 Sam
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Joined: 21 May 2005
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Location: CALIFORNIA
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 Posted: Fri Apr 09, 2004 11:09 pm Post subject: Partial Entitlement under VA loan |
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Partial Entitlement is the sum of money guaranteed under VA loan to an eligible veteran who had purchased a home in the past. It is available to the veteran only if the amount of entitlement has increased since that purchase.
For example; Chris, a veteran took a VA loan for house purchase two years earlier. Now the amount entitled to him has been increased. Under VA loan agreement, Chris is still eligible to get partial entitlement.
In order to find out the partial entitlement, you need to multiply the sales price of the original property by 60% (which is the maximum coverage allowed). Consider the lesser of the result obtained and the maximum entitlement in effect at the date of purchase. This numerical value is to be subtracted from the current entitlement and the result gives you the value of the partial entitlement. |
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