Hi, my spouse is active duty and purchased a home a few years ago at 300k (269k left on the loan) that we are currently renting out since we received orders out of state.
We are PCSing again in a year and thinking of purchasing a new home in our new duty station. I was wondering if there is a free tool online to calculate how much entitlement we have left? My google search has just given me websites where I have to give my contact info before they can calculate but since our time frame is in 1 year, I’m not ready to be bombarded with calls/emails just yet…
Are we able to make a reasonable estimate now or are we going to have to wait until we actually begin the process? Just wanted to know what our most likely loan options are (VA or conventional)
Also, no intention of selling our first home at the moment. We are currently renting in our current duty station as it’s a VHCOL city.
VA Home Loan Entitlement Question
byu/BriefSimple inMilitaryFinance
Posted by BriefSimple
1 Comment
The base entitlement is $766,550, but can be higher up to a max of $1,149,845.
You have somewhere between $496k and $880k available to borrow.
The Google search phrase I used was “VA Loan Limit.” First link had the official website.
https://www.veteransunited.com/education/tools/va-loan-limit-calculator/