VA Loan Limit – actually there’s not one

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.

read more at: http://www.sfgate.com/realestate/article/Just-Approved-Lack-of-loan-limit-allows-veteran-10594736.php

disclaimer: for information and entertainment purposes only

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