If your short sale involved a VA-backed mortgage, the portion of your VA entitlement utilized on that loan will be inaccessible moving forward. But you may have enough remaining entitlement â also known as second-tier entitlement â to purchase again without the need of a down payment.
PRIVILEGE, rights. This word, taken its active sense, is a particular law, or a particular disposition of the law, which grants certain special prerogatives to some persons, contrary to common right. In its passive sense, it is the same prerogative granted by the same particular law.
noun. 1  An exclusive right or privilege held by a person or group, especially a hereditary or official right. See Synonyms at right. 2  The exclusive right and power to command, decide, rule, or judge: âEncyclicals became direct exercises of papal prerogativeâ ( Garry Wills )