- April 24, 2024
- Posted by: legaleseblogger
- Category: Related News
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## Active Duty O2 Seeking Advice on VA Loan Entitlement for House Purchase
Active duty O2 member preparing to relocate for Captains Career course is inquiring about purchasing a house at the next duty station, facing complications due to previous VA loans.
The individual has utilized $540,000 of their VA loan on two properties that are now being rented out, with a remaining entitlement of $180,000. Any amount exceeding this limit would require a payment based on a percentage of the difference, potentially leading to additional expenses.
With savings of around 20-25k and 20k in TSP, the individual is hesitant to spend over 10k on the new home purchase.
### How AI Legalese Decoder Can Help
Using an AI tool like the Legalese Decoder can simplify the process of understanding the terms and conditions associated with VA loans. By inputting the loan agreement and entitlement details, the decoder can provide a breakdown of potential costs and recommend the best course of action.
## Exploring Options for Refinancing Previous VA Loan
Given the challenge of finding a suitable house within the $180k limit, the individual is considering refinancing one of the existing VA loans. This raises questions about the refinancing process, expected expenses, and the best decision in the current scenario.
Placing importance on securing a comfortable home for their family during the anticipated 3-5 years at the new duty station, the individual seeks advice on the most practical approach to navigate this financial situation.
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You can refinance one of the VA loans into a conventional loan, and it will restore whatever portion of entitlement is charged to that loan. You can only do this one time. The interest rate is going to be higher, so make sure this is worth doing for the new purchase (or just go conventional on the new purchase and leave the other loans alone).
Totally depends on your ROI to pick the best option. That said one option is to refi your current home into conventional prior to PCS date. (This will get you the best rate)
If you have good credit find a mortgage broker working with UWM as they are offering 1 point to buy down rate for the month of February. You may get your rate into low 6s and free up your COE.