Tag: Partial Eligibility

VA – Two Unmarried Veterans Using Partial Eligibility

Question: Does a file with two unmarried veterans who are using partial eligibility still need to have prior approval from VA? Answer: Chapter 7 of the VA Handbook was revised in March of 2019.  The guideline below is still in effect as the Blue Water Act Circulars did not alter the requirement as stated below. […]

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VA Guaranteeing Two Different Down Payment Calculations Under New Rules!

Written by: Tracey Rumsey, Staff Writer Mortgage Currentcy has uncovered a variation in VA down payment calculations when using partial eligibility.  There is a BIG difference in the down payment required, so read through this to find out more. Rule Synopsis: The Blue Water Act was applauded for assisting Veteran clients in higher cost areas, […]

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VA – Second Home: Does VA allow for financing on a second or vacation home? [Maximum Loan Calculator – Including Partial Eligibility and Sales Price Exceeding County Limits – VA]

Answer: While VA will allow a veteran to obtain a second VA loan using their remaining entitlement, that second loan must be for a new primary residence.  They cannot use the new loan to obtain a second home or an investment property. Social Media Posts: While VA will allow a Veteran to utilize their remaining […]

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VA – Assumption – Can a VA loan be assumed by a non-veteran?

Answer: Yes.  But the eligibility used to obtain the original loan will stay “tied up” with the loan until the loan is paid off.  The Veteran selling the home will not be able to use it, but could use any remaining eligibility that they have available. Reference:  VA Lenders Handbook, Chap 5, Section 7 Social Media […]

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Mortgage Currentcy™ Calculator – Simplifying the VA Loan Calculation-NEW Mortgage Currentcy™ Calculator!

By: Tracey Rumsey, Staff Writer Mortgage Currentcy™ gets a lot of questions regarding how to calculate the down payment when there is partial eligibility or where sales prices exceed county limits. To help you figure this out, we developed an easy-to-use calculator. Read more to find out why VA lenders will love this! Rule Synopsis: It’s […]

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