VA Loan 2nd home purchase calculator for lenders and home buyers

3 minute read

Let’s imagine you’re a buyer and you have a VA loan on a property. You move and rent out your house. You want to know:

  1. “Can I buy a 2nd property (which will now be my primary house I live in) with a 2nd VA loan?”
  2. “Do I have any “VA entitlement” remaining?”

Use my calculator below to find out.

Let’s imagine you’re a lender or loan officer and a veteran asks you if they can use their VA loan on a 2nd loan for a house which they’d like to finance through you.

Use my calculator below to help them find out.

The calculator:

Instructions:

  1. Open the link or image below in a new tab by Ctrl + Clicking on it, or by Right-clicking it and going to Open link in new tab.

    VA Home Mortgage Loan Entitlement Calculator to purchase a 2nd home with a VA loan

    image

  2. The FILE IS NOT EDITABLE BY YOU. YOU MUST COPY THIS SPREADSHEET AND EDIT YOUR OWN COPY.
    1. To copy this spreadsheet: looking at the image below, follow the following steps:

    2. In the Google Docs editor menu at the top of the screen after you click the link above, click on File –> Make a copy. Edit YOUR OWN COPY. You may also click on File –> Download and save this spreadsheet on your computer as an Excel spreadsheet so you can EDIT YOUR OWN COPY.

    Selection_361

  3. IN YOUR OWN COPY OF THE FILE, fill in the yellow input boxes. Read the description to the left of each box to know what that box is for. Read the notes to the right of each box for additional information or details.

  4. View the results in the grey output boxes. Done.

My sources:

  1. RocketMortgage.com: Understanding VA Loan Entitlement And The Benefits - especially see the section titled “Calculating The VA Entitlement Amount”.
  2. Fannie Mae and Freddie Mac Conforming Loan Limits for Mortgages Acquired in Calendar Year 2022
    1. https://www.clta.org/news/590692/FHFA-Announces-New-Loan-Limits-for-2022---Higher-Increases-in-California.htm
    2. Excel spreadsheet: https://www.fhfa.gov/DataTools/Downloads/Documents/Conforming-Loan-Limits/FullCountyLoanLimitList2022_HERA-BASED_FINAL_FLAT.xlsx
  3. VA Home Loans page and contact number: https://www.benefits.va.gov/homeloans/contact_rlc_info.asp

    Contact a VA Home Loan Representative by calling 1-877-827-3702. The VA Home Loan toll-free number operates Monday - Friday, from 8:00am to 6:00pm EST.

    1. I called the number above on 5 Apr. 2022 and discussed my calculator here with them live for 45 minutes to ensure I got my calculations right. We both agreed the calculator was right. You can always call them youself to be sure.
  4. Super lousy and limited official VA “Guaranty Percentage Calculator”, for home buyers and lenders: https://lgy.va.gov/lgyhub/guaranty-calculator.
    1. Use my calculator instead. If you aren’t even eligible for a VA loan on a 2nd home because your existing VA loan is already too much, my calculator will tell you that. Theirs won’t.
    2. In the case you are eligible for a 2nd VA loan, you can compare my results to theirs. My results are more granular.

Other resources:

  1. VA Home Loan Guaranty Buyer’s Guide
  2. Main US Dept. of Veterans Affairs VA website: “VA Home Loans” page: https://www.benefits.va.gov/homeloans/index.asp
  3. VA home loan limits: https://www.va.gov/housing-assistance/home-loans/loan-limits/

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