Home Buying in Ellicott City>Question Details

Fj Delgado, Both Buyer and Seller in Maryland

What is the max VA loan request for home purchases in Howard County Maryland?

Asked by Fj Delgado, Maryland Tue Oct 26, 2010

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7
I work for a direct lender in the mortgage industry who offers conventional, FHA VA, and USDA loans in 47 states. For VA home loans it's NO down payment. Are lowest score we accept for government loans are 550 when most lenders require a 620 and brokers a 580. You have to have two years of income with a score over 550 with bankruptcies discharge date 2 years and over. We have basic guidelines and a pretty easy process. Feel free to text me or call me anytime up to 10:00pm Eastern with any questions.
Brian Young 214-797-3479. NMLS#902687
0 votes Thank Flag Link Mon Feb 22, 2016
It is presently $487,500 through Dec 31 2010. 2011 limits have not been announced.
Web Reference: http://123move.net
0 votes Thank Flag Link Tue Oct 26, 2010
Yes the county loan limit is $487,500. This could also change next year. From 2009-2010 the limits dropped so keep that in mind when planning. VA jumbo loans also have different rules. Once you are over 417k loan amount it is considered a jumbo loan. Lenders are ALLOWED to loan to 100% but not all choose to do so. A small but important difference. It also matters if you have used the VA entitlement previously.

The maximum guaranty amount (available for loans over $144,000) is 25
percent of the 2010 VA Limit. A veteran with full
entitlement available may borrow up to the 2010 VA Limit and VA
will guarantee 25 percent of the loan amount. If a veteran has previously used
entitlement that has not been restored, the maximum guaranty amount available
to that veteran must be reduced accordingly.

Bottom line make sure that your loan officer is well versed in VA loans. It's a niche that not everyone does on a regular basis so it can be a bit tricky. If I can be of service now or in the future please let me know as I specialize in VA loans. Hope this helps.
0 votes Thank Flag Link Tue Oct 26, 2010
Currenty the VA max in Howard County is $487,500 but it can increase with up to 100% financing.
Please contact me to work out the details.
John
John Hurly
http://www.howardcountyrealestate.com
0 votes Thank Flag Link Tue Oct 26, 2010
$487,500. However, you can go higher with 25% down.
0 votes Thank Flag Link Tue Oct 26, 2010
Your best bet is to contact a mortgage specialist at your local bank. They have all the Up to date info on all loans...

Hope this helps and good luck !
0 votes Thank Flag Link Tue Oct 26, 2010
Dear Fj,
Good question. It is $487,500. http://www.valoans.com/lending_limits_state.cfm?state=MARYLAND

Please let me know if you have any further questions.

Regards,
Ariana Loucas
Keller Williams Realty Centre
443 600-8000
http://www.columbiamarylandhomefinder.com
0 votes Thank Flag Link Tue Oct 26, 2010
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