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What is 2nd Tier Entitlement?


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What is 2nd Tier Entitlement?

Qualified borrowers have two layers of entitlement. Together, the 1st tier and the 2nd tier combine to create the VA guarantee. The second additional layer of entitlement can help borrowers who have experience foreclosures, or other major problems with VA loans.

Thanks to 2nd Tier Entitlement, even a veteran who defaults on a VA loan can still purchase again. It’s important to note on the 2nd Tier Entitlement purchase, there’s a minimum loan amount of $144,000.

This entitlement will also help you to have two VA loans at one time.

For more information, please call Veterans United Home Loans to speak with a VA Loan Specialist.

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Eligible Military Service Members and Veterans:
In general, eligiblity includes 181 days of peacetime service, 90 days war time service or 6 years in the reserve or National Guard. Some surviving spouses of veterans who died while in service or from a service-connected disability may also be eligible.
 
Learn More Get complete eligibility details »

Private Mortgage Insurance (PMI):
On most mortgages, borrowers who can't put down 20 percent of the loan amount are required to pay private mortgage insurance. It protects lenders against borrowers who default and also helps borrowers who can't muster a large down payment. There is no PMI on a VA loan.
 
Learn More How VA Loans are different »

Department of Veterans Affairs:
A branch of the federal government that administers a variety of services for veterans, including the VA Loan benefit.

Guaranty:
With VA Loans, the federal government backs each mortgage with a promise to repay the loan amount should a borrower fail to pay.

VA Jumbo Loan:
A loan that's larger than the limit allowed in a specific region. Jumbo loans are rather complicated; contact us to learn more.
 
Start Now Learn more about jumbo loans »

Certain Situations:
VA Loans can't be used to purchase second or vacation home or rental properties.

Interest Rate:
The amount a lender charges a borrower to borrow money.
 
Start Now Get started to learn your rate »

Funding Fee:
A mandatory fee paid to the VA assigned to all VA Loans. The funding fee amount can be financed, meaning the cost won't come out of your pocket at closing. Borrowers with a service-connected disability are exempt from paying the fee.
 
Start Now Get started on your VA Loan »

Closing Costs:
Closing costs are the charges and fees associated with processing and finalizing a loan. With the VA Loan, there are predefined closing cost limits: a 1 percent lender origination fee, reasonable discount points and other reasonable and standard fees and charges.
 
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Zero Money Down:
When no down payment is required. The VA Loan is one of the only remaining loans that doesn't require any money up front for a down payment.
 
Start Now Get started on your VA Loan »

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