VA Mortgage Calculation Worksheet - Refinance Loan Amounts > $144,000
IX. Government Guidelines 1 of 2 Document #9743
Return to Top 05/12/2021
The Mortgage Calculation Worksheet is only required for a Veteran who does not have full entitlement,
or where full entitlement will not be restored at close.
The amount of equity plus the amount of available VA guaranty must equal at least 25% of the appraised
value. The funding fee must not be included in this calculation. Calculate the maximum base loan amount by
completing all applicable steps below.
STEP ONE
$ ___________________ Appraised Value
STEP TWO
VA county loan limit – Refer to VA’s County Loan Limits for High Cost Counties – If
county is not listed on the High Cost County spreadsheet, county maximum is $453,100.
NOTE: Use single family loan limit for all properties, including 2-4 unit properties.
Maximum possible VA guaranty
Enter total of entitlement charged for VA loan numbers other than the loan being
refinanced – found on Certificate of Eligibility in “prior loans charged to entitlement” grid.
If VA loan number listed as “entitlement charged” is for loan being refinanced, enter zero
- found on Certificate of Eligibility in “prior loans charged to entitlement” grid.
Veteran’s available entitlement
Maximum base loan amount VA will guaranty before addition of the financed funding fee
Steps 3 – 5 not required if the maximum base loan amount is equal to or exceeds the appraised value in Step
One
STEP THREE
Veteran’s available entitlement from Step Two
Minimum required equity
STEP FOUR
=
Maximum base loan amount before addition of financed funding fee
• Regardless of the calculation, if the property is 3-4 units and the borrower receives
cash back or consolidates non-mortgage debt, Flagstar’s 90% LTV limit may not be
exceeded.
• Under no circumstances may the loan amount exceed Flagstar’s maximum base
loan amount as listed in the VA Underwriting Guidelines. Lower loan amounts are
acceptable.
