Q: HOW DO I CALCULATE AN ACCURATE DOWN PAYMENT FOR MY VA HOME LOAN?
I’m Brooke Villano with Veterans Lending Group. Today I’m going to talk about calculating your down payment and your entitlement for a VA Home Loan. One thing that we see very frequently is that the down payment is calculated improperly because a lender is not necessarily pulling your Certificate of Eligibility and determining what your second-tier entitlement is.
Second-tier entitlement is when:
You use your VA loan before and
You’re going to reuse your VA loan again.
Yes you can do that you can have multiple VA loans at one time!
Certificate of Eligibility
It’s really important that your lender pulls your Certificate of Eligibility. That way they can use real numbers to calculate what your down payment will be reusing your VA Loan. You’re not necessarily going to have a down payment, but it depends on the county loan limit in the area that you are going to be purchasing your home.
If you have questions you don’t know that you’re getting the right answer contact at the Veterans Lending Group! We will calculate your down payment for you and make sure you have the right information.
National Director of VA Lending