Facts About Veterans Administration Home Loans
What is a VA loan? Who qualifies?
Banks and other private mortgage companies make a special type of home loan to veterans of the US Armed Services. A portion of each loan is guaranteed by the Veterans Administration (VA), and protects the lender's investment if the borrower defaults.
VA Home Loan Lingo
- The guaranteed amount of a VA loan is called an entitlement.
- The current maximum entitlement for loans up to $144,000 is $36,000, with the exact figure determined by your loan amount.
- The maximum entitlement for VA home loans over $144,000 is $60,000.
An entitlement is not a cash payment to you or to the bank. It is the amount the VA promises will be paid to the lender if you default on your loan. Should that happen, the VA may pursue you to recover those funds.
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