Nice!
Posted on 01/06/2005 11:42:38 AM PST by The Loan Arranger
The Veterans Benefits Act of 2004, was signed by the President on December 10, 2004. This new law makes some significant changes to the Veterans Home Loan Guaranty Program.
The Veteran's Benefit Act of 2004 includes the following changes to the VA Home Loan Program:
Increases the maximum loan amount to $359,650 Expands the eligibility for Specially Adapted Housing Grants. Re-instates the Adjustable Rate Mortgage (ARM) Program Expands the eligibility for waiving the VA Funding Fee
Increased Maximum Guaranty Amount The law changes the maximum guaranty amount of $240,000 to a new limit for a single family residence of $359,650. In addition maximum original loan amounts are now 50 percent higher for first mortgages on properties in Alaska, Hawaii, Guam and the U.S. Virgin Islands.
(Excerpt) Read more at military.com ...
Nice!
Damn these mean spirited republicans... first they let people with no money BUY houses with 0 down, then they let people on Section 8 assitance even buy homes.. now they are helping vets even more to buy a house??
Damn these self centered mean spirited republicans! Damn them I say!
Does this apply to people who have already maxed out their VA loan? IE, if I used my 250k loan option, do I now have an option for an additional VA loan of 119k for a new residence?
The sad thing is that they just fired the Chairman of the Committee that oversaw this legislation, Rep. Chris Smith.
yes
only one house to a veteran though...LOL
but you can sell the one you're in now and buy a new one for $359,650.00
Well, I never took advantage of the VA home loan. I bought my first house with a 4% interest family loan and my current one with the proceeds from the sale of the first.
I hope that left more money in the pot for other veterans.
"...only one house to a veteran though...LOL" Yes, but that includes a duplex, triplex or fourplex, as long as the veteran lives in one unit at the time of closing.
"Well, I never took advantage of the VA home loan. I bought my first house with a 4% interest family loan and my current one with the proceeds from the sale of the first.
I hope that left more money in the pot for other veterans."
You still have your VA Eligibility, then, and can buy a house through the VA program.
I wouldn't know, we don't have too many plexs in CA for 360K LOL...in fact you're lucky if you can buy a condo where I live for 360K...the average house in CA is 450K
bttt
"I wouldn't know, we don't have too many plexs in CA for 360K LOL...in fact you're lucky if you can buy a condo where I live for 360K...the average house in CA is 450K"
You can buy a nice executive-style 3000 square foot 'brick' home here for about $220-280,000. Brand new starter homes are below $100K and some existing older homes can be had for around $50,000 or less. It's like two different countries!
Way back in 1985 I stayed with some people in the Marina District of San Francisco. It was a small one bedroom townhouse – and cost over a $Million. I wonder what it would go for now?
where's here?
A question for those more knowledgeable than I –
I followed the links and checked out some of the “available” properties in Virginia and Pennsylvania. There were few and in pretty bad shape with most listed as having pest or termite problems.
Does the VA Home Loan only apply only to selected properties or can the program be used for all homes on the market?
The Mississippi Gulf Coast (Biloxi/Gulfport area)
Almost all homes, but they will inspect them so termites, etc will not pass...
but they will inspect them so termites, etc will not pass...
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