Veteran has $0 of Basic Entitlement, how to calculate new loan amount

Good day Dennis! 

Thank you for your submission to the scenario desk.   We appreciate the opportunity to assist you in helping your customers.  

• Once you have the current Certificate of Eligibility and the new contract price, it can be determined if the veteran has any bonus entitlement available.
• There is a worksheet that can be used to evaluate this.  All fields must be completed accurately.  The veteran may have to provide a down payment.  We attached the Excel Worksheet here, however, without the COE, it is impossible to have an accurate assessment. 
• The Assumed loan will remain as a current used entitlement unless the assuming party is a veteran and the request is made to transfer the entitlement usage over. 

Guideline links and snips to assist you:

Microsoft Word - Ch2_Eligibility_and_Entitlement_NEW (va.gov)

If you need any additional information, please feel free to reach out to us.

Please upload this e-mail string to the 0108 – UW Cover Letter bucket in addition to placing a copy in the NEW Encompass Screen "UW/Closing Notes" found under the forms tab. 

**The underwriter may ask for additional documentation once the loan has been fully reviewed.

Thank you for your partnership in reaching out to the Scenario Help Desk!

Have a blessed day,

Loretta Gates,

Customer Care Agent

The Scenario Team 😊