Updated over 6 years ago on . Most recent reply
2020 VA Loan Interim Guidelines
The link below is to the Veteran's Benefits Administration Circular 26-19-23. To me it is a lot of legalese. But figured someone in this forum could translate it for my current situation. I currently have a VA loan for $360k (not sure what percentage of my non-restored entitlement this ends up being) on a property I will be keeping as a rental. I plan to purchase another property in Prince William County Virginia for $700k in 2020. I would be putting 5% down so that the VA Funding fee is lowered to 1.65%. How does the amount of remaining guaranty affect a new mortgage at this point? Would I need to increase my down payment, so that I am paying 25% down on the amount of the loan not covered by the VA guaranty?
https://www.benefits.va.gov/homeloans/documents/circulars/26_19_23.pdf