question about a VA loan?
I am eligible for a VA loan, if I make $25,900 gross a year, and the only debt i have is a car payment of about $325 a month and $10,000 still owed on it, what would the cap be on how much they would loan me?
- Sgt Big RedLv 71 decade agoFavorite Answer
VA guaranteed loans are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase of a home which must be for their own personal occupancy. The guaranty means the lender is protected against loss if you or a later owner fail to repay the loan. The guaranty replaces the protection the lender normally receives by requiring a down payment allowing you to obtain favorable financing terms.
The amount of the loan would be determined by your income and the value of the property.
Your basic entitlement is $36,000. For loans in excess of $144,000 to purchase or construct a home, additional entitlement up to an amount equal to 25 percent of the Freddie Mac conforming loan limit for a single family home may be available. This loan limit can change yearly. The conforming loan limit for 2008 is $417,000 ($625,500 for Hawaii, Alaska, Guam and U.S. Virgin Islands). This means that qualified veterans could get a no down payment purchase loan for those amounts.
Hope this answers your question.
- 7 years ago
Yes! You can get a VA loan depending on your eligibility and the purchase price . Do you have 5 minutes so we can chat and I can qualify you and tell you the terms..