Just about every lender that handles FHA or conventional loans also makes VA loans, says Pedigo. Loan limits VA loans definitely aren’t for everyone. While the maximum guaranteed — $359,650 — will buy a lot of house in most parts of the country, potential buyers in high-priced markets such as California or Manhattan may have to go another route for their financing. While the eligibility certificate indicates how large a loan the government will guarantee, that doesn’t mean the vet is automatically entitled to a loan of that amount. Most first-time buyers will be guaranteed up to the VA maximum of $359,650, says Pedigo. But the actual mortgage amount will be based on income, assets, debts and credit history — just like a conventional loan. With permission from the VA, sellers can also allow a buyer to assume their loan, making a resale very attractive. But that also means that the veteran can’t use the loan to buy the next home.
For the original version including any supplementary images or video, visit http://www.bankrate.com/brm/news/real-estate/buyerguide2004/va-loans.asp
State Veteran’s Benefits
These benefits may include educational grants and scholarships, special exemptions or discounts on fees and taxes, home loans, veteran’s homes, free hunting and fishing privileges, and more. Each state manages its own benefit programs. Visit Military.com to see a list of links to the websites for each of the individual states that offer veterans benefits . Your VA Loan Benefit is worth $417,000 and can be used to buy a home with $0 down or to streamline refinance.
For the original version including any supplementary images or video, visit http://www.military.com/military-report/state-veterans-benefits-081913