Ginnie Mae recently announced that it would no longer limit loan amounts to the one-unit conforming loan limits on mortgages guaranteed by the Department of Veterans Affairs (VA) that can be pooled in mortgage-backed securities guaranteed by Ginnie Mae. The current limit is $417,000 ($625,500 in Alaska and Hawaii).
To support this initiative, WFHM will allow VA loans up to $700,000,
with exceptions for higher loan amounts considered on a case-by-case basis, effective Nov. 19.
Along with Ginnie Mae, WFHM expects this increase will make more low-cost financing available for America's veterans and their families. Providing more homeownership opportunities is especially important in areas of the country with high-cost homes.
For more details, please call me.
Carrie Sterling
Wells Fargo Home Mortgage
757-361-5003
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