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Yes! You Can Use Your VA Loan More Than Once!

how can i refinance my home

Looking to use your VA home loan benefit again? Excellent! Contact North American Savings Bank today and get started! North American Savings Bank works extra hard to lock you in at the lowest rate possible. The difference is in the lender, and that’s where NASB's experience matters most. We can offer you:

  • NASB has NO origination fees, which could save you thousands.
  • We are a team of experienced, trained professionals. From our loan consultants to underwriting and processing, we will help you capture every benefit available to you.
  • We are a direct VA lender. This means we can make our own decisions and can often help where others simply cannot.

The Lifetime Advantages of the VA Loan Program

NASB employs veterans from all branches of the U.S. Armed forces and we have numerous employees with spouses, children and siblings who are active in the military. We understand the demands of military life. We will make the loan application and closing process simple and efficient so you can focus on your work and family.

A NASB VA-Guaranteed Home Loan has many advantages over a convention loan. The NASB VA loan program provides Veterans, Active-Duty personnel, and Reservists with a benefit that can be used throughout your lifetime.

The following are the primary benefits of the VA-Guaranteed Home Loan:

  • No down payment required for loans up to specific county loan limit
  • No maximum loan amount
  • No mortgage insurance, No PMI, which should result in lower monthly payments
  • NASB charges NO lender fees or origination fees
  • Refinance to a lower interest rate with an Interest Rate Reduction Refinancing Loan (IRRRL), requiring no appraisal or income verification in most cases

The following are frequently asked questions about the VA loan program:

I used my VA loan benefit already; can I use this benefit again?  Yes. You may continue to use your VA loan benefit as many times as you wish. If you own a home that is currently financed with a VA guaranteed loan, you may purchase a new primary residence using a VA home loan as long as you have enough remaining VA eligibility. A down payment may be required. You can re-use your VA eligibility as many times as you wish for future home purchases or refinances.

How much documentation is required to obtain a VA Guaranteed home loan?  A VA Guaranteed home loan may require additional documentation compared to other conventional mortgages. One important document is your Certificate of Eligibility (COE). This document verifies you are eligible for a guaranteed VA home loan and a VA direct lender can obtain the COE for you.

How long will it take to be approved and close on a VA Guaranteed home loan?  VA loans take no longer to close than a conventional loan. In most cases, you can close within 45 days. An IRRRL can be closed in as little as 30 days.

How much money do I need for my down payment to purchase a home using my VA loan eligibility?  With your VA home loan, you may purchase a home with no money down with a purchase price up to your specific county limit. You can find more information on specific VA loan county limits at or by contacting

a VA direct lender.

What is the maximum loan amount I can borrow using my VA loan eligibility?  There is no VA loan limit. However, depending on the purchase price or balance of the loan you wish to refinance, you may be required to make a down payment or in the case of a refinance, you may be required to have additional equity. Contact a VA direct lender for further details.

I have no equity in my home. Can I refinance with a VA loan even if I have no equity?  In many cases eligible borrowers will qualify for a VA refinance with little or no equity in their home. If you have an existing VA home loan then it’s possible to qualify for an Interest Rate Reduction Refinance Loan (IRRRL) that requires no appraisal. So if you’re upside down on the home or have little equity you may still be able to refinance. If you have a FHA or Conventional loan then the VA will allow 100% loan-to-value (LTV) so the home will need to appraise for what you owe on it. If the home appraises for less than you owe then you may need to bring cash to closing to cover the difference.  Contact a VA direct lender for further details.

Is mortgage insurance required if I have less than 20% equity in my home?  No, a VA loan is guaranteed by the U.S. government. This is the “benefit” part of your VA Loan. You are able to purchase a home with no equity and pay no monthly mortgage insurance premiums.

I no longer live in the home I financed with my VA home loan. Can you get a streamlined refinance (IRRRL) even if I no longer occupy the home?   Yes, it is possible to get an IRRRL on a non-owner occupied home.

I have no cash and I wish to refinance my VA-Guaranteed home loan to a lower interest rate. How can I afford to refinance?  You may either finance the cost of the refinance into your loan amount, or the lender may pay your closing costs. You are not required to have cash in the transaction to qualify for an Interest Rate Reduction Refinancing Loan.

I am currently working with another lender to obtain a VA home loan. I am not happy with the service and I wish to change lenders. Is my VA real estate appraisal transferrable to another lender?  Yes. The VA requires your lender to release the appraisal to another lender upon your request.

Are origination fees required to obtain a VA-Guaranteed home loan?  Absolutely not!

Get a VA Loan

The NO DOWN PAYMENT feature of the VA-Guaranteed loan program can help you realize your dream of home ownership sooner. However, even if you are buying your fifth home, the future advantages of being able to refinance your home with little or no out of pocket cost and no mortgage insurance can provide substantial future savings. The benefits of a VA home loan go beyond the initial purchase of your first home.

Contact NASB to learn more about your eligibility for a government-backed VA home loan. Remember, NASB does not charge lender fees or loan origination fees on its VA home loans. You can check caps on loan amounts in your county from the VA's site.

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