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Higher limits for VA home loan program

Veterans and their families now have a greater chance to make their dreams of home ownership a reality, thanks to an increase in the Department of Veterans Affairs home loan guaranty limit.

Effective Jan. 1, changes in the loan guaranty limit means veterans will be able to get no-down payment loans up to $417,000. The previous ceiling was $359,650.

The Veterans Benefits Improvement Act of 2004 tied increases in the VA guaranty to the Federal Home Loan Mortgage Corporation’s conforming loan limit, allowing VA to keep pace with rising home values.

VA-guaranteed home loans are made by banks and mortgage companies to veterans, service members and reservists. With VA guaranteeing a portion of the loan, veterans can receive a competitive interest rate without making a down payment, making it easier to buy a home.

COPYRIGHT 2006 Disabled American Veterans

COPYRIGHT 2006 Gale Group

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