VA Loan Entitlement: How to Reuse Your VA Loan Benefit
Вставка
- Опубліковано 6 вер 2024
- VA loan entitlement is the actual dollar amount the VA promises to repay in the event a borrower defaults. The VA home loan benefit is a lifetime benefit, and entitlement is how the VA allows Veterans and service members to have more than one VA loan.
Chris Birk, The author of "The Book on VA Loans," shows you how to calculate entitlement, how VA loan limits work and what it takes to have multiple VA loans
Time Stamps
0:14 - Restoration of Entitlement
0:36 - Using Two VA Loans
1:17 - Overview of VA Loan Entitlement
1:50 - Second Tier of Entitlement
2:07 - VA Guarantee
2:59 - Leftover from First Entitlement
4:25 - Personal Entitlement Cap
4:59 - Comparison to Conventional Loan
5:37 - Foreclosure
6:24 - Second-Tier Entitlement Requirement
6:53 - Affording Two Mortgage Payments & Offset
7:26 - Rental Income
8:10 - Occupancy Requirements
8:37 - One-Time Restoration of Entitlement
Watch the entire VA Loan Guide to Homebuying here: • Everything About VA Lo...
For a detailed transcript of this video: www.veteransun...
Follow us for more VA home loan tips:
Facebook: / vuhomeloans
Twitter: / veteransunited
Instagram: / veteransunited
TikTok: / veteransunited
#VALoan #Entitlement #VABenefit
VeteransUnited.com | 1-800-884-5560 | 1400 Veterans United Drive, Columbia, MO 65203
Veterans United Home Loans NMLS #1907 (www.nmlsconsumeraccess.org). A VA approved
lender; Not endorsed or sponsored by the Dept. of Veterans Affairs or any government agency.
Licensed in all 50 states. For state licensing information, please visit www.veteransunited.com/Licenses.
Equal Opportunity Lender
Finally someone breaks this down and explains the math with simple scenarios. Subscribed!
That was VERY informative! It's exactly what I needed to hear. Thanks
You have an excellent way of conveying the VA loan process that makes it extremely understandable and easy to get. Thank you for your video tutorials... very valuable.
This was really good information. I was reading that a lot of people are confused, but I wasn't. We probably have different education levels. This guy explained everything well, but he was a little too lecture oriented. I guess I'm used to it with my educational background. For the rest of you who are confused, watch it 10 times spread out through a few days. It will make more sense by then. When I was in college I had to do the same calculus problems 3 times before I understood it. I would do my calculus equations once at night and then a second time so it will stick to my head. The next day I would do the same calculus problems before class. I ended up passing with a B.
I'm glad you got all the conceit in your family, people learn in many different ways; guess they forgot to teach you that in College.
God you’re stupid 🤦♂️
I'm confused 🤷♀️
Well done video! It was easy to follow and understand. I always know I can reuse my VA entitlements just wasn't quite sure... In the market for a bigger 🏠 and this video help me draw limits! Subscribe!
Assuming that the house bought was say $60k could you in theory buy 4 houses as long as the initial intent is to move into the next one?
Yes
Before moving into the next one do i have to sell the current one
May God bless you.
Thanks for this! I definitely needed to watch this
If I refinanced my VA loan, can i resue my entitlement?
So you paid off the house using the VA Home Loan. Now you have to "SELL" the house in order to use the VA Home Loan again on another home you want to purchase. ??? Why? Does it have to do with the isdue of primery resentency. ??
You have to sell the home if you want to do a one time restoration is what I got from it. Or to get that entitlement amount back that you use.
Best explanation I’ve seen thanks.
My question is simple. I refinanced my house using VA loan. Now I am selling that house and buying a bigger house. Can I use VA loan again as long as my va financed home is sold. Thank you in advance.
Yes, you can also have more than one VA loan out at a time. But to answe your question, yes, you can reuse your entitlement on the property you are buying.
@@shelleygreyrealtor can you sell a house when you have not fully paid it off and does that mean as long as it has been sold to someone we can use our full va loan entitlement again?
I am so happy I watched this video. On my way to be a landlord 😂
Thank you!! Very informative!
Great video
If I find a multi unit with existing renters, do they need to be long term lease agreements in order to count it as some “income” to help qualify? If it’s been existing, etc?
I’m not sure if I’m understanding the quarter being backed part. You’re saying $417000 is the max I can borrow before needing a down payment but you’re saying the VA backs a quarter. Further explanation please?
This is an older video. You can go higher and your max is now based on your income.
Good job on explaining some things that confused me. For example, I have a mortgage for 240,000 and want to purchase a second home. I think my second loan amount would be 4 x 43000 which equals 172K - I would then be eligible to apply for a loan at 172K without having to pay extra for the down payment. I probably will have to get a mortgage for 200K - that menas I need to pay some percent against a difference of 28K - which you say is 3.5% - at that point we may need to look at other loan options.
Great info!!
So I can buy a 4 plex if its full and already have tenants in it and I can purchase it with out living in it right??!
Great stuff... Thank you!
Thank you!
What if I can sell the house in PR because is in a disaster zone, is currently rented and its not on default and I move to FL and I need to get another VA, can I get a second home without having to sell?
Thanks for this info! How many times can you reuse your VA entitlement without selling your previous home(s)? Is the calculation the same?
I thinking it's up to how much entitlement you have left. That could be 3 or 4 homes depending on how much they are.
what does the 4 represent
Represents a quarter of what the VA will back
How soon after using the VA loan can you reuse your remaining eligibility to reuse the VA loan?
I think a one year, because the home has to be your primary residence for that time frame
Thanks for the video but very confusing. I'm entitled to $36,000 but the VA is giving me 417K?? I've replayed this and I CAN do math but this is just messy. Please direct me to a video that explains what these "entitlements" really mean. So what does that $36,000 mean to me after i have a loan for VA Loan 417K ?
Secondly: Why do I constantly hear from others that I can re-use the VA Loan many times as long as I pay it off, yet you mention that there's only a One-Time Restoration?
You need to watch closer my friend. He explained it very clearly. 417k was the maximum loan you can take without a down payment. If you can’t understand that then you probably should not be financing anything!
infamist: check this out: ua-cam.com/video/Yw5yfSRVsFc/v-deo.html then call me if you want. eight one three - 406 - four 7 five 0.
He's soft spoken, can't hear him