If you’re wondering what that phrase after your name on a deed or title is, then this is the right blog for you! When title companies determine how you will hold title they will look at your “vesting” deed, which is your most recent deed. Determining how to hold title depends on an individual’s current situation, and how that person wants to pass ownership in the event of death, divorce or sale of their real estate.
Ah, entitlement. It’s a hot topic. Are today’s youths too entitled? They graduate from college full of hopes and dreams and expect to just waltz into an office and be handed the keys to the kingdom. When I was their age, I had to walk 1,000 miles uphill in the snow just to shine shoes, and these whippersnappers think they should be a CEO because they can tweet. GET OFF MY LAWN KIDS. Or stay on my lawn! If you choose to stay, here’s a lawnmower – EARN YOUR KEEP. *High fives all the grandpas I know*
But that’s not the entitlement we’re here to talk about today. Today, we’re talking about entitlement as it relates to VA loans. An entitlement in this case is the dollar amount the VA promises to repay the lender in the event you default on your mortgage. Entitlement is a tricky thing to explain and understand.
Recently, Quicken Loans hosted a VA loan Q&A on Google Hangouts to try to answer the tricky entitlement question. Click the links for the videos below to learn more.
So basically, the VA guarantees a basic entitlement of $36,000, but there are expanded limits that allow the entitlement to go up based on the area you live in and the entitlement you have left. It’s a unique part of your VA loan benefit that is best understood by speaking with your VA loan Home Loan Expert. You can also use the Department of Veteran Affairs and Department of Defense benefit resource site, eBenefits, to learn more about VA entitlement.
Do you know a thing or two about VA loans or VA entitlement? What about that other kind of entitlement? Do you want to talk about that? Did you watch our VA loan questions & answers series on YouTube? What did you think? Respond to any or all of my inquiries in the comments section below!