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About three years ago I purchased a house using my VA mortgage benefit.
We're looking to relocate now and will be putting our home up for sale soon.
From what I gather, a veteran's VA loan entitlement is "reusable," but the
loan must be paid off before a new certificate is provided. Ideally, we'd
like to move straight into a new home (we're moving cross-country) and not
go the sell-rent-buy scenario. But due the high priced market we're moving
to, putting 20% won't be a realisitic option (especially with moving costs
factored in); therefore, I began thinking about my VA loan benefit again.
Is it possible to get pre-qualified for a new VA loan contingent upon the
sale and satisfaction of the original VA terms? Considering this is
Veterans Affairs, I am not feeling too confident in paperwork being satisfied
in an expedited manner (that is, sell my home, notify VA, get new VA
certificate, and close on my new home). Any opinions or similar
experiences?
Thanks.
Coug
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Reusing a VA Mortgage.
