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.
1. an exclusive right, privilege, etc., exercised by virtue of rank, office, or the like. 2. a right, privilege, etc., limited to a specific person or to persons of a particular category. 3. a power, immunity, or the like restricted to a sovereign government or its representative.