VA Raises Cap on Loans to $729,000
Improved benefits also aid Disabled Veterans in adapting homes
Palm Coast, Florida, – August 25, 2005 – The Department of Veterans Affairs (VA) announced in Washington that it is raising ceilings on its no-down payment home loans from the current $417,000 to as much as $729,000.
The increases are effective immediately under legislation recently enacted with President Bush signing the Housing and Economic Recovery Act of 2008.
That law also improved VA’s Specially Adapted Housing Program. It raises 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.
One new feature is a provision in the law that will assist burn victims. It will allow veterans with certain service-connected disabilities resulting from severe burns to receive the adaptive housing grants. The new law also makes future increases in ceilings on the Specially Adapted Housing Program automatic.
The increased limits in the general home loan program for all veterans’ home purchases or construction will be based on local housing costs, tied to the similar locality adjustments of the Federal Home Loan Mortgage Corp., Freddie Mac.
VA home loans are available for veterans to purchase or construct single-family homes, and to purchase condominiums or cooperative apartments. There are about 2.3 million existing VA home loans, more than 90 percent made with no down payment. Note: the upper limit loans do require downpayments.
More information about VA home loans and adaptive grants is available from VA at 877-827-3702 or https://www.homeloans.va.gov/
VA Financing
Here we go again, just what we need. If this is to be used, it should be based on Rank, I can see a PFC or Spec 4 getting into trouble with his new $729,000. mortgage. Maybe a high level officer might be able to utilize the new higher figure but I’ll bet that Realator and Mortgage Lobbysts are the one’s who pushed this through, commissions, comissions, commissions.
VA Raises Cap
I’ve had 2 VA loans, you can only borrow what you are approved for based on income and credit worthiness. Raising the cap doesn’t mean that you are more likely to default.
P.L.