VA loan terminology
· The guaranteed amount of a VA loan is called an entitlement.
· The current maximum entitlement for loans up to $144,000 is $36,000, with the
  exact figure determined by your loan amount.
· The maximum entitlement for VA home loans over $144,000 is $60,000.

An entitlement is not a cash payment to you or to the bank. It is the amount the VA promises will be paid to the lender if you default on your loan. Should that happen, the VA may pursue you to recover those funds.

who is eligible
Wartime/Conflict Veterans who were Honorably discharged, and served at least 90 days in: World War II -- The Korean Conflict -- The Vietnam War

-- The Persian Gulf War and in Afghanistan and Iraq
Check with VA regional office and/or website for specific eligibility guidelines and eligibility for current service in Afghanistan and Iraq.

peacetime service of at least 181 days of continuous active duty with no dis-honorable discharge.

reserves and national guard members who have completed six years of service and have been honorably discharged (or are still serving) may be eligible for a VA loan.

other types of service that may make you eligible for a VA loan:
· Certain US citizens who served in the armed forces of a government allied with the
  United States during World War II.
· Surviving spouses of eligible persons who died as the result of service or service
  connected injuries. The surviving spouse must not have remarried.
· The spouse of any member of the Armed Forces serving on active duty who has
  been listed as a prisoner of war or missing in action for more than 90 days.
  Anyone with questions about eligibility should speak with their regional VA office.

a certificate of eligibility is a document issued by the VA that lets lenders know you are eligible to apply for a VA loan. The certificate does not guarantee the bank will approve your credit application.