Embedded Files
100% VA Loans
100% VA Loans
If you have remaining entitlement for your VA-backed home loan, find out the current loan limits and how they may affect the amount of money you can borrow without a down payment. As of 2020, if you have full entitlement, you don’t have a VA loan limit.
If you have full entitlement, you don’t have a home loan limit
If you have full entitlement, you don’t have a home loan limit
Eligible Veterans, service members, and survivors with full entitlement no longer have limits on loans over $144,000. This means you won’t have to pay a down payment, and we guarantee to your lender that if you default on a loan that’s over $144,000, we’ll pay them up to 25% of the loan amount.
You have full entitlement if you meet any of these requirements.
At least one of these must be true:
You’ve never used your home loan benefit, or
You’ve paid a previous VA loan in full and sold the property (in this case, you’d have your full entitlement restored), or
You’ve used your home loan benefit, but had a foreclosure or compromise claim (also called a short sale) and repaid us in full
Note: You may be familiar with the terms additional entitlement, bonus entitlement, or tier 2 entitlement. We use these terms when we communicate with lenders about VA-backed loans over $144,000. You won’t need to use these terms when applying for a loan.
If you have questions about your entitlement
If you have questions about your entitlement
Give us a call at 321-710-7919
Is an FHA home loan right for you?
Is an FHA home loan right for you?
FHA loans are a type of mortgage insured by the Federal Housing Administration (FHA). They’re designed to help lower-income and first-time homebuyers qualify for a mortgage, making homeownership more accessible. Here are some key features of FHA loans:
Low Down Payment: One of the biggest advantages of FHA loans is the relatively low down payment requirement, which can be as little as 3.5% of the home's purchase price.
Flexible Credit Requirements: FHA loans generally have more lenient credit score requirements compared to conventional loans. This can make it easier for buyers with less-than-perfect credit to qualify.
Mortgage Insurance: Because FHA loans are insured by the FHA, lenders face less risk, but borrowers are required to pay for mortgage insurance. This includes an upfront mortgage insurance premium (UFMIP) that can be rolled into the loan, as well as an annual premium that’s paid monthly.
Loan Limits: FHA loans have limits on the amount you can borrow, which vary by location. These limits are set based on the median home prices in the area.
Property Standards: The property being purchased with an FHA loan must meet certain standards set by the FHA to ensure it's safe and habitable. An FHA appraisal is required to check these standards.
Assumable Loans: FHA loans can be assumable, meaning that a future buyer of your home could potentially take over your existing mortgage under its current terms.
Refinancing Options: FHA offers several refinancing options, including the FHA Streamline Refinance, which can be a quicker and easier way to refinance an existing FHA loan with less documentation.
FHA loans can be a great option for those who may not have a large down payment saved up or who have lower credit scores, but it's important to weigh the costs and benefits, especially the mortgage insurance premiums, to determine if it's the right fit for your financial situation.
Page updated
Report abuse