Via the Veterans Administration, VA loans are government-secured funding programs exclusively for authorized Veterans. Spouses, widows and widowers can also qualify if they fit certain criteria.The main condition for a Veteran’s qualification in this loan program is dependent on duty status during their time served in the military. VA loans are prominent avenues for Veterans with the ambition to buy a home or who wish to refinance their current property.
Homes must be approved by the VA, whose loans additionally support renovations, manufactured lot/home acquisitions and the installing of energy-efficient improvements to a property.
Also, VA loans are attractive among borrowers due to their ability to finance closing costs, with statutes being enforced on how much borrowers are ultimately charged. Lenders can’t penalize borrowers if they decide to pay off their loan in full before the initially anticipated date. If the person assuming the loan meets certain measures, then the loan can become assumable.
The VA loan program also allows the re-using of loans, so borrowers do not need to be of first-time status.
There are general eligibility precedents set by the VA to qualify for this funding program. First, the house the loan is to be used for needs to be the borrower’s main residence of occupancy.
Sufficient income must be possessed by the borrower, plus a validated Certificate of Eligibility. The DD Form 214 is regularly used by Veterans to get their COE verified, with COE applications being submitted via mail, online or by a lender.
There is no cap on the total a borrower may collect, but the VA imposes certain loan limits on how much liability it assumes. This impacts the amount of funding a lender provides to a borrower.
Fundamentally, loan limits are the total a Veteran in possession of a full entitlement can acquire without the necessity of a down payment. A maximum of up to four times a Veteran’s entitlement (normally $36,000) is typically awarded by lenders. Conditions are attached to a Veteran receiving the top ration that involve credit, income and the dwelling’s appraisal and asking prices being equal.
Loan limits can alter county to county because part of the determining of a home’s value is indeed its location. Stonebriar Mortgage excels in the Dallas area, which is made up of Collin County, Dallas County, Denton County, Kaufman County and Rockwall County.
Below are the loan limits for those five counties:
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Stonebriar Mortgage can help you with all of your VA loan needs and inquiries! Call us today at (214) 669-3307.