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If you are a veteran you can actually have 2 VA loans.  You may want a 2nd VA Mortgage if you are moving and not selling your current home, etc.  The calculation to find out if you can have two VA loans can be a little confusing.  So, Here are the steps to follow when figuring out if you can have 2 VA loans:

1.      Order your Certificate of Eligibility- Your Mortgage Lender can do this for you.  It requires you to provide your DD-214 form.  If you do not have the DD-214 form, you will want to find it.

2.      Your Entitlement- On you Certificate of Eligibility, it will show the remaining balance of your entitlement.  The majority of veterans will start with an entitlement of $36,000.  So your remaining balance will be less than this amount. 

3.      Calculate- Next you will want to take the amount of your entitlement that you have used and subtract it from $104,250.  So if you used $30,000 of your entitlement, it is $104,250- $30,000=$74,250

4.      The Max your 2nd VA loan can be- Take the number from #3, $74,250 and divide it by .25.  This will give you the max your new VA loan can be.  Which in this example would be $297,000. 

The above list gives you the exact step by step process to find out if you can qualify for a 2^nd VA mortgage.  Keep in mind, this calculation is only to see if you can get a second VA loan.  This does not automatically mean you can qualify for a another mortgage, that would be determined on your income, assets, credit score, etc.   This calculation for a 2^nd VA loan is for loan amounts of $144k and higher.  For loans under $144k there is a different calculation.  Please call or email me with any questions.