How To Get A Second VA Mortgage

The VA Second-Tier Entitlement option will allow a qualifying veteran to have two VA loans at the same time. It is also a way for a veteran that survived an economic hardship to buy a home at a great rate.

Although a veteran can have two loans with the second-tier entitlement, the aim of the program is NOT helping veterans become landlords. Instead, it is a way to assist veterans when sudden life changes make it necessary to quickly buy a different home. The most common examples where people are approved for a VA second tier entitlement are in the case of a new PCS or an addition to the family.

The qualifying veteran will still have to meet all of the same basic guidelines of a VA mortgage. The necessary income guidelines based on family size as well as debt to income ratio and the solid credit history from the last 12 months will still apply. 

Veterans that were forced to give up a home in bankruptcy or foreclosure will notice that their entitlement amount has decreased. However, with the Second-Tier Entitlement on VA mortgages it is possible to buy a home again after the mandatory waiting period. Basically, the Veterans Administration is giving people a second chance after they have gone through a tough financial time in their life.

Thanks to the inherent qualities of a VA loan, the VA second-tier entitlement is a vehicle to assist our courageous veterans in maintaining their home owner status or regaining that status after a financial hardship.

Read the entire article and learn more about VA Second-Tier Entitlement! https://www.madisonmortgageguys.com/va-second-tier-entitlement/