So in an effort to help the ActiveRain community, I'm kinda taking it upon myself to blog about anything VA and veteran related when it comes to buying and selling homes. I feel that we don't do enough, and never can, for 1% of the population who serve the rest of us 99%.
WHAT IS THE MAXIMUM AMOUNT A VETERAN CAN BORROW AND WHAT'S THIS VA BONUS ENTITLEMENT THING ALEX?
The maximum guaranteed by the VA is 25% of the loan amount up to $104,250, which translates into maximum amount of $417,000. However, the maximum guaranteed in Hawaii and Alaska is 25% of $156,325 or a maximum amount of $625,000.
But wait there's more, if you call now we'll not only send you the bamboo steamer, you'll get 2 free shamwow's and two ginsu knives.....SAY HELLO TO VA BONUS ENTITLEMENT ACTIVE RAINERS, WHAT IS IT AND HOW CAN IT HELP ME AS A REALTOR?
Nowadays, many homes cost more than $417,000 (have you been to California), or the veteran wants to purchase a house that costs more than the limits will allow. Say hello to the Veteran Benefits Improvement Act of 2008. In areas where the conforming loan limit is higher than the $417,000, bonus entitlement is more. Click here to see which states and cities allow higher VA amounts and save the PDF for your records.
For example, a veteran in Orange county, California could get a loan up to $700,000, with ZERO, zip, nada, money down, take a look at San Fransisco, a vet can qualify for almost $1 million dollars with no money down, does that translate into a bigger commission for you over the $417,000 you thought they could only buy, you betch ya? Pretty incredible huh, so all you agents out there who think $417,000 is the maximum, think again and help your clients buy the house they want and help get you a bigger sale.