Va Home Loan

[Hambone11B]

Hello guys,

I have a question as I think I might've gone to the wrong link or maybe I just didn't know this was how it worked. I went to ebenefits to get a certificate of eligibility and after submitting it, it stated that my basic entitlement was $36,000. Is that right or is that what I could borrow to fix the house, the 25% thing that goes with a VA Home loan? I was in for 4 years and was discharged with an honorable discharge. Does it mean that I can only use the VA home loan to buy a house worth $36,000? I'm basically just confused about it as this is my first time through this. The COE states at the bottom the following:

The veteran is eligible for the benefits of Chapter 37, Title 38, U.S. Code, subject to any condition(s) cited below. Basic entitlement for veterans who have not previously used home loan benefits is $36,000. Additional entitlement is available for most loans in excess of $144,000. In such cases, the entitlement amount is 25% of the VA loan limit for the county where the property is located. VA county loan limits are adjusted annually, and the current limits are available at www.homeloans.va.gov.

I plan on going to the VA in the next few days to see my social worker and get any info I can. Also, is this something I can go to my VSO for help with or should I just go to a realtor as some info telle me to do. I am 100% SC and have SSD awarded to me as well.

[Bigred122]

Hello guys,

I have a question as I think I might've gone to the wrong link or maybe I just didn't know this was how it worked. I went to ebenefits to get a certificate of eligibility and after submitting it, it stated that my basic entitlement was $36,000. Is that right or is that what I could borrow to fix the house, the 25% thing that goes with a VA Home loan? I was in for 4 years and was discharged with an honorable discharge. Does it mean that I can only use the VA home loan to buy a house worth $36,000? I'm basically just confused about it as this is my first time through this. The COE states at the bottom the following:

The veteran is eligible for the benefits of Chapter 37, Title 38, U.S. Code, subject to any condition(s) cited below. Basic entitlement for veterans who have not previously used home loan benefits is $36,000. Additional entitlement is available for most loans in excess of $144,000. In such cases, the entitlement amount is 25% of the VA loan limit for the county where the property is located. VA county loan limits are adjusted annually, and the current limits are available at www.homeloans.va.gov.

I plan on going to the VA in the next few days to see my social worker and get any info I can. Also, is this something I can go to my VSO for help with or should I just go to a realtor as some info telle me to do. I am 100% SC and have SSD awarded to me as well.

Things have really tightened up on Home Loans by everyone. It use to be that they looked at what it shows for your annual income and base that on a certain percentage and then gave you an amount they would loan you.It use to be that you monthly house payment couldn't be more than 25% of your total monthly income. Each state is a little different on how it is computed and the size of town you are living enables you eligible for additional programs. My income is around $1200 for SSD and the amount you stated was about what they were offering me last year.The best one can do for that amount is a used manufactured home and maybe a lot to put it on. Check your area for HUD housing grants to combine with your VA benefits. My Civil War benefits for buying a home have expired a few years ago. Good Luck on your Quest!! Mike

[Pete53]

The VA Home Loan is a Guarantee to the Mortgage Company its really like a big down payment. If you ask for a VA Loan be careful as most of the Mortgage people will try to talk you out of it.

It has several advantages including lower cost than conventional and usually a good interest rate

[lilredbaumer]

The $36,000 entitlement is the amount of the Guarantee in case you default. The typical VA loan limit is the same as the conforming loan which is $417,000. The amount can be higher if you are in a designated county or there are VA Jumbos as well but you will need 25% down. Your lender can get you Certificate of Eligibility all you need is to get them your Member 4 copy of your DD-214. Your funding fee is waived being your service connected disability is 10% or more. A friend, family member, or Realtor of choice can recommend a licensed mortgage professional be sure to check their license here. The VA loan is the best loan program out there.