Just approved: Lack of loan limit allows veteran to land dream home
Property type: Single-family residence with a pool in El Sobrante.
Purchase price: $700,000.
Down payment: 5.8 percent.
Rate: 3.375 percent.
Backstory: One of the most common misconceptions is that VA loan limits represent the absolute maximum amount of money a veteran can borrow through this long-cherished home loan benefit.
The fact is there’s actually no maximum loan amount on a VA loan.
Instead, what the loan limits represent is how much a qualified military borrower can obtain without making a down payment. With a small down payment, veterans can exceed the loan limit.
Clients eligible for a VA loan were interested in a property, though the sales price exceeded the VA’s maximum loan limit. Their Realtor, Tabia Berry of Highland Partners, reached out to Wyatt, a VA loan specialist, for insight.
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