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VA Loan Facts
VA LOAN LENDING LIMITS
MAXIMUM GUARANTY AMOUNT
REGULAR VA LOAN - $417,000
SUPER MAXIMUM VA LOAN AMOUNT - $1,000,000
The Veterans Benefits Act of 2004 was signed by the President on December 10, 2004. The law changes the
maximum guaranty amount of $60,000, for certain loans in excess of $144,000, to an amount equal to 25 percent of the
Freddie Mac conforming loan limit determined under section 305(a)(2) of the Federal Home Loan Mortgage
Corporation Act for a single family residence, as adjusted for the year involved.
To illustrate, the maximum guaranty for 2008 would be $104,250. This is for 25 percent of the 2008 Freddie Mac conforming
loan limit for a single family residence of $417,000.
The maximum eligibility for each veteran is $104,250 and the maximum loan amount with no down payment is $417,000.
FREQUENTLY ASKED QUESTION # 14 [ -more VA Loan questions- ]
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Q: I Lost My DD214 - What if I can't find my DD214 form?
A: Those who have been discharged, separated or retired should keep multiple copies of the DD214--your discharge paperwork. It's the most important military document in your records. This is proof of your military status, whether you are retired, separated, discharged. It also displays the nature of your discharge, and what your status is with the National Guard or a Reserve Unit. The lack of a DD214 form can bring some of your VA processes to a halt, but fortunately you can get a replacement copy by writing to the National Personnel Records Center. Enclose a completed form SF-180 along with a letter stating the reason for your request, you name, rank, social security number. If you are a recently discharged military member who separated or retired at an overseas location, remember that your DD214 form may be delayed overseas for up to a year before it becomes part of the National Record Center archives. If this is the case, you contact the orderly room, First Sergeant or Sergeant Major in charge of where you separated or retired and request a copy directly from your final base.
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VA Loan Rates
for 5/13/2008
30 year fixed
-----------------
0.000 points
6.000%
6.110% APR
15 year fixed
-----------------
0.000 points
6.000%
6.190% APR
Life Insurance for Military Members
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