Helping Washington State homeowners learn more about their mortgage options.
Loan limits for VA mortgages have been announced and, like last few years, will follow the conforming loan limits.
Technically, VA loans do not have “loan limits” like conforming and FHA mortgages. The “loan limit” that is referred to with a VA loan is highest loan amount a Veteran can borrower without making a down payment. It’s really a great benefit to those who have served our county. [Read more…]
Mortgage Master Service Corporation has started allowing the financing of manufactured homes again using FHA or VA mortgages. Here are some of our basic guidelines: [Read more…]
Loan limits for VA mortgages have been announced and, like last year, will follow the conforming loan limits.
Technically, VA loans do not have limits like conforming and FHA mortgages. The “loan limit” that is referred to with a VA loan is highest loan amount a Veteran can borrower without making a down payment. It’s really a great benefit to those who have served our county. VA Jumbo loans (loan amounts over the VA limit) allow veterans to buy higher priced home with a greatly reduced down payment. [Read more…]
VA manages how much a Veteran can pay for an appraisal and sets time lines on how long a VA appraisal can take. The fee for Washington state has been $500 for an appraisal with up to 10 days for the appraisal to be delivered. Before the appraisal crisis, many would often complain about how long it took to get a VA appraisal…however, 10 days to receive an appraisal for $500 would now be a dream come true. [Read more…]
Loan limits for VA mortgages have been announced and, like last year, will follow the conforming loan limits. This means that VA loan limits will be higher for King County, Snohomish County and Pierce County effective 2016.
In 2015, VA loan limits will be the same as conforming loan limits. VA loans do not have limits. The “loan limit” that is referred to with a VA loan is highest loan amount a Veteran can borrower without making a down payment. It’s really a great benefit to those who have served our county. VA Jumbo loans (loan amounts over the VA limit) allow veterans to buy higher priced home with a greatly reduced down payment.
Here are the 2015 VA Loan Limits for homes in Washington State:
2014 VA loan guarantee limits for Washington State have been released. VA loans do not have “limits” like conforming or FHA loans. They do have limits as to the amount VA loans will guarantee. The loan amounts below reflect what VA will lend up to 100% loan to value. Loan amounts above the limits below have reduced down payments for Veterans who qualify for this benefit.
VA loans offer eligible Veterans very competitive financing with little to no down payment. Veterans who have served a specific amount of time may earn of Certificate of Eligibility which allows them to apply for a VA mortgage loan.
In the Seattle – King County area, the VA “loan limit” is currently $500,000. I have quotes around “loan limit” because technically VA does not have loan limits – this is the limit to the amount VA will lend up to 100% loan to value ie a VA home buyer can buy a $500,000 home with zero down payment.
Rhonda Porter is a Licensed Mortgage Originator MLO121324 living in the greater Seattle area. Rhonda began her career in 1986 in the title and escrow industry and began her mortgage career in 2000. She enjoys helping people understand the mortgage process and started writing The Mortgage Porter in late 2006. Read More…
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