Some of the key advantages of the VA loan are:

• Low to no down payment
• Seller contributions are allowed
• More flexible underwriting (approval)
• Closing costs that lenders can charge are restricted (e.g. Loan Origination Fee cannot exceed 1%)
• The VA Funding Fee is waived if the veteran is determined to be “disabled”
• VA loans are “assumable” to other qualified buyers
• VA Refinances can be streamlined (less documentation required for approval)
• Some closing costs may be financed (less out of pocket expenses)
• The VA loan is guaranteed by the US Government which makes it more desirable for lenders and other institutions

The US Government does not set a limit on the amount of money a veteran can borrow under this program.  However since the loan guarantee is limited most lenders have limits on how much can be borrowed and where there is a down payment requirement on higher loan amount.  Here is a list of maximum guaranteed loan limits by State and County.

The veteran must be able to provide a Certificate of Eligibility from the VA to qualify for the loan.  Contact Us for more information on VA loans.