VA loan unused?
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We applied for our VA loan in 1999 but ahven't used it yet.Is it still valid? Also,under entitlement it states $36,000 Avaialble.What does that mean? Do we have to get a more current VA loan from the VA since my husband makes alot more now than when he was in the Army?
VA loan unused?The entitlement amount is not the amount of the loan you are "pre-approved" for, rather it is the guarantee that the VA will give to an approved VA lender should the loan ever default. By the way, you actually pay for that guarantee, so sometimes it is wise not to use it at all. For instance, if you have good credit (and especially if you have a down payment as well) then you may be able to get a better deal than what a VA loan can offer. Ask a good mortgage broker to do a comparison for you, when you're ready to start looking around.
The entitlement should still be good, unless military status has changed since applying before. When you do a loan with a lender, they will send in your certificate to get an update, if you decide to apply for a VA loan.
VA eligibility gives you easier qualifying at low to no down payments, but not necessarily the best terms. You still need to shop for your best rate.
VA loan unused?You'll have to check with the VA. There are also Rural Development loans and grants and state Housing Authority loans. Get a Buyer Agent and they can bring you up to date with what is available.
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