VA loan amounts can equal up to $729,750 in certain areas. These loans require a 25% down payment on any amount your county limit. A $1,000,000 loan limit applies to VA 30/20 year fixed and 30 year 3/1 ARMS.
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. For 2009, qualifying customers can now apply for a regular VA Loan with $0 down up to the VA Loan Maximum 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 # 22 [ -more VA Loan questions- ] - - - - - - Q: What VA Loans Are Used For - Am I limited to buying an existing home with a VA loan?
A: A VA home loan has more flexibility than you might think. While many use this benefit to purchase existing homes, there are many other applications. Did you know you a VA home loan may be used to purchase and improve a home at the same time? You may also use a VA loan to improve your existing home by increasing energy efficiency. There is also a provision for people to use a VA loan to purchase a manufactured home and lot, under the right conditions. There are many applications for a VA home loan, sometimes all you need to do is ask!
VA Loan Rates
for 7/04/2009
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
5.500%
5.686% APR
Serving the military community with personal loans from $500 to $10k.