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VA Loan Facts
VA LOAN LIMITS
MAXIMUM GUARANTY AMOUNT
REGULAR VA LOAN - $0 Down up to $729,750 in qualifying areas
SUPER MAXIMUM VA LOAN AMOUNT - $1,000,000
On October 10th, 2008, the President signed Public Law 110-389, the Veterans' Benefit Improvement Act of 2008. This law allows for $0 down payment loans in qualified counties to go up to $729,750 on loans closed through December 31st, 2011. Qualifying customers can now apply for a regular VA Loan with $0 down up to the $729,750 in qualified counties. To see the $0 Down amount for the single family home limit in your county, simply click on the applicable state.
FREQUENTLY ASKED QUESTION # 1 [ -more VA Loan questions- ]
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Q: Definition of a VA Loan - What is a VA loan?
A: The VA loan began in 1944 through the original Servicemen's Readjustment Act, also known as the GI Bill of Rights. The GI Bill was signed into law by President Franklin D. Roosevelt and provided veterans with a federally guaranteed home with no down payment. This feature was designed to provide housing and assistance for veterans and their families, and the dream of home ownership became a reality for millions of veterans.
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home, which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fails to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
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VA Loan Rates
for 12/04/2008
30 year fixed
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0.000 points
5.500%
5.610% APR
15 year fixed
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0.000 points
6.500%
6.694% APR
Life Insurance for Military Members
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