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YES – You CAN Buy a Home OVER $484,350 with a VA Mortgage Loan
VA Home loans are zero down payment up to $484,350 in MN, WI, and SD. If you wish you buy a more expensive home with a VA loan, you will need a small down payment. The exact formula to determined the VA down payment is a bit more complicated, but the simple quick math is you’ll need about 25% of the difference between the purchase price, and $484,350 plus your VA funding fee.
So if you were to buy a $553,000 home. There is a $68,650 difference over the zero down maximum $484,350 loan. Therefore you’ll need a down payment of about $17,162. plus your VA funding fee (if applicable).
We are not acting on behalf of, or under the direction of the VA or the Federal Government. The Veterans Administration does not lend directly to the public, only through approved lending institutions like us here at Cambria Mortgage.
The Department of Veteran Affairs requires mortgage companies who offer VA Loans go through a stringent approval process. We are proud tp a VA approved mortgage lender and are proud to help military families use their VA Loan Benefits.
Equal Housing Lender, Cambria Mortgage NMLS# 322798. Our lending services provided only in the following states: Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 1998 - 2024, Joe Metzler, NMLS 274132
