Yes, your eligibility is reusable depending on the circumstance. If you have paid-off your prior VA Loan, and disposed the property, you can have your eligibility restored again. Also, on a 1-time basis, you may have your eligibility restored if your prior VA Loan has been paid-off, but you still own the property. Either way, the Veteran must send the Veterans Administration a completed VA Form 16-1880 to the VA Eligibility Center. To prevent delays in processing, it's advisable to include evidence that the prior loan has been fully paid, and if applicable, the property was disposed. A paid-in-full statement from the former lender or a copy of the HUD-1 settlement statement must be submitted.
Here at Bighorn Mortgage Group we know that buying or financing a home is typically one of the largest financial decision that an individual makes in their life. That's why we customize every loan program for each individual and you can count on us being with you every step of the way. With top notch customer service, the best rates and lowest closing costs Bighorn Mortgage Group is your place for home loans.
Company NMLS: 1711344
Sedalia, Colorado 80135
Phone: (303) 660-0822