I'm getting PCS orders this summer. Can I buy a new home with a VA loan before I've sold my current one?

Question

Accepted Answer

Often, yes. If you have remaining entitlement from your current VA loan, you may be able to use what's called second-tier (or "bonus") entitlement to purchase a new primary residence with a VA loan again, before your current home sells, as long as a few conditions line up. You need remaining entitlement. If your first VA loan didn't use your full entitlement, the unused portion can often support a second, concurrent loan. The new home has to become your primary residence. VA loans require owner-occupancy, so this typically applies when a PCS move (or a similar circumstance) requires you to relocate before your current home sells. Your total borrowing power is still tied to your entitlement. Depending on how much remains, a down payment may be required on the second loan. You don't have to sell your current home first. Once it sells and the original VA loan is paid off, you can request full entitlement restoration for future use. The math depends entirely on your loan history and current Certificate of Eligibility, so it's worth checking before you make an offer. Gene can pull your COE, calculate exactly how much entitlement you have left, and walk you through whether a second concurrent VA loan fits your move.