I have been paying on my VA loan for three years now and want to add a pool. The pool company has referred me to several lenders that originate 2nd liens. Will a VA lender allow this type of financing?
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According to Chapter 9 of the VA Lender's Handbook it may be possible to get a second mortgage on a home purchased with a VA loan under the right conditions. In all cases the lender of the second mortgage would hav to subordinate that debt, which means that the first loan is in the first position should a foreclosure take place. Very few VA lenders are willing to do these second loans even if there is proper equity in the home.
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