zero down va loan
There is no maximum amount set by the VA that eligible veterans may borrow with zero down when using a VA guaranteed loan. But there the VA does limit the maximum amount they’ll guarantee to $417,000 for 2013. While there is a set number, that number can vary by counties, as different counties in different states around the country have much higher home prices, so the VA had to adjust for comparable market values.
You calculate the guaranty amount for loans over $144,000 by taking 25 percent of the VA limit shown by county. If a veteran has full eligibility entitlement, he or she can borrow up to the VA County limits, and the VA will guarantee 25 percent of that loan amount.
If a specific county is not shown on the VA county loan limit list, than the current year limit is $417,000. This amount is much higher than you can get with most conventional home loans.
Why go with a VA loan? First, you get a mortgage that has a competitive interest rate. Your lender is protected against loss from default up to the amount that’s protected, and you have the flexibility to purchase a terrific home. And while there are certain funding fees you’ll have to pay, you don’t have to worry about financing your down payment on a VA loan.
There are more ways a VA loan can help veterans: you can buy or build a home; you can repair or improve your current home; you can refinance your existing home loan; you can make many types of energy-efficient improvements; and, you can refinance your exiting VA home loan to reduce your interest rate.
The VA helps you behind the scenes as well. For example, anyone who takes advantage of veteran borrowers or discriminates against them will be suspended from the VA loan program. New homebuilders are required to give veterans a one-year warranty that states the home has been constructed to VA approved specs. And a lender can only charge a VA borrower the fees and other charges that the VA deems as allowable.
Confused by the VA’s county loan limits? If you’d like more information, the professionals at VA Home Loan Centers are ready to help.
We’ll help you determine what you’ll be able to pay for a monthly mortgage, which translates into a price range of home you can afford. We also can help you by showing what types of properties are acceptable for VA financing. We can also help if you’d like to refinance an existing mortgage in order to take advantage of today’s lower interest rates. Whether you want to refinance for a lower rate, take cash out to pay off debts or do home improvements, VA Home Loan Centers has the information you need.
The process begins with a VA certificate of eligibility. It shows that a veteran is eligible, how much entitlement is available and the funding category that the veteran is in. Once you’ve found a seller, you complete the application process, followed by a home inspection and an appraisal.
For a complete listing of loan limits by county, you can log on here: https://www.vahomeloancenters.org/can-i-get-a-va-loan-over-the-county-limit/
