Product Matrix (as of 3/23/2009)

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Loan Limits

Purchase and Refinance

Units

Loan Amount

Credit Score

Min. Reserves

1-4 Units

$417,000

620

n/a

1 Unit

$417,001 - $650,000

720

6 months

1 Unit

$650,001 - $1,500,000

740

12 months
•VA loan amounts greater than $417,000 are now based on the 2009 MSA limits.
•Purchase: Max. loan amount at 100% LTV/CLTV with full entitlement is $1,094,625.
•Cash out refinances: Max. 90% LTV/CLTV, plus energy efficiency improvements, plus the VA funding fee.
•VA-IRRRL in North Carolina and Illinois require full/standard verification of Income and Assets for all borrowers.
•The maximum guaranty for loan amounts greater than $417,000 vary depending upon the location of the subject property.

http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf

Entitlement / Guaranty

Loan Amount

Maximum Potential Guaranty

<= $45,000

50% of the loan amount

> $45,000 to $56,250

$22,500

> $56,250 to $144,000

40% of the loan amount
$36,000 maximum

> $144,000 to $417,000

25% of the loan amount
$104,250 max. ($156,375 AK & HI)

$417,001 to $1,500,000

25% of the loan amount or maximum of $273,656

Funding Fee Table

Loan Type

Funding Fee

Reservist
Funding Fee

Purchase Loan - Zero Down

2.15%

2.40%

Purchase Loan - 5% Down

1.50%

1.75%

Purchase Loan - 10% Down

1.25%

1.50%

Refinance Loan

2.15%

2.40%
•All VA loans require a VA Funding Fee.  Exceptions may be made to veterans with service=connected disabilities and to surviving spouses of veterans who die in service or from service-connected disabilities.
•All or part of the fee may be paid in cash at loan closing or may be included in the loan without regard to the reasonable value of the property or the computed maximum loan amount, as appropriate.
•Loan amount > $417,000:  If the combined loan amount plus funding fee exceeds the county limit, then that portion of the funding fee that exceeds the county limit may not be financed into the loan.
•The funding fee for subsequent use on purchase loans with less than 5% down and all refinance loans is 3.30%;  The funding fee for assumed loans is 0.50%.

http://www.homeloans.va.gov/docs/2009_county_loan_limits.pdf