{"id":700,"date":"2015-07-03T14:40:07","date_gmt":"2015-07-03T14:40:07","guid":{"rendered":"http:\/\/teammovemortgage.com\/2014\/10\/21\/va-loan-for-purchase-while-veteran-already-has-another-va-loan-and-seller-pays-off-buyers-debt\/"},"modified":"2020-07-13T22:34:35","modified_gmt":"2020-07-13T22:34:35","slug":"va-bonus-entitlement","status":"publish","type":"post","link":"https:\/\/teammovemortgage.com\/blog\/va-bonus-entitlement\/","title":{"rendered":"VA Bonus Entitlement: Multiple VA Loans at Once, Plus Pay off the Buyer’s Debt!"},"content":{"rendered":"

A recent VA purchase closing had 2 characteristics of a VA loan that most do not know.\u00a0 First is using a VA bonus entitlement.\u00a0 This allows a\u00a0qualifying veteran to have 2\u00a0VA loans at\u00a0once.\u00a0 It is also called 2nd Tier Entitlement, which gives the veteran the ability to use over the basic $36,000 entitlement.\u00a0 Next is an even less known fact that a seller may pay off a buyer’s debt when a VA loan is involved.<\/p>\n

\"VA<\/p>\n

VA Purchase Issue<\/h2>\n

Our buyer that is a Veteran has an existing VA mortgage on another property.\u00a0 That property is currently a rental property.\u00a0 The buyer thought he couldn’t use VA because the rental property has a VA loan on it.\u00a0\u00a0Additionally, to feel comfortable with the payment, the Veteran\u00a0wanted some debts to be paid off.\u00a0 If the buyer could get rid of some payments, he felt he could\u00a0better afford the house of his dreams. So our loan officer along with the VA underwriter came up with a plan.<\/p>\n

The Plan!\u00a0 Using VA Bonus Entitlement & Sales Concessions<\/h2>\n

The Plan!<\/strong>\u00a0 Figure the\u00a0VA Bonus Entitlement for using VA to purchase a home while keeping the other VA loan outstanding on the rental property. \u00a0The VA loan, because of the size, couldn’t cover 100% of the price but it did cover about 98% of the price with no PMI!\u00a0 On a $300,000 purchase price, that\u00a0helps a lot! \u00a0On top of that, the buyer’s closing costs, pre-paids, and two installment loans were paid by the seller in the seller concessions.\u00a0\u00a0VA allows the seller to pay\u00a04% of the purchase price towards concessions.\u00a0 Furthermore, VA allows\u00a0the seller to pay all\u00a0customary closing costs.\u00a0 Therefore the result was a very low down payment VA loan with no PMI, debts were paid off, and they get to keep the other VA loan as well.<\/p>\n

[av_button_big label=’Contact Us to Help You Get a VA Home Loan’ description_pos=’below’ link=’manually,http:\/\/teammovemortgage.com\/contact-us\/’ link_target=’_blank’ icon_select=’no’ icon=’ue800′ font=’entypo-fontello’ custom_font=’#ffffff’ color=’theme-color’ custom_bg=’#444444′ color_hover=’theme-color-subtle’ custom_bg_hover=’#444444′]
\nWe are your VA home loan experts!
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Other VA Tips<\/h2>\n

Our goal is to be your one-stop source for VA home loans.\u00a0 For instance, in order to determine bonus entitlement, we will order your Certificate of Entitlement<\/span><\/a>.\u00a0 What if you are buying a condo as a primary residence?\u00a0 Check out VA approved condos<\/span>!\u00a0 Want to learn more about VA loans?\u00a0 Click on the “VA Loans” category in our blog section.<\/p>\n

Follow our writer, <\/span>Russell Smith<\/a>, on <\/span>ActiveRain<\/a>.\u00a0 ActiveRain is a site\u00a0that real estate professionals, buyers, and sellers may use to gain helpful knowledge.<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

A recent VA purchase closing had 2 characteristics of a VA loan that most do not know.\u00a0 First is using a VA bonus entitlement.\u00a0 This allows a\u00a0qualifying veteran to have 2\u00a0VA loans at\u00a0once.\u00a0 It is also called 2nd Tier Entitlement, which gives the veteran the ability to use over the basic $36,000 entitlement.\u00a0 Next is […]<\/p>\n","protected":false},"author":2,"featured_media":1587,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[33,97,17,167,48],"tags":[407,93,408,10,11,13,409,410,411,412,413,47,414,103,49],"class_list":["post-700","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-frequently-asked-questions","category-interesting","category-products","category-success-stories","category-va-loans","tag-2-va-loans-at-once","tag-debt-ratio","tag-entitlement","tag-homebuyers","tag-low-down-payment","tag-mortgage-faqs","tag-seller-pay-off-veterans-debts","tag-va-bonus-entitlement-calculation","tag-va-bonus-entitlement-calculator","tag-va-bonus-entitlement-worksheet","tag-va-guaranty","tag-va-home-loans","tag-va-loan-calculator","tag-va-refinance","tag-va-requirements"],"acf":[],"yoast_head":"\nVA Bonus Entitlement: Military & Veterans Can Have 2 VA Loans 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