The Veterans Affairs Administration has announced the VA home loan limits for the 2009 calendar year.  The total loan amount for veterans is based on the county location of the property he or she intends to buy.  The reason is that housing costs can vary greatly throughout the United States and many counties have much higher housing costs and the VA adjusts the loan limits to match the housing costs.  The Veterans Affairs Administration is not responsible for approving VA loans and it does not control the loan limits.  However, the administration will pledge 25% of the loan amount to the lending institution. 

Click to continue - VA Home Loan Limits - Information on the New VA Home Limits for 2009

VA appraisals follow a simple procedure during the mortgage loan process.  The loan officer from your lending institution will request the VA appraisal.  The loan officer will enter your appraisal application using the online process of the Department of Veterans Affairs.  Next, the VA officer will select an appraiser to handle your property.  VA appraisal charges are controlled by each state and the fees will vary from state to state.  Appraisal fees typically range anywhere between $300 and $400.  Many lending institutions have policies in place that require this to be paid prior to the closing.

Click to continue - An Explanation of the VA Appraisal Process

Specialize VA Loans- An Overview of the VA Loan Process

If you are considering a VA loan, the first step is to verify your eligibility with the Veterans Affairs Administration.  It is also important to do some research upfront and find a lending institution that specializes in VA loans.  You will find many institutions that issue VA loans.  But, it is vital to find a lending institution that specializes in these types of loan.  A VA loan has a unique set of paperwork requirements and follows different rules and regulations than traditional loans.  Working with a VA loan specialist will make this process much easier for you.

Click to continue - Specializing in VA Loans

Assuming VA Loans – Important Considerations Regarding VA Loans

This article discusses the important considerations for a VA seller when considering entering into an assumption agreement with a buyer.

If you own a home that has a VA home loan, it is possible to have to find a buyer to assume your VA home loan.  However, there are some important things to consider if you are thinking about assumption VA loans.  Your property can be sold to both non-veterans and veterans at any time during the length of your mortgage.  But, if you signed for your loan after March 1, 1988 and if the buyer will be assuming your loan, the buyer’s credentials will need to be evaluated and accepted by the lending institution.  If you signed your loan before March 1, 1998, anyone can assume your loan without any qualifications or approvals.  The recent VA loans require the buyer to have a veteran status to qualify for the assumption of the mortgage. 

Click to continue - Assuming VA Loans