Valued Member
nacol1994
Posts: 25
Registered: ‎09-23-2008
Re: Evaluating Conventional vs. FHA (VA & USDA)
[ Edited ]
Update: Certificate of Eligibility shows total entitlement charged is $65K with basic entitlement of $0.  Lender thinks this means I am not eligible for a VA loan however, I discussed this w the VA loan center and was informed I had approx $40K remaining in 2nd tier entitlements.  The base price of the home I want to buy is $185,990 which means I would need a down payment around $7K.  Lender is requiring that I obtain a letter from the VA stating my remaining entitlement for the purchase of the home with all calculations.  Anyone ever received such a letter from the VA?  As for Purchase price I looked at the Guaranty examples on the VA website but am unsure if this price includes or excludes fees/closings, etc—assumption is that it is simply the base price with nothing else included.  Is this a correct assumption?  Any thoughts on this situation would be appreciated.  Thanks


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