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VA Loan Facts
VA LOAN LENDING LIMITS
MAXIMUM GUARANTY AMOUNT
REGULAR VA LOAN - $417,000
SUPER MAXIMUM VA LOAN AMOUNT - $1,000,000
The Veterans Benefits Act of 2004 was signed by the President on December 10, 2004. The law changes the
maximum guaranty amount of $60,000, for certain loans in excess of $144,000, to an amount equal to 25 percent of the
Freddie Mac conforming loan limit determined under section 305(a)(2) of the Federal Home Loan Mortgage
Corporation Act for a single family residence, as adjusted for the year involved.
To illustrate, the maximum guaranty for 2008 would be $104,250. This is for 25 percent of the 2008 Freddie Mac conforming
loan limit for a single family residence of $417,000.
The maximum eligibility for each veteran is $104,250 and the maximum loan amount with no down payment is $417,000.
FREQUENTLY ASKED QUESTION # 26 [ -more VA Loan questions- ]
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Q: The Veterans Benefits Act of 2004 - How does the Veterans Benefits Act change my loan process and entitlements?
A: The Veterans Benefits Act of 2004 made many changes to the VA loan process. If you haven't had to get eligibility or otherwise deal with the VA for a loan since the act passed, you may be surprised at the changes. One of the major differences; the maximum guaranty amount of $60,000 has been modified. Now, for qualifying loans in excess of $144,000, the maximum is a sum equal to 25 percent of the Freddie Mac conforming loan limit, which is determined under the Federal Home Loan Mortgage Corporation Act. If you feel your VA mortgage may be affected by changes created by the Veterans Benefits Act, contact your lender for more information.
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VA Loan Rates
for 5/11/2008
30 year fixed
-----------------
0.000 points
6.000%
6.110% APR
15 year fixed
-----------------
0.000 points
6.000%
6.190% APR
Life Insurance for Military Members
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