Military Streamline
Restoring VA entitlement is an option that many veterans do not realize is available. An entitlement is the maximum amount of insurance that the VA will give the veteran who may be receiving the VA loan. There are ways to restore your entitlement if you have already used the opportunity on your first VA loan. In fact, many veterans have entitlement available to them after paying off their first loan.
Restoration of your Entitlement
A veteran who has used their entitlement in order to purchase a first home, many times has left over retirement that they may use upon purchasing their second home. Also, there is a possibility of restoring your entitlement upon paying off your first loan. The loans that the VA offers are available to the military and veterans, in order to assure that they have the means to receive financing on a regular basis.
If a veteran has paid off their loan and still has part of their entitlement they are able to use this remaining entitlement balance on their next VA loan. Restoration of your entitlement is done by filling out paperwork and sending it to the VA. Again, if your loan is paid off, the VA will consider restoring your entitlement in order to receive another VA loan.
How do I know if I am Eligible for Restoration?
If a veteran wishes to restore their entitlement they should fill out VA Form 26-1880 at their closest VA administrative office. The VA administration staff will then make sure that the loan has been paid in full and that the property is still owned by you, before taking the steps to restore your entitlement. Veterans should research entitlement and the stipulations surrounding this option when they first inquire about a VA loan
There is one more factor that may allow you to restore your entitlement. If a person interested in buying your home qualifies for a VA loan and decides to assume your entitlement, you may receive restoration of your entitlement. These veterans will substitute their entitlement for the amount that has been assumed on the loan reflecting your previous entitlement.
VA loans are here to help the military and veterans save money and receive help on their mortgage. Entitlement restoration is just another way of proving to our men and women in the military that they are appreciated and we understand their need for assistance. Call us today and we will help you receive the VA loan you deserve.
