Why Am I Only Eligible For $36,000?

In 2005 the VA loan program changed how it worked. $36,000 was assigned as the basic entitlement amount and you could get 25 percent of anything above $144,000 but not exceeding $417,000.

That doesn’t guarantee you can get a loan for $417,000 either. You have to qualify for that amount based on your credit history and income.

Basically, you don’t need to worry, the VA will guarantee 25 percent of the purchase price as long as it is between $144,000 and $417,000. This will make your lender happy and help you get an excellent rate without having to put 20 percent down.

Check out our video response from Kerry Greenwald, Senior VA loan Specialist. http://youtu.be/A6PUydf6jAc

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