VA loan amounts can equal up to $729,750 in certain areas. These loans require a 25% down payment on any amount your county limit. A $1,000,000 loan limit applies to VA 30/20 year fixed and 30 year 3/1 ARMS.
On October 10th, 2008, the President signed Public Law 110-389, the Veterans' Benefit Improvement Act of 2008. This law allows for $0 down payment loans in qualified counties to go up to $729,750 on loans closed through December 31st, 2011. Qualifying customers can now apply for a regular VA Loan with $0 down up to the $729,750 in qualified counties. To see the $0 Down amount for the single family home limit in your county, simply click on the applicable state.
FREQUENTLY ASKED QUESTION # 18 [ -more VA Loan questions- ] - - - - - - Q: VA Loans and Rental Properties - Can I use my VA loan to buy a rental property?
A: The idea of buying a building intended as a rental property is sound-but VA mortgages aren't intended for this purpose. If you buy a home with a VA home loan, you must certify that you intend to "personally" live in the house. There are naturally exceptions made for houses that are in the building stages when the sale is made, but the general rule is you must occupy the house within sixty days of the loan closing. The occupancy requirement applies to all VA guaranteed loans except one; the Interest Rate Reduction Refinancing Loan or IRRRL. For these loans, the veteran is required to certify that the dwelling was previously occupied as the home.
VA Loan Rates
for 1/05/2009
30 year fixed
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0.000 points
5.000%
5.106% APR
15 year fixed
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0.000 points
6.500%
6.694% APR