VA Loans
For 2009 the Department of Veterans Affairs (VA) will use a locality-based approach in raising ceilings on its no-downpayment home loans from the current $417,000 to as much as $1,094,625.
The specifics look like this:
In July Congress passed the Housing and Economic Recovery Act of 2008 (HR 3221). In general, the VA loan limit is $417,000. However, a number of areas have been defined as "high cost" counties where loans for as much as $1,094,625 are available. For specifics, speak with local lenders and check to see if a property is located in a "high cost" county by going to:
http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf
Some important points about financing for vets made by the VA:
- Vets can purchase homes with one to four units provided that they live in one unit. The veteran must certify as to occupancy.
- In the case of an active-duty veteran who cannot occupy because of his or her status as an active duty member of the armed forces, occupancy by the spouse can satisfy the occupancy requirement.
Great informatin, I did not know that a soldier could purchase a duplex up to 4 units if he lives in one , great information, thanks