On June 30th of this year president Bush signed the Housing and Economic Recovery Act of 2008. Part of the provisions in that bill was the increase in the VA home loan guarantee until the end of 2008. Up until now the VA loan has been capped at $417,000 in the lower 48 states for 100% financing. With this new bill the VA guarantee has now been increased up to a maximum of $729,750 with no down payment requirement, depending on the county. The only drawback is the maximum loan amount reverts back the $417,000 on Jan., 1 2009. Eligible veteran buyers that want to take advantage of this benefit need to act quickly.
Okay, here is how to look up the maximum loan amount for your particular county. Go to https://entp.hud.gov/idapp/html/hicostlook.cfm the select the appropriate state, enter the name of the county, select “Fannie/Freddie” for the “Limit Type,” and click “SEND.” The applicable maximum guaranty amount is 25 percent of the amount in the column labeled “One-Family.” or $417,000.00. Whichever amount is more.
For more information feel free to contact me over at http://www.smartvaloans.com/ for more information or VA loan approval.
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