Looking for a VA mortgage loan, you must know few terms and calculations. In this regard here’s a quick overview of calculating the mortgage entitlement. The VA mortgage entitlement is completely based upon veterans’ eligibility. As you know that you must meet specific requirements to receive eligibility for VA mortgage loan. These requirements include, dates served in the military, credit scores and debt-to-income ratio.

All VA mortgage entitlements are predetermined for each eligible veteran. Below is the quick list of processes used to calculate a VA mortgage entitlement:

1. Request a certificate of eligibility.
2. Read and complete the VA form 26-1880 in its entirety.
3. Submit your certificate of eligibility to the lender who will secure VA mortgage loan for you.
4. Determine the amount of the purchase price of the home you are interested in and add the VA funding fee into the total price of the loan.
5. Calculate your remaining VA mortgage entitlement after you obtain the loan
6. Subtract the total loan amount of $197,047 from the current VA mortgage entitlement.

Share This

A VA (Veterans Administration) loan provides low-cost insured home mortgage loans. Whether you’re buying a home or want or refinance your mortgage, a VA mortgage loan might help. However, to qualify for a VA loan, you must be a veteran, military-related individual or their spouse. VA mortgage loans offer many benefits and protections that other loans don’t, including:

• Credit Flexibility
• Great Interest Rates
• No Down Payment
• No Mortgage Insurance
• Low closing costs

Share This