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Veterans or active service personnel who have bought previous homes with a VA loan before may still have remaining entitlement. Here’s how your current VA loan entitlement is determined.
You may qualify for a new VA loan if:
The entitlement may also be restored if the veteran has repaid a prior VA loan in full, and has not sold the property purchased with the loan.
Everyone is required to obtain a Certificate of Eligibility (COE). If you don’t have a COE, you will need to apply for one using VA Form 26-1880. This will require a copy of your DD-214 (Certificate of Release or Discharge from Active Duty). After you produce your COE, your Loan Consultant will assist you with other required documents. These may include banking, savings and current employment information.
Although there is no maximum VA loan amount, (limited only by the reasonable value or the purchase price), 100% financing is limited to the maximum Conventional Loan Limit for the county where your home is located. Loan limits are reviewed and may change annually. Ask your Caliber Loan Consultant to confirm this amount.
Visit eBenefits online to apply for your Certificate of Eligibility (COE). If you need assistance with requesting your COE, find a Caliber Loan Consultant. Caliber has helped many veterans replace lost military records.
It may be possible for you to use your VA entitlement to buy a home. Your Caliber Loan Consultant will research your VA loan history and inform you of the amount of entitlement you may use (if any).
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Caliber Home Loans, Inc. is a mortgage servicer registered with the Superintendent of the New York Department of Financial Services. If you are a customer whose property is located in the state of New York, you may file a complaint and obtain further information about Caliber Home Loans by contacting the New York State Department of Financial Services Consumer Assistance Unit at 1-800-342-3736 or by visiting the Department's website at www.dfs.ny.gov.