Veterans, if you have used your VA entitlement to purchase a home, are you aware you can use it more than once? This benefit never expires. As long as you do not allow for the VA loan to be assumed, and you sell your existing home, you can use it again to purchase a new home. However, if you allow for somebody to assume this mortgage, then you will lose your entitlement!
Veterans, are you aware that you could actually own two homes using your VA entitlement? Depending on the purchase price of your home, if you have remaining entitlement available, it may allow you to get another home. For some veterans who purchase a home “a long time ago”, your VA entitlement may have increased.
Veterans, are you aware that there is no loan size limit on VA financing? The maximum VA loan is based on the maximum Federal Housing Finance Agency limit per the county. Any loan size above the FHFA county limit will require a contribution of 25% of the difference between your loan amount and the county limit. Exampled? Loan Limit of $453,100 per the county. Your loan size of $500,000.
Formula: $500,000-453,100 = $46,900 x 25% = $11,725 required contribution.