VA home Loan Limits For 2015
The new VA home loans limits for 2015 are now available to the veterans interested in the VA home loans. These VA loan limits are published each year by the Department of Veterans Affairs. The county limits for 2015 are relevant for all loans closed between January 2015 and will expire by September 30 2015, then new limits will be published as VA loan limits for 2016.
The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran’s available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.
VA Loan Limits Formula Factors
There are three factors to accumulate the VA loan limits, these factors are permanent and concern any loan limits for this year or next years (unless changed). Many veterans ask “What is my VA loan limit? What is the maximum sum I can borrow with a VA loan?”.
The simple answer is that there is no answer to the question “how much” will I get, as this depends on:
- The price of the property
- The percentage of entitlement for the VA buyer
- The place where the property is located
While the first and the second factors can be known to the prospect VA borrower, it is the third factor that is changing from year to year, depending on the real estate market for the specific county.
VA Home Loans Fantastic Terms
The VA loan is given to the veteran in an incredible mortgage terms, on which the best known term is the $0 down payment. Yes, zero down payment VA mortgage. Does this means that a veteran can pick a home and buy it, getting a 100% mortgage finance on the house? Well, the answer is yes… and no.
VA Mortgage Less Than The County Limits
The amount of money that will be granted for a VA loan with zero down payment, will be up to the VA county limit. For example if a veteran sees a home for sale at $350,000 and the VA loan county limit is $410,000, that means he can get the $350,000 with the full zero downpayment mortgage.
Buying A Home Over The County Limits
What happens in cases that the home mortgage needed is above the VA county limits for 2015? In our example if a veteran sees a home which is for sale at $450,000 but the VA home loan county limits are $410,000? Will he be able to get the VA mortgage?
Yes. The veteran will get $410,000 mortgage with zero down payment, because this is the county limit for VA mortgages. The rest of the funds needed ($40,000) to complete the transaction, will be given as a mortgage too, but for those there will be 25% down payment needed. 25% from $40,000 are$10,000 down payment. So the veteran will get the $450,000 mortgage but will need to place $10,000 as down payment on the whole deal.
More Factors On VA Mortgage Limits 2015
There is a list of all county VA loan limits at the VA website, if your specific county is not in the list, the VA has a fix limit of $417,000. Veterans may not use the entire VA loan limit in two cases: if the home market value is less than the limit or if the veteran has already used some of their entitlement for VA loans, and the left VA entitlement is not enough to reach the limit.
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