- December 3, 2023
- Posted by: legaleseblogger
- Category: Related News
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VA Entitlement Inquiry and AI Legalese Decoder
VA Entitlement Inquiry on Current Loan Status
I recently contacted the VA Regional Loan Center to inquire about the possibility of obtaining a “rough estimate” for a new VA loan. Unfortunately, due to our current VA loan not showing up in their system, they were unable to provide me with the information I was seeking. However, based on the information I was able to gather, it appears that I have 100% of my VA entitlement available, as my Certificate of Eligibility (COE) does not reflect the current loan amount.
The representative I spoke with mentioned that I have a $36,000 basic Entitlement, as well as an additional $144,000, which when combined totals almost $200,000 in VA entitlement.
Current Loan Status Update:
As of now, I have one VA loan in Maryland, which was purchased for $410,000, with the remaining payoff standing at approximately $385,000.
Inquiry and Concern:
My concern now is transitioning into a new VA loan in a county with a maximum home price of $726,000, while we are looking at homes priced at $325,000. I am interested in understanding how much VA guarantee entitlement we could qualify for under these circumstances.
How AI Legalese Decoder can help:
The AI Legalese Decoder can simplify and clarify the complex legal jargon and language used in the VA loan process, providing me with a better understanding of my current entitlement status and the potential eligibility for a new VA loan. This tool can also assist in decoding and interpreting the specific terms and conditions associated with VA loans, ensuring that I have a comprehensive understanding of my entitlement and guarantee options. With the AI Legalese Decoder, I can navigate the VA loan process with confidence and clarity.
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Original Content:
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Expanded Content:
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You start with $181,550 of entitlement (this is 25% of $726,200).
It sounds like you used $102,500 of your entitlement (25% of the original $410k loan).
So you have $79,050 of remaining entitlement ($181,550 – $102,500).
Multiply that number by 4 to get your max loan amount with $0 down: $79,050 x 4 = $316,200.
Any purchase price above $316,200 would require a down payment for 25% *of the difference*.
So a $325k home would require $2,200 down payment (25% of $325k – $316,200).
Hope this helps!
> When you have full entitlement, the VA doesnÔÇÖt impose a loan limit. With that, you can borrow as much as a lender is willing to provide without a down payment, and the VA will back 25% of the loanÔÇÖs value.
> However, the rules are a tad different when you have a reduced entitlement. Since the VA guarantees up to 25% of your loan amount, you can determine your remaining entitlement by multiplying the loan amount by 25% (or dividing it by four).
> For example, letÔÇÖs say that you currently have a VA loan with a loan amount of $100,000. When multiplied by 25%, the entitlement youÔÇÖve used on that loan is $25,000. Next, subtract this amount from the $36,000 maximum basic entitlement to arrive at a reduced entitlement of $11,000.
> But thanks to bonus entitlement, you may have more entitlement than you think. You can determine this by multiplying the conforming loan limit of your county by 25% and subtracting the entitlement youÔÇÖve already used. For example, if the conforming loan limit for your county was $715,000, 25% of that is $178,750. Subtract the $25,000 entitlement youÔÇÖve already used to arrive at the total remaining entitlement of $153,750.
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