Contrary to popular belief, VA loans aren't a one-time deal. Veterans have the opportunity to utilize this benefit multiple times through the VA Restoration of Entitlement program.
What is Restoration of Entitlement?
Restoration of entitlement allows veterans who have previously used their VA home loan benefit to potentially qualify for another VA mortgage. This means you can enjoy the benefits of a VA loan again, including zero down payments and no loan limits.
When Can You Apply for Restoration of Entitlement?
There are three primary scenarios where you might qualify for a VA Restoration of Entitlement:
Cash-Out Refinance: If you've already used your VA loan benefit and want to refinance your current mortgage to access cash, you may be eligible for a one-time restoration of entitlement. This allows you to tap into your home's equity while retaining the benefits of a VA loan.
Selling Your Home: If you've sold your previous VA-purchased home, you can apply for a full restoration of your entitlement. This allows you to use your VA loan benefit again for a new home purchase.
One-Time Restoration: In some cases, veterans may qualify for a one-time restoration of entitlement even if they still own their original VA-purchased home. This can be beneficial if you want to purchase a second property, such as a vacation home or investment property.
Remember: Specific eligibility criteria and requirements may vary. It's essential to consult with a VA-approved lender to determine your options and complete the restoration process.
By understanding the VA Restoration of Entitlement program, you can maximize your homeownership benefits as a veteran.
Ready to unlock the power of rental properties? Let Renters Warehouse Hampton Roads guide you towards financial freedom. We specialize in property management and investment strategies to maximize your returns. As a veteran-owned company with a deep understanding of military property management and investment. Contact us today to learn more about how we can help you achieve your real estate goals.
Looking for a place to call home? We also manage beautiful properties throughout Hampton Roads. Experience comfort, convenience, and exceptional service.
