A VA loan is a great home buying option for Veterans. Here’s what you should know about them.
You can also purchase a home with no money down up to the county limit. For example, if the county limit is $424,100, you can put zero down up to that limit.
In some of the high-costs counties, that limit can go as high as $600,000 or more.
The best part of the VA loan is that if you go over the county limit and you’re in what’s called a “true jumbo area,” you only have to put 25% down of the difference.
You can get a home for 0% down and the rates are just spectacular.
For example, if the county limit is $424,100 and you buy a $524,100, you would only have to pay 25% of the difference. In that case, the difference would be $100,000 and you would be responsible for putting $25,000 down.
The VA loans in Maryland requires that you escrow your taxes and insurance into your monthly payment. As I said, there is no monthly mortgage insurance for the VA loan. You can get a home for 0% down and the rates are just spectacular. Although VA guaranteed loans do not have a dollar limit, lenders that sell their VA loans in the secondary market must adhere to the GNMA’s maximum loan size guidelines.
If you are in the state of Maryland and have questions about buying a home with a VA loan, just give me a call or send me an email. I would be happy to help you!
