It is a complicated way to say you are eligibile for a VA loan or not. For a long time VA had a maximum loan amount of $144,000. VA insures 25% of the loan to lenders and $36,000 is that amount. Well, when the VA began increasing their maximum loan amount, they did not change the base entitlement amount. So, even though VA will insure a $417,000 loan at 25%, the certificate of eligibility will still only reflect $36,000. Long story short, don't worry about it. You have either have enough entitlement or you don't.
Ok thanks. My husband is done with his deployment and now we are finally going to try to get approved for a VA loan. It's a little confusing. He has a disability, is there any benefits for that besides the fees being waved? Thanks for your help.
VA Ratings always are rounded up or down to the closest 0, so either 20% or 30%. The percentage does not matter for the Home Loan, but to get the funding fee waiver, the disability must be service connected.
Yes, hearing loss from the mortars. May be 20 percent, I was thinking 25. Our friend got 100. He is actually going back as a civilian contractor. Didn't know you could do that,either. Thanks.
