Getting a Mortgage & Market

What should I do?  What is happening in the fiancing marketplace?

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  • * Do continue making your mortgage or rent payments
  • * Do stay current on all existing accounts
  • * Do keep Working at your current employer
  • * DO continue to use your credit as normal
  • * DO call us if you have any questions
  • * DO NOT make a major purchase ( car, boat,fur, jewelry, etc)
  • * DO NOT apply for new credit ( even if you seem pre-approved)
  • * DO NOT transfer any balances from one accont to another
  • * DO NOT pay off charge offs or collections without a discussion with us first
  • * DO NOT buy any furniture
  • * DO NOT change bank accounts
  • * DO NOT max out or over charge on your credit card accounts
  • * DO NOT Start any home improvement projects
  • * DO NOT Finance any elective medical procedure
  • * DO NOT open a new cell
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McLean Mortgage  constantly gets asked “Can I have two VA Loans?” The answer varies depending on the situation. It depends on the amount of entitlement and the loan amount.

There are two types of entitlements – basic and the bonus entitlement. The basic VA entitlement is $36,000. Every eligible veteran also receives a “bonus” entitlement which is much more than the basic. The bonus entitlement kicks in for VA loan amounts over $144,000.00. Essentially the entitlements can be used for any loan amount without a cap. There is however, a limit on the amount the VA will guarantee. This is based off the VA county limits. If you’re county limit is $417,000 than the VA will only guarantee a loan for $417,000 and nothing more. Both entitlements can be used in

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