 |
New VA Loan and the VA Jumbo Loan (VA Loan Maximum Guarantee Amounts)
New Veteran's Administration Guidelines guarantee loans up with $0 down up to $729,750 in qualified counties; VALoans.com Super Max program offers additional funds to qualified borrowers for a maximum $1,000,000 VA Jumbo Home Loan.
The Veterans Benefits Act of 2004 changes the maximum guaranty amount to an amount equal to 25% of the
Freddie Mac conforming loan limit determined under section 305(a)(2) of the Federal Home Loan Mortgage Corporation Act.
While many Veteran's felt left behind on the higher loan limit increases recently passed by other housing agencies, there is some encouraging news coming from the recent signing by the President of the H.R. 3221 called the Housing and Economic Recovery Act of 2008. The section calls for the Temporary Increase in Maximum Loan Guaranty Amount for Certain Housing Loans Guaranteed by the Secretary of Veterans Affairs.
For all locations in the United States other than Alaska and Hawaii, the maximum guaranty amount is 25% of the greater of: (a) $417,000 or (b) 125 percent of the area median price for a single-family residence, up to $729,750. Qualifying customers can now apply for a regular VA Loan with $0 down up to the $729,750 in qualified counties.
You Can Take Advantage of New VA Loan Maximum Limits
Qualifying customers can now apply for a VA Jumbo Loan up to $1,000,000 utilizing the VALoans.com Super Max program. You can apply for a home loan with no money down under new VA Loans Maximum Guaranty Amount guidelines:
- 1. No money down for qualified borrowers for home loans up to a maximum of $417,000 or the higher limits for certain counties.
- 2. The VA guarantees the loan up to a maximum guaranty amount of 25% of the loan.
Your VA guaranty amount is calculated based on the total amount of the home loan excluding higher amounts for certain counties.
Example Not Using Higher Limit Counties: If you borrowed the maximum no money down $417,000 VA home loan amount, the VA guaranty amount would be the maximum $104,250.
Are you interested in a property costing more than the No Money Down Maximum? Don't limit yourself! Apply to borrow a larger amount (up to $1,000,000) under the VALoans.com Super Max program:
- The same no-money down rules apply for the first $417,000 of your loan.
- Borrower pays a 25% down payment only on the amount above $417,000.
- Borrower pays the funding fee in cash for loans between $417,000 and $1,000,000.
VALoans.com Super Max example using a sample loan amount of $690,000:
- The first $417,000 of the loan = $0 down.
- Any amount in excess of $417,000 = 25% down payment on that amount.
- A total loan of $690,000 would be $273,000 over the no money down limit of $417,000.
- Your 25% down payment on that $273,000 = $68,250.
- You are also required to pay a funding fee in cash up front.
Additional information:
- Minimum FICO score of 680 required for loans above $650,000.
- Manufactured homes are not eligible for VALoans.com Super Max program.
- Funding fees cannot be financed above conforming loan limits.
- 2- to 4-unit purchase transactions and all refinance transactions will remain at conforming loan limits. They are not available under this VA Jumbo Program.
- Refinance transactions remain at conforming loan limits.
- The funding fee must be paid in cash either by the veteran or the seller.
- The VALoans.com Super Max program is for fixed rate loans only.
- Other terms and conditions may apply.
Call Our Super Jumbo Expert at 800-317-2993
FREQUENTLY ASKED QUESTION # 15 [ -more VA Loan questions- ]
- - - - - -
Q: Already Have a VA Loan? - Is it possible to use my VA eligibility more than once?
A: Check with your lender about interest-rate reduction refinancing on your existing VA loan. This is a great advantage and there's no need to re-establish VA loan eligibility. Instead, ask your lender to use the VA's "email confirmation procedure". You may also re-use your VA loan eligibility for another VA loan. The requirement here includes having completed payments on the previous note, and you must no longer own the property. When applying for re-eligibility, include copies of the paperwork that proves your old VA loan has been paid off-a "paid-in-full" letter from your bank, or a copy of the "HUD-1 settlement statement."
|
 |
|
VA Loan Rates
for 9/07/2008
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
|
- AIU Online
- Capella University
- DeVry University
- Kaplan University
- Westwood College
- Walden University
- Strayer University
- Virginia College
- Grand Canyon U.
- Grantham Univ.
- Jones Int'l Univ.
- South University
- Ellis College
- CTU Online
- Baker College
VALoans.com is a private company specializing in VA financing and is
not a government agency.
|
|
 
|
Get Started with a
VA Home Loan
|
Copyright © 1997- 2008
VALoans.com
All Rights Reserved
Web Design
Archimage
Houston, Texas
|
