Once many veterans use the VA Home Loan Guarantee Program they realize the many benefits to purchasing a house through the VA like no down payment, more favorable mortgage terms, easier qualifying, lower fees and closing costs, and many more. However, what if you are ready to move and sell your home and want to get another VA Home Loan Guarantee on the new home you are planning to purchase?

If you are selling your home and want to use the VA Home Loan Guarantee Program again there are some important facts you should know:

• There is no limit to how many times you can use the VA Home Loan Guarantee Program. Once you have proven your eligibility and used the program once you can keep purchasing homes with a VA guarantee for the rest of your life as long as you follow the VA guidelines.
• If you allow someone to assume your VA guaranteed mortgage you are not allowed to use the VA Home Loan Guarantee Program again until that mortgage is satisfied and paid in full. This means that if you allow the person who buys your home to assume your mortgage you have to wait for them to finishing paying off the mortgage before you can have your entitlement reinstated in the VA Home Loan Program. Your entitlement is tied up in the mortgage that is guaranteed, and you have to pay off that mortgage before you can purchase another home with a guarantee from the VA.
• You can not get another VA Home Loan Guarantee if you defaulted on a past VA loan and a foreclosure took place. The reason the VA allows you to use the home loan program over and over again is because as long as the loan does not get foreclosed then it costs the VA nothing to insure the mortgage loan. If the loan does get foreclosed then the VA must pay the mortgage lender the amount the loan was guaranteed for and your entitlement is lost.
• The fees you pay to participate in the VA Home Loan Guarantee Program are different the second time you use your entitlement. You pay a slightly higher percentage for using the program the second time, and if you have no down payment the fees are also slightly higher.
• You do not have to get another Certificate of Eligibility to prove your entitlement to use the VA Home Loan Guarantee Program the second time. You have already used the program once, so all you have to do is qualify for a new loan with a VA approved lender and you can reuse your entitlement.

The VA Home Loan Guarantee Program offers veterans many benefits to allow them to become homeowners faster and easier than many other civilian people trying to purchase a home. Because of this veterans want to use the program repeatedly and it is a valuable benefit to take advantage of.