One of the most common myths about VA loans is that once you use your VA loan you can never use it again. Your eligibility is restored by paying off the previous VA mortgage or having an eligible qualified veteran assume your loan and substitute his eligibility for yours. You may even have enough eligibility to purchase a home even if your previous VA loan isn't paid off. The formula for calculating the amount of remaining eligibility is complex and the second and subsequent times may have slightly higher funding fees than your first loan. There are special breaks for disabled veterans.
Disabled vets receiving compensation are able to purchase a home and pay no funding fee.
This can be a tremendous savings. If you want information about the grant programs, contact your local VA office. If you are out of the service, try to find copy 4 of your DD214. It will take about eight weeks to get one otherwise. After the agent you are working with or I receive the DD214 or Statement of Service, we will order your VA Certificate of Eligibility and proceed from there.