You read the headline correct: VA now allows 100% cash out refinances. VA refinances are no longer capped at 90% of your current appraised value. This change will allow Veterans, Active Duty Members & Reservists the option to refinance their non VA loans into safe, secure, fixed rate VA Loans. VA Loans have no MI or Mortgage Insurance.
Even better news: The previous limit of $144,000 on VA refinances has been lifted, and the limit is now the VA Loan limit for your county. Click here to see your limit: New VA loan limits for 2009 Blog Post .
The Entitlement and Guarantee equations have been adjusted slightly as well to facilitate Refinances over $144K as well. I will post some scenarios in a future blog to illustrate this.
We are very excited about the enhanced possibilities for our Veterans.
Please call Brian Skaar at 760-752-4480 or visit us online at www.vandykfunding.com to find out more.
VanDyk Mortgage is a VA Direct Lender (since 1987). We are the VA Experts. We offer VA loans accross America including: California, Washington, Arizona, Texas, Florida, Georgia, & more.
Showing posts with label VA entitlement. Show all posts
Showing posts with label VA entitlement. Show all posts
Thursday, December 4, 2008
Tuesday, December 2, 2008
New 2009 VA Loan Limits - a snapshot
New VA Loan Limits for 2009 are now available.
The new limits range from the base limit of $417,000 up to $1,094,625 in the highest cost areas.
All VA loans require ZERO Mortgage Insurance, and as little as ZERO down payment.
Here are some of the new county limits:
CA
ALAMEDA
$1,094,625.00
CA
ALPINE
$503,750.00
CA
CONTRA COSTA
$1,094,625.00
CA
EL DORADO
$516,250.00
CA
LOS ANGELES
$737,500.00
CA
MARIN
$1,094,625.00
CA
MONO
$575,000.00
CA
MONTEREY
$525,000.00
CA
NAPA
$643,750.00
CA
NEVADA
$518,750.00
CA
ORANGE
$737,500.00
CA
PLACER
$516,250.00
CA
SACRAMENTO
$516,250.00
CA
SAN BENITO
$937,500.00
CA
SAN DIEGO
$593,750.00
CA
SAN FRANCISCO
$1,094,625.00
CA
SAN LUIS OBISPO
$610,000.00
CA
SAN MATEO
$1,094,625.00
CA
SANTA BARBARA
$656,250.00
CA
SANTA CLARA
$937,500.00
CA
SANTA CRUZ
$805,000.00
CA
SOLANO
$435,000.00
CA
SONOMA
$566,250.00
CA
VENTURA
$650,000.00
CA
YOLO
$516,250.00
FL
COLLIER
$487,500.00
FL
MONROE
$575,000.00
GA
GREENE
$560,000.00
WA
KING
$550,000.00
WA
PIERCE
$550,000.00
WA
SAN JUAN
$525,000.00
WA
SNOHOMISH
$550,000.00
The maximum guaranty amount (available for loans over $144,000) is 25 percent of the 2009 VA Limit shown below. Therefore, a veteran with full entitlement available may borrow up to the 2009 VA Limit shown below and VA will guarantee 25 percent of the loan amount. If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran must be reduced accordingly.
VanDyk Mortgage is a Direct VA lender, and has been making VA Loans since 1987. Visit us on the web for more info or to apply for your VA Loan at http://www.vandykfunding.com/
The new limits range from the base limit of $417,000 up to $1,094,625 in the highest cost areas.
All VA loans require ZERO Mortgage Insurance, and as little as ZERO down payment.
Here are some of the new county limits:
CA
ALAMEDA
$1,094,625.00
CA
ALPINE
$503,750.00
CA
CONTRA COSTA
$1,094,625.00
CA
EL DORADO
$516,250.00
CA
LOS ANGELES
$737,500.00
CA
MARIN
$1,094,625.00
CA
MONO
$575,000.00
CA
MONTEREY
$525,000.00
CA
NAPA
$643,750.00
CA
NEVADA
$518,750.00
CA
ORANGE
$737,500.00
CA
PLACER
$516,250.00
CA
SACRAMENTO
$516,250.00
CA
SAN BENITO
$937,500.00
CA
SAN DIEGO
$593,750.00
CA
SAN FRANCISCO
$1,094,625.00
CA
SAN LUIS OBISPO
$610,000.00
CA
SAN MATEO
$1,094,625.00
CA
SANTA BARBARA
$656,250.00
CA
SANTA CLARA
$937,500.00
CA
SANTA CRUZ
$805,000.00
CA
SOLANO
$435,000.00
CA
SONOMA
$566,250.00
CA
VENTURA
$650,000.00
CA
YOLO
$516,250.00
FL
COLLIER
$487,500.00
FL
MONROE
$575,000.00
GA
GREENE
$560,000.00
WA
KING
$550,000.00
WA
PIERCE
$550,000.00
WA
SAN JUAN
$525,000.00
WA
SNOHOMISH
$550,000.00
The maximum guaranty amount (available for loans over $144,000) is 25 percent of the 2009 VA Limit shown below. Therefore, a veteran with full entitlement available may borrow up to the 2009 VA Limit shown below and VA will guarantee 25 percent of the loan amount. If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran must be reduced accordingly.
VanDyk Mortgage is a Direct VA lender, and has been making VA Loans since 1987. Visit us on the web for more info or to apply for your VA Loan at http://www.vandykfunding.com/
VA loan enhancements for 2009
Enhanced VA home loan options are available for 2009 thanks to the Veteran's Benefits Improvement Act of 2008, passed on Oct. 10, 2008. The new VA home loan changes include higher loan limits (click here for 2009 VA loan limits by County).
VA Loans can now help Veterans and active service members refinance their non-VA loans into safe, secure, & fixed rate VA Loans. Previously, this type of refinance was only available up to $144,000. Now you can refinance into VA Loans up to $729,750 (depending on your county limit). Another huge change is that Veterans & active service members can refinance up to 100 percent of the property value (this was capped at 90% before).
For questions regarding calculation of your Entitlement under the VA Loan program call Brian Skaar at 866-900-2342 toll free direct. Your entitlement is now increased and we can help you figure out your eligibility based on the newest figures. It is likely more than you thought.
VanDyk Mortgage is a VA Direct Lender, and has been since 1987. We also offer FHA Loans, Fannie & Freddie Conventional loans, Jumbo Loans, and construction loans. Visit us on the web at www.vandykfunding.com.
VA Loans can now help Veterans and active service members refinance their non-VA loans into safe, secure, & fixed rate VA Loans. Previously, this type of refinance was only available up to $144,000. Now you can refinance into VA Loans up to $729,750 (depending on your county limit). Another huge change is that Veterans & active service members can refinance up to 100 percent of the property value (this was capped at 90% before).
For questions regarding calculation of your Entitlement under the VA Loan program call Brian Skaar at 866-900-2342 toll free direct. Your entitlement is now increased and we can help you figure out your eligibility based on the newest figures. It is likely more than you thought.
VanDyk Mortgage is a VA Direct Lender, and has been since 1987. We also offer FHA Loans, Fannie & Freddie Conventional loans, Jumbo Loans, and construction loans. Visit us on the web at www.vandykfunding.com.
Subscribe to:
Posts (Atom)