Bank of England Mortgage Blog

VA Loans

One of the benefits provided to members of our armed services is the VA Loan Guarantee. The VA Loan Guarantee acts much like mortgage insurance in that the Veterans Administration guarantees 25% of the loan amount up to the Conforming Loan Limit ($484,350 in most of the US, higher in some places).

This means that Veterans will full eligibility are eligible for 100% financing up to the above limit. There is no maximum loan amount for VA Loans, only a maximum guarantee. Any amount above the Conforming limit requires a 25% downpayment from the borrower.

For instance, a borrower with full eligibility who wanted to purchase a $600,000 home, would need to make a downpayment of 25% of the difference between the $600,000 purchase price and the $484, 350
maximum guaranteed amount or $28913, which is less than 5% of the purchase price.

VA Loans present a great opportunity for Veterans in the housing market. Call us today and speak to one of our VA Loan Specialists to find out more information! (215) 493-3752

What’s the deal with VA loans?

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Andy Raffle

Branch Manager

NMLS #156564

90 W Afton Ave. Ste. 203

Yardley, PA 19067

P: (215) 493-3752