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VA Loan Facts
VA LOAN LENDING LIMITS
MAXIMUM GUARANTY AMOUNT
REGULAR VA LOAN - $417,000
SUPER MAXIMUM VA LOAN AMOUNT - $1,000,000
The Veterans Benefits Act of 2004 was signed by the President on December 10, 2004. The law changes the
maximum guaranty amount of $60,000, for certain loans in excess of $144,000, to an amount equal to 25 percent of the
Freddie Mac conforming loan limit determined under section 305(a)(2) of the Federal Home Loan Mortgage
Corporation Act for a single family residence, as adjusted for the year involved.
To illustrate, the maximum guaranty for 2008 would be $104,250. This is for 25 percent of the 2008 Freddie Mac conforming
loan limit for a single family residence of $417,000.
The maximum eligibility for each veteran is $104,250 and the maximum loan amount with no down payment is $417,000.
FREQUENTLY ASKED QUESTION # 24 [ -more VA Loan questions- ]
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Q: VA Fees Part 2 - Who is exempt from paying the VA funding fee?
A: While there is a funding fee for a VA home loan, some people are exempt from paying. If you are a veteran getting disability compensation for service-related medical issues, or are entitled to get compensation if you aren't drawing retirement pay, you are exempt from the VA funding fee for your VA home loan. Also, surviving spouses of those who died in the service, or from service related disabilities are also exempt. It doesn't matter in this case whether the spouse has any of their own entitlements. Remember that the VA has the last word on who is exempt, and some issues may be dealt with on a case-by-case basis. If you have any doubts, ask your local VA rep to review your service records (or your spouse's records) and get a determination from the VA.
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VA Loan Rates
for 7/03/2008
30 year fixed
-----------------
0.000 points
6.500%
6.618% APR
15 year fixed
-----------------
0.000 points
6.500%
6.500% APR
Life Insurance for Military Members
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