Benefits of a VA Mortgage Loan
VA Loan Limits by State
FAQ About Using a VA Mortgage Loan
You do not have to have served during war time to be eligible for 100% financing with a VA mortgage loan.
You must have been honorably discharged, and served a minimum of 181 days to be eligible for VA guaranteed benefits.
You can always refinance out of a VA loan at anytime with no penalty. If you're only looking to reduce the interest rate, and not taking cash out, VA has a special refinance program just for Veterans.
The VA IRRL, VA Interest Rate Reduction Loan, is a streamline refinance program that allows you to refinanced from VA to VA loan with limited paperwork and reduced fees.
A VA mortgage is 100% financing up to the maximum loan limit for the County in the State you're buying in.
If the purchase price is greater that the maximum loan limit, and eligible Veteran is only required to bring in 25% of the amount above the limit.
Here's an Example:
In most Counties in most States, the maximum loan limit is $424,100 (updated 1/2017).
- Purchase price of the home is $600,000.
- The difference between the VA limit and the purchase price is $175,900.
- 25% of the $175,900 is your required down payment - $43,975
A Jumbo mortgage loan using this same scenario would require as much as $120,000 down payment.