Early this month, I received a memo from a retired Navy Chief Buyer client to whom I recently sold a nice canal front home here in the Lower Florida Keys, using his V.A. eligibility. He thought, correctly so, that I would be interested in the following memo:
"V.A. Loan Limit Increased"-Week of September 01, 2008. The Department of Veterans Affairs (VA) will now use a locality-based approach in raising ceilings on its no-down payment home loans from the current $417,000 to as much as $729,000. The VA's Specially Adapted Housing Program has also raised primary grants from $50,000 to $60,000 toward constructing a new home or modifying an existing home to meet adaptive needs of veterans or active-duty servicemembers with certain service-connected disabilities. Veterans with certain service-connected disabilities resulting from severe burns can receive the adaptive housing grants. For more information, call the VA at 1-800-827-3702 or at the VA Loan Guaranty website."
This memo appeared at www.military.com on September 3, 2008. I thought all you real estate professionals out there who are involved with sales to members of the Military might want to know about this if you do not, already. I was surprised to find out earlier this week that the loan officer who closed my recent V.A. Loan sale did not even know about this.
This V.A. Loan limit increase will mean a great deal to us here in the Lower Keys, as we have quite a military presence. Ironically, V.A. Loan closings here have been extremely rare for years, due to the relatively hight prices here being in excess of the V.A. Loan limit at any particular time.
I hope this information is useful!
Your Florida Keys REALTOR, Bruce Herndon