I have a client who is in the military. He has used his VA loan once before. Does any one know if you can only use it once, or after a certain period can he use it again?

If he has used it once and repaid it then he can use it again without any problem. Have hime go to the VA and get a new letter.

yes, we have used our second VA loan now. there is just a higher funding fee. you can only have one va loan out at a time tho.

You can use it multiple times and in some circumstances even if the first loan is not paid off.

http://www.homeloans.va.gov/VAP26-4.htm

"8. If the requirements for restoration cannot be met, is there any other way a veteran can obtain another VA loan?

Yes. Veterans who had a VA loan before may still have "remaining entitlement" to use for another VA loan. The current amount of entitlement available to each eligible veteran is $36,000 ($60,000) for certain loans over $144,000). This was much lower in years past and has been increased over time by changes in the law. For example, a veteran who obtained a $25,000 loan in 1974 would have used $12,500 guaranty entitlement, the maximum then available. Even if that loan is not paid off, the veteran could use the $23,500 difference between the $12,500 entitlement originally used and the current maximum of $36,000 to buy another home with VA financing.

Most lenders require that a combination of the guaranty entitlement and any cash down payment must equal at least 25 percent of the reasonable value or sales price of the property, whichever is less. Thus, in the example, the veteran's $23,500 remaining entitlement would probably meet a lender's minimum guaranty requirement for a no downpayment loan to buy a property valued at, and selling for, $94,000. The veteran could also combine a down payment with the remaining entitlement for a larger loan amount."

Kassie,
There is an amount you are approved for by the VA. Say that the amount is $300K. If you have a home and owe $175K and the loan is in good standing they you can still borrow up to $125K on a second property.