FHA and VA Increase Loan Limits for 2017

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FHA and VA increase loan limits for 2017

 

Last week, we announced the news that the FHFA increased conforming loan limits. As a result, the Federal Housing Administration (FHA) and Department of Veteran Affairs (VA) have also increased the limits for FHA loans and VA loans, respectively.

FHA loan limits have increased from $271,050 to $275,665. These new loan limits apply to FHA-insured loans that have an application date of January 1, 2017 or later.
VA loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

A loan limits will follow the new limits set for Fannie Mae and Freddie Mac conforming loans. The VA will use these limits to determine how much of the loan they will guaranty and how much an eligible veteran can borrow without requiring a down payment. Veterans should consult their loan officer for further details. You can also visit the Department of Veteran Affairs website for additional information about VA home loans.

If you are looking to buy a home in 2017, this is excellent news for you! With rising home prices and the market’s return to pre-recession growth, the loan limit increase signifies a growing market. Many homebuyers will now be able to afford larger homes or homes in more expensive areas with better loan terms. If you need help getting started on your home loan journey, check out our blog for more details on the home buying process, FHA loans, and VA loans.

 

 

Veterans Day 2011

Happy Veterans Day!

On the eleventh hour of the eleventh day of the eleventh month in 1918, fighting ceased between the Allied nations and Germans signifying the end of the “Great War”.

November 11th was officially proclaimed Armistice Day by Woodrow Wilson in 1919. In 1938, Armistice Day was formally recognized as a legal holiday to honor those dedicated to the cause of world peace during World War I. In 1954, Armistice Day was renamed Veterans Day to properly recognize American veterans of all wars.

Today we continue to celebrate and honor America’s veterans for their patriotism, love of country, and willingness to serve and sacrifice for the common good. We encourage you to thank those who have selflessly put themselves at risk for our safety.

Veterans rightfully receive many benefits for their selfless service – including access to VA Mortgage Loans. Inlanta Mortgage is proud to offer VA Mortgage loan programs and encourages interested veterans to contact their lender to discuss how a VA Mortgage can be obtained. Find a Inlanta Mortgage loan officer near you here.

According to the U.S. Department of Veterans Affairs, the following individuals are eligible for VA Mortgages:

  • Veterans
  • Active Duty Personnel
  • Reservists/National Guard Members
  • Some surviving spouses

Eligible individuals will need to provide evidence of their eligibility. For more information on eligibility visit the Department of VA Affairs. Your Inlanta Mortgage lender can obtain a certificate of eligibility immediately through through the Department of Veterans Affairs secure web site.

VA Mortgages are designed to make home ownership more affordable. VA Mortgages require less stringent credit requirements than conventional mortgages, have no private mortgage insurance requirements, and have a low or no down payment option.

For more information on VA Mortgages visit us  at www.inlanta.com, call toll-free 877-326-5626, or locate a branch near you here.