New
Jersey VA Loans
VA guaranteed loans are made by private lenders, such as
banks, savings & loans, or mortgage companies to eligible
veterans for the purchase of a home which must be for their
own personal occupancy. The guaranty means the lender is
protected against loss if you or a later owner fail to repay
the loan. The guaranty replaces the protection the lender
normally receives by requiring a down payment allowing you
to obtain favorable financing terms.
There
is no maximum to a VA loan but lenders will generally limit
VA loans to $240,000. This is because lenders sell VA loans
in the secondary market, which currently places a $240,000
limit on the loans. For loans up to $240,000, it is usually
possible for qualified veterans to obtain no down payment
financing.