How To Get A VA Loan Entitlement Restoration

Description

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Informations

• Publié par: garydavidwilliams
• Publié le: 11 octobre 2016
• Nombre de lectures: 1
• Langue: English
• Poids de l'ouvrage: 1 Mo

Extrait

The word “entitlement” often confuses many veterans who are seeking financing for the purchase of their homes.

However, the term “entitlement” simply describes something veterans earned for their service to the nation and, in this case, it is a VA Loan benefit.

The entitlement is a dollar figure that the Veterans Administration will repay in the event of a veteran defaulting on a mortgage backed by the VA.

USING VA LOAN ENTITLEMENTS TWICE

Veterans who use their VA Home Loan benefits for their first home purchase normally do not think about using the benefit for a second time because they are generally quite happy with the rate and terms they received on the first loan.

However, many veterans are unaware they can use the benefit more than once and reap the same rewards as the first loan. In this instance, veterans would need to have their VA loan entitlement restored.

RESTORING VA LOAN ENTITLEMENTS

The most popular reason why veterans want to use their benefits for a second time is to buy another home.

In order to use the benefit more than once, veterans either need to have some of their entitlement remaining from the first use or apply to have the benefits fully restored.