One of the biggest misunderstandings about VA Mortgages is you cannot have 2 VA Home Loans.That is false.
First thing to ask is: Does it make sense to be getting a second VA loan? Is the house better? Are you relocating?
If you’re not relocating and your home is not improving, or you’re older and you’re not downgrading to a smaller house, then it’s very unlikely that an underwriter would approve a second VA home loan or any second home loan as a primary resident.
Entitlement is the big key. The basic entitlement is $36,000 which allows you to borrow $144,000 per house. If you go to the conforming limit of 417, your basic entitlement would be an additional $68,250.
Financing: On your first purchase, if you used a little bit, then buying your second house, if you’re below the county limit, because you used your full entitlement, you may be able to go close or a 100%. But, if you maxed out the first time and you’re trying to max out the second time, you’re going to have to put in a little money down.