Did You know that a Vet can now purchase a home up to a million dollars with NO money down?
The VA has increased their national loan limit up to $510,400.00 and up to $765,600.00 in certain high county limits.
When the loan amount EXCEEDS a million dollars then the calculation for the Vet’s down payment is as follows:
Purchase price – $1million X Down payment percentage of 25% = Reduction in the loan amount . Subtract this from the loan amount = Max base loan amount.
This calculation is also required for a Vet who does NOT have full entitlement and is purchasing a home that exceeds the high county limit of $765,600.00.