Using VA Home Loan Entitlement
Videos feature Tim Lewis, VA Loan Team Manager, NMLS #157603.
What is VA Loan Entitlement?
One of the first questions many VA borrowers ask is, "What is Entitlement?" Entitlement is the VA term for the dollar amount the Department of Veterans Affairs will guarantee on a VA loan. For each veteran, the VA will guarantee $36,000 of basic entitlement plus $68,250 of bonus entitlement for a total of $104,250. Lenders will typically lend four times the amount of entitlement with no down payment required. So, basic and bonus entitlement can be used together for a VA mortgage of up to $417,000. There are certain U.S. counties where Fannie Mae/Freddie Mac conforming loan limits are higher due to cost of living in those counties. Bonus entitlements can be higher in these counties.
Check with a VA loan professional to see what the conforming limits are in your county, as well as to find out what you're entitled to.
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