The U.S. Department of Veterans Affairs (VA) has a home loan guaranty program for eligible veterans. The loans are made by a lender, such as a mortgage company, savings and loan or bank. The VA guarantees part of the total loan amount. The result is that purchasers are able to obtain a competitive interest rate without having to make a downpayment. VA Home Loans can be used for the purchase or construction of single-family homes, townhouses, or condominiums.
Until the new law was enacted, the statute capped the limit on the maximum loan guaranty at $60,000. With the new law, the maximum guaranty now adjusts automatically each year. Now for example, veterans' purchasing power for a single-family residence is increased from $240,000 to $359,650. More importantly, the guaranty amount will now keep in stride with market considerations.
I can help you locate Lenders to assist you in applying for a VA Home Loan