VA Loan Limits in Albuquerque, NM
As a veteran or a member of the United States armed forces on active duty, you may be eligible for a Veterans Affairs (VA) home loan. However, there are limits on the amount entitlement that you are allowed by the Department.
What Can a VA Loan Be Used for?
VA home loans can be used for a number of different purposes. You are able to use the VA home loan for:
- Purchasing a home
- Building a home
- Refinancing
You can also use your VA loan benefits more than once, provided you still meet eligibility requirements and your previous loan is paid off in full.
What are the VA Mortgage Loan Limits?
Currently, the United States Department of Veterans Affairs does not put a cap on mortgage loans. However, the Department will only guarantee loans in New Mexico up to $417,000. If you need to borrow more than $417,000, you may apply for a VA jumbo loan. VA jumbo loan lenders assume responsibility for guaranteeing any amount over $417,000, which means they may require a down payment or private mortgage insurance. This can affect how much money that a VA lender will allow you to borrow without a down payment.
Basic Entitlement and VA Loan Limits
United States service members are entitled to borrow a certain amount of money. If eligible, based on income, credit and service requirements, each member is entitled to $36,000 in loans, at minimum. Above $417,000, which is the most that the Department will insure, a VA home loan lender might require a down payment.
Schedule an Appointment Today
At Infiniti Mortgage, LLC, we want to help you take advantage of the opportunity to own your own home using a VA mortgage loan. We constantly monitor any changes in policy and law pertaining to veteran’s benefits and can advise you on the latest loan practices and requirements. Contact an expert mortgage broker at Infiniti Mortgage, LLC today to begin the process of owning your own home in Albuquerque, NM.