Some of you have followed my credit journey for the last couple years watching my score climb from foreclosure to its current score. Anyways, I pulled my certificate of eligibility recently and the VA's letter stated:
"You do not meet the requirements for restoration because the Department of Veterans Affairs (VA) suffered a loss of: $19,425 in connection with your prior loan(s) and the loss has not been fully repaid. Information concerning repayment of this loss may be obtained by contacting the Regional Loan Center.
Although we cannot restore the entitlement you previously used, the enclosed Certificate of Eligibility shows your remaining Loan Guaranty Entitlement. You may be able to use this remaining entitlement to obtain another GI Loan, depending on the amount of entitlement you have and the loan requested. Talk to lenders in your area to explore this possibility.""
In addition they provided me with the following, which says my basic entitlement is $0
1) Is this correct? I am charged $36,000 entitlement for a $19,425 loss?
2) Does this mean a VA loan is only possible if I repay the $19,425 to the VA?
3) Or can I tap into the second tier entitlement by purchasing a minimum $144,000 house? If this is the case, are there any differences between basic and second tier entitlements that would affect me?
