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 $548,250.00 and up to $822,375.00 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 $822,375.00.
If you’re a Veteran and need financing, keep us in mind when choosing a mortgage company.
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