~Loan Limits REVISED February 28, 2014~
The 2014 VA loan limits have been published... see link at the bottom.
I say it time and again if I had to pick just one loan product to choose from to originate for the rest of my life it would be the VA Loan. It has a few little nuances so if you aren't experienced you can easily run into issues and not get the approval you thought was in the bag. The VA loan is called a benefit for a reason. Some highlights of the VA loan program include:
- No down payment may be required. *Depending on loan limits and entitlement.
- Up to 4% of closing costs can be paid with seller concessions *this may include other debts owed by the Veteran.
- Funding fee from 1.25% (regular military with 10% down) to 3.3% for subsequent use.
- Funding fee of only .5%
- No credit report, appraisal, nor income verification may be required.
- The loan to value will allow for up to 100% or more. *Lender requirements may vary
- Notes: The new loan amount must be less than the original plus "allowable" closing costs. There is an exception to this if your loan is delinquent so that late charges and/or legal fees can be included. Your payment is only allowed to increase if you are refinancing out of an ARM. Funding fees may be financed if loan limits allow.
- Funding fee of 2.15%, 2.4% for Reserves/National Guard, or 3.3% for subsequent use.
- Loan to value up to 100%
- Loan being refinanced does not have to be a VA Loan.
- Never any PMI (private mortgage insurance).
- Loan amounts up to $417,000, higher limits available in certain counties around the states. *Funding fee included.
- Flexible underwriting, we will leave it at that, too many what ifs, ands, or buts.
- All VA loans may be assumed by another qualified Veteran with only a .5% funding fee.
- For ALL loan types -Veterans with a service connected disability of 10% or more the funding fee is waived.
- Jumbo loans available *Down payment equates to 25% of the VA county loan limit or 25% of the loan amount, whichever is less.
- Construction, and Manufactured Home Loans are also available, other restrictions apply.
To apply for this or any other loan program contact me today! That's okay if you don;t have your Certificate of Eligibility (COE) we can get that for you electronically all you need is your DD-214, no need to make a special trip.
VA Circular 26-14-6 Revised Limits
2014 VA Loan Limits Revised
Oregon Mortgage ConneXion - VA Loans