Scott Baade

Hi there, My wife Carrie and I are a family-owned mortgage brokerage licensed in Colorado. Do you have mortgage questions? How can I help? View Profile

3 Misunderstandings About VA Home Loans and Your VA Benefit

When it comes to VA loans, there's a myth about only being able to have one VA loan. Myth manifests itself in a couple different ways. One of those is that once you've already used your VA benefit that you can no longer use it again. That's false. What happens with the VA loan is once you've used that benefit and you sell that house or you refinance out of a VA loan, you can now take advantage of a new VA loan using your VA eligibility.

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Another common myth is that if you currently are using your VA eligibility - that you're unable to buy a new house using your VA eligibility, that's also not true. How that works is once you've used some of your entitlement, you have leftover entitlement. Sometimes you can use all of that to buy a new house. Sometimes there's not a whole lot of entitlement left, but you can still use a VA loan which would allow you to put less money down. 

One final myth is that if you've had a foreclosure or a short sale in the past, that you can't use your via benefit any longer - that's also not true. hen you have a foreclosure, a certain amount of your entitlement is charged, but you still have excess entitlement that you can use to buy a new home. So if you had a foreclosure short sale and you've been told you can't use your VA benefit, give me a call or a text.

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Scott Baade Carrie Bakunas NMLS # 1658297 Managing Broker (720) 706-2343 scott.baade@findmywayhome.com carrie.bakunas@findmywayhome.com

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About Scott Baade

Hi there, My wife Carrie and I are a family-owned mortgage brokerage licensed in Colorado. Do you have mortgage questions? How can I help?