VA loans are reserved for current or former military service members and can go as high as $510,400. With no PMI, it can be an attractive option because no down payment is required, but there is a fee of 2.15%. This means that if one was to purchase a $200,000 home with nothing down, he would borrow $204,300, which is great compared to paying PMI. However, for a person with a 20% down payment, the VA loan is the less attractive option.
Contact one of our loan consultants to learn more about this program.