Most of the military veterans in the United States apply for the VA Loans, as it really makes the financially difficult task of home ownership much easier. However, there are aspects of the program that most veterans do not understand fully. One such aspect is the VA Loan Entitlement. Most veterans think that the VA Entitlements is the maximum amount of loan they would get from a lender. They look up for the figure, and find that the VA Entitlements are only $36,000. This is really heart breaking as you cannot possibly dream of buying a decent house with that money. However, is it really that way? In the following post, we would be looking at the VA Loan Entitlements and how they influence the amount of VA Home Loan you would get. Let’s start with the good news! The VA Loan Entitlement is not equal to the maximum amount of loan you would get. It only states the maximum amount of money the VA would pay to the lender. Depending on the lender and various other factors, you would get a much higher loan amount. Now, another thing that you must know is that an eligible veteran would get two entitlements –the VA Loan Basic Entitlement and the Bonus Entitlement.
The basic entitlement is $36000. In most cases, a lender would offer you a loan amount equal to four times that amount. Therefore, using your basic VA Entitlement alone, you would get a loan amount, which would be equal to $144,000. You would also get VA Loan Bonus Entitlement, which is equal to $68,250. However, you cannot use this entitlement if your loan amount is below $144,000. With the bonus entitlement, you can get a loan, which is equal to $417,000. In some counties, you can get even more. You can always get in touch with the help of the leading VA Loan Lender in your state and get more information. Get in touch with the experts and get the assistance you need to get a loan that makes it easy to get the home of your dreams.
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