Contrary to common belief, home loans backed by the Veterans Administration (VA) have no cap on the upper range. While most eligible veterans opt for conventional loans, which have conforming loan limits, these limits are not imposed by the VA. When loan officers refer to loan limits in association with VA loans, they are most likely referring to how much someone can borrower with zero down. A VA guarantee does not mean the borrower will be approved for a loan. Who is eligible for a VA … [Read more...]
Debunking myths: The VA Loan
Many people know the benefits of a VA loan: zero down payments, competitive interest rates and no prepayment penalties. But there are many myths surrounding VA loans, including when you can use them, how they are funded and whether or not they are really advantageous for veterans. Today we’re debunking the five common myths about VA loans. Myth #1 – They are funded by the government: VA loans are not funded by the government. Instead, the U.S. Department of Veterans Affairs guarantees the … [Read more...]
