Wednesday, November 9, 2011

VA loans up to $417,000

I continue to be amazed that if a Veteran would like to purchase a home, VA will allow up to a $322,700 (inclusive of the VA funding fee) loan amount with a ZERO down payment!   Higher loan amounts up to $417,000 are also available with a down payment.   
VA financing for eligible Veterans and National Guard

The VA purchase program can't be beat for maximizing your return on dollars that don't need to be paid at closing for a down payment.  Additionally, there is no mortgage insurance to be paid monthly, which, for a ZERO down loan is an unbelievable benefit!   

Cash out refinancing with a VA loan can consolidate bills or get money to remodel your home and the loan to value goes up to 90%, which is 10% higher in loan to value than Conventional financing and 5% higher in loan to value than FHA (and FHA requires monthly mortgage insurance, VA does NOT!).

Eligible Veterans and National Guard have a great loan to take advantage of with the VA loan!

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