Home Purchase Archive

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Updated: VA Loan Limits for High-Cost Counties

Suburban homes.

Updated for 2016: VA Loan Limits for High-cost Counties The VA loan guaranty program does not impose a maximum amount that an eligible veteran may borrow using a VA loan but limits the maximum guaranty amount to $417,000 for 2016. However, if you live in one of the following counties listed below, follow the data on the chart to determine the VA's maximum guaranty amount for a particular county. These limits apply to all loans closed January ... more

VA Loan Closing Costs: An Added Benefit

Housing finance options and information

Besides the advantage of requiring no down payment for qualified VA borrowers, there's also a distinct advantage for the borrower regarding closing costs. The veteran is limited to the types of closing costs that may be paid, helping the veteran save money at the closing table. But if there are costs associated with a VA mortgage and the veteran isn't allowed to pay for them, who does? The Types A common way to remember which costs a veteran... more

Get the FAQs on VA Home Loans

house for sale sign

Why get a VA loan over other types? Simply put, a VA Home loan allows qualified buyers the opportunity to purchase a home with no down payment. Also, there are no monthly mortgage insurance premiums to pay, limitations on buyer's closing costs, and an appraisal that informs the buyer of the property value. For most loans on new houses, construction is inspected at appropriate stages and a one year warranty is required from the builder. VA al... more

VA Home Loan: Do You Have What it Takes?

Suburban brick house.

In order to obtain a VA home loan, you must first get a VA Home Loan Certificate of Eligibility. This certificate is issued only through the Veterans Administration, and is the first step towards applying for your loan. Veterans, active duty, guard or reserve, and military spouses potentially qualify for this certificate. Keep in mind that the Certificate of Eligibility, while necessary, only allows an eligible individual to apply for a home l... more

Veterans May Kiss VA Loan Limits Goodbye

San Diego map

It might soon be possible for Veterans to buy homes priced at one million dollars or more with no down payment using their VA loan benefits. It would take an Act of Congress, but a bill calling for an end to VA loan limits passed the House of Representatives on February 9, 2016 and is on to the Senate. The bill known as H.R. 3016 “Veterans Employment, Education, and Healthcare Improvement Act” could enable more Veterans to take advantage ... more

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