Tuesday, December 13, 2011

Lower Limits for Veterans Affairs (VA) go into effect December 31st

Friday VA released a change that is effective December 31.  The maximum VA loan is decreasing from the current maximum of a little over $818k to a new maximum of $625,500 with 0 down.  

VA loans above $625,500 will still be available but they will require a 25% down payment for anything over the amount of $625,500.  As an example if the sales price is $725,500, the down payment would be $25,000.  This is the same as what has been done for loans above $818k.