Effective immediately, VA loans up to $1,500,000 may be eligible for purchase.
Guaranteed loans to conforming conventional loan limits continue to be eligible under the existing guidelines.
Additionally, the following requirements apply as indicated.
VA loan amounts greater than the one-unit conforming loan limits, $417,150, but less than or equal to $700,000:
• 30-year fixed-rate product only.
• Secondary financing not allowed.
• Temporary interest rate buydowns are not allowed.
• Refer to the rate sheet for adjusters on VA loans over the conforming loan limit.
Note: The veteran's maximum guaranty amount is not changing.
VA loan amounts greater than $700,000 and less than or equal to $1,500,000 may be eligible with an exception.
In addition to compliance with all requirements noted above, consideration for an exception includes:
• No foreclosure or bankruptcy in the last seven years.
• No housing payment 30 days or more past due in the last 12 months.
• Loan score requirements:
Transaction Loan Amount Minimum
Loan Score
Purchase and Rate/Term Refinance
>$700,000 to </= $1,000,000 - 620
>$1,000,000 to </= $1,500,000 - 700
Cash Out Refinance
>$700,000 to </= $1,000,000 - 660
>$1,000,000 to </= $1,500,000 - 700
Note: Please follow the standard exception process for these loans.
Reminders
• For loan amounts greater than $1,000,000, be sure to request a certified appraiser when requesting the appraiser
assignment from VA.
• Regardless of loan amount, the VA guaranty plus cash/equity must be equal to at least 25% of the purchase
price or Notification of Value (NOV), whichever is less, on purchases, new construction, and non-IRRRL
refinances.
For more information call Katz Mortgage Team - 866-742-8400
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