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VA increases loans to above $417,000

The Government National Mortgage Association (Ginnie Mae) has changed its rules to allow larger VA loans if the member is willing to make a down payment of at least 25 percent of the portion of the home's price that exceeds $417,000. Eligible veterans and active-duty military personnel have been able to buy a home for as much as $417,000 without a down payment or private mortgage insurance for some time now.

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Posted by Orlando Homes Armando Rodriguez Real Estate & Mortgage Broker-GRI on 12/04/2007 09:34 AM

Comments (7)

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7 Comments on VA increases loans to above $417,000

DEC

2007

It is about time. I can't believe that FHA has not followed suit on this lead. Maybe it will.

Armando,

That is great that the limit has increased to 417k. I agree wtih Matthew that FHA has not followed VA yet. Hopefully that will also take place soon.

Dave

Good information. Ginnie, Fannie, FHA, VA, HUD, state programs should all have similar guidelines--- they are all related. My 2 cents.

I am glad they have upped their limits. It is good to see they are modernizing their programs.

This is good news for veterans. With the higher limits, they now more homes to choose from.

This will almost buy a mansion in NW Indiana LOL - but I know the rest of the country differs in pricing!

thanks for sharing this update Armondo!

Sincerely,

Grace Safrin

I hopr Fha follows suit.

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