Most people have the idea that once they find the perfect house they will live there forever. Unfortunately, that is not always the case. Your circumstances change and you may find your “perfect” family home is not the house for you anymore.

Veterans who have used their VA loan before may still have a remaining entitlement to use towards another VA loan. A veteran’s maximum entitlement is $89,912, and most lenders will usually loan up to four times your available entitlement without a down payment. However, income and credit qualifications need to still be within standards and your property appraises for the asking price. Lenders may also require that a combination of the guaranty entitlement and any cash down payments must equal at least 25% of the reasonable value or sales price of the property, whichever is less.

Remaining entitlement and restoration are not automatic. You can request this by completing VA Form 26-1880. Entitlement may also be restored only one time if the veteran has repaid the prior VA loan in full but has not disposed of the property purchased with the prior VA loan.

Other VA Loan Questions:

 

 

The Chapman Lending Team at HomeBridge Financial is honored to help many veterans utilize their VA home loan benefit each and every year.  We ARE NOT a call center.  Our goal is to provide the best customer service in the industry along with the most competitive rates and fees.

Semper Fi, Dan Chapman CAPT, USMC (vet)

ChapmanTeam@HomeBridge.com          Call (760) 456-7139

Get a Free Rate Quote  –  Start an Online Application

The Top VA Loan Team in California

Related Articles

The 2019 VA Home Loan County Limits have been released. [caption id="attachment_108511" align="alignright" width="300"] 2019 VA Loan Limits Announced[/caption] For 2019, the ZERO down payment limit will increase to $484,350 for most counties. For some "high-cost" counties (table below) such as San Diego, the limit has increased from $649,750 to…
Read More of the post 2019 VA Home Loan County Limits Released

THE TAX BENEFITS OF BEING A HOMEOWNER When purchasing or selling a home, one should consider the many tax benefits.  Buying a home is usually the biggest investments a person will ever make. Due to various tax benefits put in place by the government to encourage consumers to purchase homes,…
Read More of the post BUT BAH IS NOT TAXED, CAN I STILL WRITE ALL THIS OFF ON MY TAXES???

As interest rates increase and the housing market slows down, wouldn't it be great if a home buyer could just take over a current low rate mortgage on a home?  Of course, and with the VA home loan, YES YOU CAN! Are VA loans assumable?   YES! Does the person assuming…
Read More of the post Are VA Loans Assumable? YES, and the Buyer doesn’t even have to be VA Eligible!

[caption id="attachment_104560" align="alignright" width="278"] The Chapman VA Loan Team at HomeBridge Financial now features the VA Renovation Loan[/caption] What is a HomeBridge VA Renovation Loan? As the #1 renovation lender in the U.S., HomeBridge Financial is proud to be one of the few VA lenders in the country to feature…
Read More of the post VA Renovation Home Loan: How to Include a $35,000 Remodel into a VA Home Loan