In this article we offer some answers and clarifications to common questions about VA home loans in New Hampshire.
VA Loan Limits and Purchase Price Limits – What’s the maximum?
The VA does not have a maximum loan amount or purchase price limit. You can borrow a million dollars on a VA loan if you want—assuming you meet the income, credit, cash, and collateral requirements. The size of your loan will likely determine whether you can get a conforming loan and interest rate or if you’ll need a higher interest rate jumbo loan.
I used my VA Eligibility in the past. Does this impact how much can you borrow?
If you have used your VA eligibility in the past and you have since sold that home, you likely have all your eligibility back and there is no loan limit restriction.
If I have a VA loan now, can you get another one?
If you used your eligibility in the past, you may still own that home. If so, your eligibility is not yet fully re-instated but you may still qualify for another VA loan. As a rule, your “remaining entitlement” and any cash down payment may be enough to qualify for another VA loan if they total 25% of the purchase price.
VA Lenders – Who actually loans the money?
The VA doesn’t lend the money to you for your VA loan. The VA only provides a guarantee to the lender that the VA will cover the cost of losses due to default by the veteran. It’s the VA guarantee that gives the lender confidence to provide 100% financing. There are several ways to structure a VA loan. We can help identify which program will be right for your situation.
If you are a veteran and believe you meet the eligibility requirements for the VA, please contact Charley at (603) 471-9300 or Apply for VA Loan to get started with guidance on eligibility and information on the latest mortgage rates.
Let us know if you need help calculating what your new VA loan limit might be.