I applied for and recieved my eligibility cert today and I need an explanation as to the amount granted. What exactly is this amount, is it the guaranteed down which equals 25% of the full amount I'm qualified to borrow? Please explain if anyone can.

Thanks.

If you have full eligibility the COE should read $36,000. That means that VA will guarantee a loan of $417,000 or higher in certain cases.

Paul
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quote:

Originally posted by MortgageGuru:
If you have full eligibility the COE should read $36,000. That means that VA will guarantee a loan of $417,000 or higher in certain cases.

Paul
See my profile for contact information

It does read $36,000. Thanks

For reference, on January 1st the limit for a Single Family Residence increased to $1,094,625.00 and and 1,641,937.50 in Hawaii, Alaska, Guam, Puerto Rico and the Virgin Islands. Those are the highest limits and your limit may be lower ... it depends on the county you live in.

That information is completely inaccurate. While VA loan limits in those areas have been higher than the standard loan limits, only a couple of cities have been over $1M. Refer to the link below to see the maximum VA loan limit for your metropolitan area. If it is not listed then the limit is $417,000.

2009 VA Loan Limits

Paul
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My information is accurate - VA provides 100% financing to $1,094,625.00. I didn't say every county is at that limit.