Va Entitlement Calculator

How to Use the VA Loan Entitlement Calculator

This guide will walk you through the process of using the VA Loan Entitlement Calculator. This tool is designed to help you determine your eligibility and maximum loan amount based on your military service status and other financial factors.

Step 1: Fill in the Input Fields

Begin by providing the necessary information in the input fields. These fields are designed to gather important details about your military service and loan history.

• Military Service Status: Select your current or past military service status from the dropdown menu. The options include Active Duty, Veteran, or Reserve/National Guard. This field is required.
• County Loan Limit ($): Enter your county’s loan limit. This value must be a non-negative number. This field is also required.
• Do you have a prior VA loan? Indicate whether you have had a prior VA loan by selecting ‘Yes’ or ‘No’ from the dropdown menu. This field is required.
• Prior VA Loan Amount ($): If applicable, input the prior VA loan amount. You can skip this if it’s not relevant to your situation, or if you selected ‘No’ for the previous question.
• Is prior VA loan paid off? Specify if your prior VA loan has been paid off by selecting ‘Yes’ or ‘No’. This question can be skipped if not applicable to your situation.

Step 2: Understanding the Result Fields

After filling in all the necessary input fields, the calculator will compute and display the following result fields based on the information you provided:

• Basic Entitlement: This is the basic loan entitlement calculated as the minimum of $144,000 or 25% of the county loan limit.
• Bonus Entitlement: This is additional entitlement calculated as the difference between 25% of the county loan limit and the basic entitlement.
• Total Entitlement: This is the sum of the Basic Entitlement and Bonus Entitlement.
• Maximum Loan Amount (No Down Payment): This is computed by multiplying the Total Entitlement by 4, representing the maximum loan amount you may qualify for without a down payment.
• Remaining Entitlement: This value considers any prior VA loans. If you have a prior loan that hasn’t been paid off, it reduces your total entitlement by the amount of that prior loan (calculated as 25% of the amount or the county limit, whichever is less).
• Remaining Available Loan Amount: This is the maximum loan amount available to you, calculated as the Remaining Entitlement multiplied by 4.

Step 3: Analyze Your Results

Once you have reviewed the results, you can analyze your eligibility and understand your borrowing potential with a VA loan. This information will help you make informed decisions about your mortgage and home buying options.