VA Raises Home Loan Limits
Now that the VA Home Loan Program has raised their limits for how much they will guarantee when a veteran purchases a home through the program, it is a good idea to review the overall basic information regarding the VA Home Loan Guarantee.
Here is a list of the program basics:
- Eligible veterans can use the VA Home Loan Guarantee Program to purchase a home with no down payment and possible no out of pocket costs at all.
- The VA will guarantee a mortgage loan from a VA approved lender up to the amount of $417,000.
- In Alaska, Hawaii, Guam, and the U.S. Virgin Islands the guarantee amount can be up to $625,500.
- The veteran still needs to be credit worthy in order to be approved for a mortgage loan.
- This is not a loan from the VA. It is a normal mortgage loan that the VA guarantees in order to make it easier for veterans to get the loan.
- A veteran must have put in a minimum amount of service time and be eligible in order to have entitlement in the VA Home Loan Guarantee Program.
- The veteran can use the program as many times as they want as long as they only have one VA guaranteed loan at a time.
- The veteran must occupy or intend to occupy the home they are purchasing through the program.
- The veteran must comply with all rules and regulations set by the VA Home Loan Guarantee Program.
Get Started With Your VA Loan Request
Take the first step toward your VA loan by getting in touch with a VA specialist.
Many veterans have used this valuable program to purchase a home without having to wait to save for a down payment and closing costs. The VA Home Loan Guarantee Program is a valuable benefit for veterans and their families who wish to buy a home of their own.
See a related article: Protecting Veterans' Personal Information
Learn more about how a VA Loan can benefit you
VA LOAN SPECIALISTS
We are the online VA loan specialists. It is our goal to ensure that your VA home loan process goes as smoothly as possible. Let us help you get the process started today online, or call us at 800-405-6682.
HAVE A QUESTION?
If you need advice concerning Veteran Home Loans, feel free to contact a VA mortgage specialist online or call 800-405-6682. Specialists can help determine whether a Veteran Home Loan is the best financial decision for you.
