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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 # 34 [ -more VA Loan questions- ]
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Q: Foreign Purchases - Can I purchase outside America?
A: The VA does not allow veteran mortgages for properties outside the United States. The VA does allow purchases in "American territories and possessions". These areas include Puerto Rico, Virgin Islands, American Samoa , Guam, and the Northern Mariana Islands. If your proposed purchase is in one of these areas, you should be able to apply in the usual ways, but check with your VA rep for any special requirements or conditions based on the laws which cover lending in those territories. (Our company, www.valoans.com, only originates VA home loans for properties in the United States.
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VA Loan Rates
for 5/09/2008
30 year fixed
-----------------
0.000 points
6.000%
6.110% APR
15 year fixed
-----------------
0.000 points
6.000%
6.190% APR
Life Insurance for Military Members
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