A veteran previously used $200,000 of VA entitlement and the loan was paid off but the property was not sold. The current VA loan limit is $400,000. How much entitlement does this veteran have available for a new purchase?
Correct Answer
A) $200,000
When a VA loan is paid off but the property is not sold, the veteran retains partial entitlement. With a current loan limit of $400,000 and $200,000 previously used, the veteran has $200,000 of remaining entitlement available.
Why This Is the Correct Answer
When a VA loan is paid off but the property is not sold, the veteran retains partial entitlement. With a current loan limit of $400,000 and $200,000 previously used, the veteran has $200,000 of remaining entitlement available.
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