| Veterans of the United States military -as well as | | | | $417,000 and a higher sales price. |
| active-duty military personnel - are eligible for | | | | Example: A veteran wishes to purchase a home |
| special government-guaranteed home loans | | | | for $650,000. Subtract the $417,000 maximum |
| through the U.S. Veterans Administration (VA). | | | | 100% loan limit and you have $233,000 left to |
| We will examine this program in this article and | | | | finance. 25% of $233,000 is $58,250 and that |
| discuss eligibility, loan limits and more! | | | | would be the amount the veteran would need to |
| First of all, these loans require that the borrower | | | | have available in down payment funds. Not bad, |
| be either a current or former military service | | | | actually, that still works out to less than 10% |
| member. If former, you must not have been | | | | down! |
| dishonorably discharged and must have served | | | | That loan, being for more than $417,000, is |
| for at least a minimum period of time which | | | | considered a "jumbo loan" and not all VA lenders |
| varies from World War II and onwards, unless a | | | | offer jumbo VA loans, so work with a qualified |
| service-connected disability occurred that forced | | | | mortgage broker that can guide your loan to the |
| early termination of service. | | | | right lender. There will be other factors to look at |
| Unmarried surviving spouses of qualifying service | | | | as well, and these can vary from one lender to |
| members are also eligible. | | | | the next, such as minimum credit scores, the |
| You will need to verify your service with the | | | | veteran's debt-to-income ratio (DTI), etc. |
| Veterans Administration and have them issue a | | | | Seller concessions to cover closing costs are |
| Certificate of Eligibility. To prove your military | | | | permitted, as well as gifted funds from Down |
| service you will, if active-duty, simply present | | | | Payment Assistance Programs. |
| your military identification card, or, if a veteran, | | | | VA loans may be used to purchase residential |
| present to your lender a copy of your DD-214 | | | | property only. One to four unit properties are |
| discharge papers. (You may obtain a DD-214 | | | | acceptable. VA loans may also be used to |
| online at the VA website, they have a link for it.) | | | | refinance property already owned. There are a |
| If you already have your proof of service, many | | | | number of categories of property eligible, and |
| lenders can obtain the Certificate of Eligibility | | | | various regulations to be aware of. |
| through their own online system, or you can fill | | | | Veterans served our country. They risked their |
| out a VA Form 26-1880 to request issuance of a | | | | lives and many lost them, or became |
| Certificate. It is not a difficult process. | | | | permanently disabled from their years of service. |
| Loan Limits, etc. | | | | They took time away from their higher education |
| There is technically no maximum loan limit for a | | | | and time on a job toward a civilian career while |
| VA loan. But the usual reason a veteran seeks | | | | they served. They experienced, along with their |
| this loan is to obtain 100% financing of their | | | | families, extended separations and time away |
| home, or as close to that as possible, in addition | | | | from home, even away from the USA. Our |
| to the lower interest rate available. | | | | government honors their service and a VA Loan |
| VA has set a maximum eligibility for a veteran at, | | | | is one of the benefits our veterans and |
| currently, $104,250. That "Eligibility" is how much | | | | servicemen and women richly deserve. |
| down payment they will lend at 25% down. So | | | | As a veteran of the U.S. Air Force myself, I am |
| the maximum VA 100% nothing down loan would | | | | proud to be able to help my fellow veterans and |
| be $417,000. You may certainly borrow more | | | | active-duty service members into a home of their |
| than $417,000, but you will be required to put | | | | own, truly their own slice of the Great American |
| 25% down cash on any difference between | | | | Dream! |