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VA Loan Entitlement Summary for Veterans

This certificate of eligibility confirms that Tracy Woods, a veteran who served in the Army, is eligible for VA home loan benefits. Woods previously used $65,208 of their $36,000 basic entitlement on a 2021 loan in Mississippi. As a result, Woods current entitlement balance is $0. However, Woods is exempt from paying any funding fees on future loans due to receiving over $4,300 per month in service-connected disability compensation. The certificate outlines additional conditions regarding restoration of previously used entitlement and potential funding fee refunds.

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523 views1 page

VA Loan Entitlement Summary for Veterans

This certificate of eligibility confirms that Tracy Woods, a veteran who served in the Army, is eligible for VA home loan benefits. Woods previously used $65,208 of their $36,000 basic entitlement on a 2021 loan in Mississippi. As a result, Woods current entitlement balance is $0. However, Woods is exempt from paying any funding fees on future loans due to receiving over $4,300 per month in service-connected disability compensation. The certificate outlines additional conditions regarding restoration of previously used entitlement and potential funding fee refunds.

Uploaded by

woodstracy19
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd

VA Department of Veterans Affairs

REFERENCE NUMBER 20468875


CERTIFICATE OF ELIGIBILITY

FOR LOAN GUARANTY BENEFITS

NAME OF VETERAN TRACY WOODS SERVICE NUMBER


SOCIAL SECURITY NUMBER XXX-XX-3786

ENTITLEMENT
CODE 05 BRANCH OF SERVICE Army FUNDING FEE Exempt - SC with Monthly Award

Prior Loans charged to entitlement


VA Loan Number State Loan Amount Date of Loan Entitlement Charged Status
Paid In Full/No
23-23-6-0413858 MS $264,115 03/02/2021 $65,208
Restoration

THIS VETERAN'S BASIC ENTITLEMENT IS $0*


TOTAL ENTITLEMENT CHARGED TO PREVIOUS VA LOANS IS $65,208*

The Veteran is eligible for the home loan benefits of Chapter 37, Title 38, U.S. Code, subject to any condition(s) cited below. Basic
entitlement available to a Veteran is $36,000. Entitlement previously used may be restored when the property is sold, or the loan is
paid-in-full. For loans above $144,000, the maximum amount of entitlement available to a Veteran with full entitlement is 25 percent
of the loan amount. For Veterans who have previously used entitlement and such entitlement has not been restored, the maximum
amount of entitlement available to the Veteran, is 25 percent of the Freddie Mac conforming loan limit (CLL) reduced by the amount
of entitlement previously used (not restored) by the Veteran. CLL loan limits are adjusted annually, and the current limits are
available at [Link].

Issued By: Vagovservice V. Date: February 29, 2024


CONDITIONS

Subsequent Use Funding Fee- The veteran must pay a subsequent use funding fee on any future loan
unless veteran is exempt.

Paid In Full Loan- Entitlement charged on a paid in full loan cannot be restored until the veteran applies
for restoration of entitlement. Mail a completed VA Form 26-1880 to the Eligibility Center or lender may
submit application electronically through ACE.

Funding Fee - Veteran is exempt from Funding Fee due to receipt of service-connected disability
compensation of $4,392 monthly.

Funding Fee Refund: If you paid a funding fee at the closing of a VA guaranteed home loan and your VA
compensation award provides an effective rating date that was prior to your loan closing date, then you
may be eligible for a funding fee refund. Please contact either your current mortgage servicer or a VA
Regional Loan Center at (877) 827-3702 to begin the refund process.

Many states offer additional Veterans benefits. To see what is available in your state, visit
[Link] These benefits could include state or local property or vehicle tax relief for
certain eligible Veterans.

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