When you create the brand new Virtual assistant loan program and you will meet the requirements, there will be a certain amount of cash that you'll be entitled to score because the that loan. You might choose section of the Virtual assistant entitlement in order to purchase property and you can help save the remainder for a future house buy.

You have certain Virtual assistant entitlement kept once to acquire a house that have that loan which is below the degree of your entitlement. Your own lender can also be offer your the second Virtual assistant financing according to the left entitlement. not, you ought to satisfy its credit and you may income criteria just like some other financial.

You chance having your property foreclosed for individuals who skip several monthly mortgage repayments. Foreclosures was a legal techniques allowing mortgage lenders to recover new amount borrowed you borrowed from for the a mortgage from the regaining brand new control of mortgaged household and you can placing it up for sale.