VA home loan limits are once again increasing for Veteran’s Administration backed home mortgages. The new loan limits are $484,350, up from the current limit of $453,100.
This is the third year in a row that VA loan limits have increased and continues to show the strengthening and stability of the housing market.
In addition, there technically is not a VA loan limit, as you can borrow above $484,350, by putting down a 25% down payment for every dollar borrowed.
What that means, is that if someone wants to purchase a home for $584,350, they would only need a $25,000 down payment or 25% of the difference between the purchase price and $484,350.
The VA home loan is a great program for qualifying active duty military and retired armed services and national guard members.
As always everyone’s individual situation is unique and it is always best to speak with a licensed lender, such as Strategic Mortgage and explore all available home loan options, for your specific situation.
For more information on current home loan programs and options for existing and potential home owners, please contact Bill Kamboukos of Strategic Mortgage at (480) 219-3682 or by emailing: email@example.com or online at http://www.strategicmtgaz.com
Strategic Mortgage, LLC – NMLS#158804- Equal Housing Lender – AZBK#0909514
Vasilios Bill Kamboukos Jr – NMLS#160440