Do you know what the Tier 2 or bonus portion of your VA eligibility can do for you?????
Question: Did you lose your VA eligibility when you lost your home that had a VA Loan to foreclosure or short sale?
Answer: Yes and No…. You can get your full eligibility back if you pay VA back the amount guaranteed to the lender; so if they paid $32,000.00 to the lender that is what you have to pay back.
VA Offers a 2nd Option: for someone in this case called the Tier 2 or Bonus to your VA eligibility. This will allow you to purchase a home sooner and only 2 years after a foreclosure or short sale but they do have some limitations under this program. First limitation is that you have to spend more than $144,001.00 and they do have a Max Loan Amount but this depends on a few factors.
Question: How can I figure out my max loan amount?
Answer: If you can find your VA Eligibility form you can calculate this out yourself. For example if VA guaranteed the lender $32,000.00 on your home that you lost due to foreclosure or short sale, then you have to deduct this amount from Max entitlement of $104,250.00; that would equal $72,250.00 then multiply this by 4 which would equal $289,000.00 Max Loan Amount. So in this example, you could purchase a home from $144,001.00 to $289,000.00 as long as you were able qualify for a loan amount between those amounts.
For further information please contact:
Jason J. Anderson, REALTOR®
U.S. Army Veteran & Casa Grande VFW Member
Cell: (602) 908-2103