VA Entitlement Calculator

Introduction

Your VA home loan entitlement is a powerful benefit, allowing eligible veterans to purchase a home with minimal down payment. This calculator helps you estimate your available entitlement and maximum VA loan amount based on current county loan limits and prior usage.

How to Use the VA Entitlement Calculator

1. Previous Entitlement Used: Enter the dollar value of VA entitlement you have already utilized on previous loans.
2. County Loan Limit: Input your region’s VA county loan limit. You can find limits on the official VA site.
3. Entitlement Charged: Add the portion of entitlement that was held against your last VA-backed loan.
4. Desired Loan Amount: Specify the total mortgage you wish to obtain.
5. Click Calculate to view your available entitlement and estimated maximum loan.

Detailed Explanation

The calculator computes your remaining entitlement by subtracting previously charged entitlement from your county limit. It then multiplies the remaining entitlement by 4 (standard VA guaranty) and caps it by your desired loan amount.

FAQs

1. What is VA loan entitlement?

VA loan entitlement is the dollar amount the Department of Veterans Affairs guarantees to a lender should you default. It enables lenders to offer favorable terms.

2. How do I know my county loan limit?

County limits vary yearly. Visit the VA loan limits page for current figures.

3. Can I restore my VA entitlement?

Yes, if you sell your home and pay off your VA loan, you can apply for entitlement restoration. Learn more at the VA Restoration Guide.

4. What if my loan exceeds the county limit?

Loans above the county limit require a down payment equal to 25% of the difference between the loan amount and county limit.

5. Is there a fee to use this calculator?

No. Our calculator is completely free and self-contained with no external dependencies.

Conclusion

Accurately calculating your VA entitlement empowers you to plan home purchases confidently. Explore more calculators on our site: Explore more tools.

Disclaimer: This tool provides estimates. Always consult a VA-approved lender for precise entitlement calculations.