sd_matt you can currently use the VA over and over again as long as you pay off the loan before getting another. There’s also another formula they use if you don’t use your maximum eligibility, but generally it’s better to assume you won’t be eligible for another VA loan on any house worth buying unless you pay off any prior loans guaranteed by them.
VA does charge the veteran a loan funding fee that varies depending on how many times you’ve used the loan and how much of a downpayment you’re putting down. It can be rolled into the loan amount if I remember correctly. That fee is waived if you have a VA disability rating of 10% or more.
The loans do have income qualification and debt load guidelines. The last I checked, they were 41% debt to income ratios and had been that for years. They will look on a case by case basis if that doesn’t fit your criteria, but I would caution against exceeding that. I would try to keep your debt ratios lower than the maximum they allow if possible.
Navy Federal Credit Union has 0 down veteran mortgages also where you aren’t required to use your VA loan eligibility. Some of the other military credit unions may also have them, so it’s a good idea to check whether you can become a member if you aren’t already.
CALVET loans are worth checking as someone else mentioned. They generally don’t allow you to rent out the house without prior approval. I’ve heard it’s not very easy to get the approval from them, but I don’t know how true that is.
