Partial Eligibility

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 [...]

2019-03-25T08:58:45-05:00March 25th, 2019|

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 [...]

2018-08-23T15:47:33-05:00August 22nd, 2018|

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 [...]

2018-07-13T13:32:37-05:00July 9th, 2018|