I spoke with a Veteran yesterday who had a couple more good questions about VA loan types. I decided to address them in todays blog post. VA offers limited loan types. No 23 year loans or balloon payments. Basically, here’s what they offer (has to be owner occupied)
-30 & 15 year fixed loans
-3/1 & 5/1 adjustable rate loans
-high balance fixed and adjustable loans
-loans for repairs and renovations
-Energy efficiency mortgage loans up to 6k.
Can a Veteran use a VA loan on a multiunit property? Yes, as long as it’s owner occupied. VA maximum loan amounts: Standard VA mortgage
1 unit -$417000, 2 unit $533850, 3 unit $645300, 4 unit $801,950
Ok, there is still much more I could get into but next week I’ll take a break from VA loan programs. Perhaps I will circle back to VA loans at the end of the week. Next week I’ll take a look at FHA (very popular program right now), home construction, and the seacoast condo market. Stay cool!