Charleston, West Virginia
What is the Charleston, West Virginia VA Entitlement?
What is a VA Charleston Loan Entitlement?
A VA Loan entitlement is an influence on your budget when you're purchasing a new home. At least it definitely should be. And of course if it is a huge influence on your wallet you're going to want to know about it right? Right! That is why today's Go VA Home Loan Veterans and military blog post is going to be based on VA home Loan Entitlement.
What do I Need to understand when getting my Charleston VA Loan?
One of the absolutely most important things that you must understand when getting your Charleston, West Virginia VA Home Loan is that the Department of Veteran's Affair Loans is that they don't actually give the military member the money directly.
The VA Doesn't Give you The Money For A VA Home Loan?
That's right they don't give you the money. Sounds confusing right? Well, that's okay we know why. Basically, the VA simply insures the veteran's home loan. This makes the military home buyer a much more attractive consumer the mortgage lender in Charleston because they assume a lot less risk based on the free insurance provided by the government. This makes it extremely easy for you to qualify, be approved, and get better rates than most other mortgages provide.
The Department of Veteran Affairs considers this the VA Home Loan Entitlement.
How Much Does The VA Mortgage Home Loan Guarantee?
The VA may guarantee up to 50 percent of a lls home loan up to $45,000. For loans between $45,000 and $144,000, the minimum guaranty amount is $22,500, with a maximum guaranty, of up to 40 percent of the loan up to $36,000, subject to the amount of entitlement a veteran has available. For loans of more than $144,000 made for the purchase or construction of a home or to purchase a residential unit in a condominium or to refinance an existing VA guaranteed loan for interest rate reduction, the maximum guaranty is the lesser of 25% or $104,250 which is 25% of the Freddie Mac conforming loan limit for a single family residence for 2007. This figure changes on a yearly basis.
Learn More about A VA Home Loan Entitlement Here