this situation. Option number one is going to be refinancing your first home into a different loan type, which then frees up your VA loan benefits to use on the purchase of your second home. Option number two is going to be to speak to your lender about if you're eligible to take out a second VA loan based on how much entitlement is left in that first property and based on your reasoning behind needing a second primary residence using the VA loan.

It's really important that you remember that this video is just here to inform you about some of the amazing benefits you have when using the VA alone. And if you think you want to reuse your VA loan benefits, you'll need to reach out to your lender and have them guide you through the process. I really hope that this video was helpful and maybe taught you something new today. And if you're curious on how you can take full advantage of your VA benefits, feel free to reach out to me. And I'm always happy to help.