VA loan programs continued...

VA loan programs continued…

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!