First of all...
Thank You So Much For Your Service To Our Country!
This site was created for two primary purposes. The first is to be sure that active service members and veterans have a source of information about the VA Loan program and its benefits for home ownership. The second is to be sure that active service members and veterans have access to a knowledgeable VA Home Loan Professional to guide them through the VA Home Loan Process.
The VA loan allows veterans to finance up to 100% of the purchase price of a home without having to pay private mortgage insurance. In today's marketplace the VA loan is one of the most powerful and flexible lending options. The Veterans Administration does not issue loans but instead guarantees them. The VA loan guarantee replaces the protection the lender normally receives by requiring a larger down payment.
Although there is no Private Mortgage Insurance (PMI) associated with VA loans there is a VA Funding Fee. The fee can range from 0 to 3.3% of the loan amount. In most cases the fee can be included in the loan. Since there is no PMI to pay a veteran can generally qualify for a larger loan.
The maximum VA loan guarantee varies by county. The loan limit as of January 1, 2011 is $417,000 although it may rise to as high as $1,094,625 in certain "high-cost counties. The current limit in the Washington Metropolitan Area is $818,750. The current limit in the Baltimore Metropolitan area is $500,000. To find the current limit for any county go to VA Loan Limits and select the most recent chart.
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Senior Mortgage Consultant
PrimeLending, A PlainsCapital Company
704 Quince Orchard Rd., Suite 230
Gaithersburg, MD 20878