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If you're a veteran or currently serving in the military and considering using your VA loan benefits, it's important to understand the difference between Tier 1 and Tier 2 entitlement.
Tier 1 entitlement: As of January 1, 2020, VA loan borrowers with full entitlement don’t have a limit on how much they can borrow with a 0% down payment. For these borrowers, the VA will guarantee up to 25% of the loan amount on loans of any size.
If you’ve never gotten a VA loan before or you’ve paid off a previous VA loan in full and sold the property the loan was used to purchase, you should have full entitlement. This means that none of your entitlement is being used and your full entitlement is available to you.
Tier 2 Entitlement: You technically also don’t have a limit to how much you can borrow, but if you exceed your entitlement, you’ll have to make a down payment. Your entitlement may be reduced if you currently have a VA loan that you’re still paying back, have paid your loan in full but still own the home you used the loan to purchase, or if you defaulted on a previous VA loan.
If your entitlement is reduced, the VA will only guarantee your loan up to the conforming loan limit, minus the entitlement you’re currently using. Make sure to talk to your VA expert lender to see which entitlement you qualify for and how to maximize your benefits. As always, thank you for your service!
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🚨 Check Out Our VA Online Resources 🚨
Oahu PCS Guide - veteransmortgagesource.com/oahu-pcs-guide
VA Home Loan Guide - veteransmortgagesource.com/va-home-loan-purchase-g…
Military Pay Calculator - veteransmortgagesource.com/calculators/military-pa…
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