Zillow Advice: Mortgage Types - Va Loan Over FHA Conforming Limit

My Goodness, it took a ...

Sun, 22 Mar 2009 03:23:00 GMT

My Goodness, it took a half hour to read this thread. Bob, tell us one more time who your favorite lender is! By the way, I'm bringing back the SHOW! and I'd like to invite you all for the very first PIE THROWING CONTEST. (Jen, you can be my assistant). Big Johnnie, didn't I have you on the show when you were 5? Dude---you got so old!

Bob P, there are no "state" ...

Sun, 22 Mar 2009 03:13:00 GMT

Bob P, there are no "state" guidelines, except for loan limits.

Jennifer, was right. VA is VA.

Well, Jennifer, if that's ...

Sun, 22 Mar 2009 01:18:00 GMT

Well, Jennifer, if that's how you feel, that's your prerogative. I've never considered a recommendation of someone I have a mutually successful relationship with as an advertisement - unless I was being paid referral fees by that person - which I am not.

So, advertisement, or endorsement, he's still my favorite lender.

The "blurb" that Bob L. linked to was not a set of state by state guidelines, just a few examples out of probably hundreds of possibilities.

Bob Phillips, does Kevin ...

Sun, 22 Mar 2009 01:10:00 GMT

Bob Phillips, does Kevin Budde make you keep the moustache because he likes the way it feels while you are kissing his ass. Why don't you please shut up about him and if he wants to help out with information, he can come here himself and share his knowledge instead of you trying to decipher lending quidelines and badly bothcing them

I have painfully read through this entire thread and have to say you have no clue what you are talking about and that being said, stop trying to help people with lending advice. Stick to buying/selling boards and telling everyone how its a great time to buy property in a state that is heading for insolvency.

{comment removed by moderater for severe insults towards Bob Phillips even though moderator feels they are completely warranted}

I could be wrong, but I'm ...

Sun, 22 Mar 2009 00:22:00 GMT

I could be wrong, but I'm pretty sure VA is VA is VA. No lenders have different program guidelines in regards to acceptable loan amounts. True?
In any event, Bob the Realtor, your post is an advertisement and nothing more. I will flag it as such, and I hope others do the same.

OK, Bob L., I looked. ...

Sun, 22 Mar 2009 00:08:00 GMT

OK, Bob L., I looked. Here's what I read: "Due to variations in the amount of entitlement available to an individual veteran, loan limits for individual counties, and purchase prices for homes, situations may arise which are not covered here. Lenders are encouraged to contact the appropriate VA Regional Loan Center prior to closing a loan if there are questions about the VA guaranty calculation."

My conclusion? Perhaps there is something within that paragraph that either you, or my lender friend is misinterpreting. The link you gave me was a "examples" under certain circumstances. Perhaps the circumstances are different for Orange County, OR for my lender.

In any event, since I don't presently have a VA buyer looking for a $1mm loan, I think I'll just take my lender's word that he has such financing available, OK?

VA Website ExamplesHere is ...

Sat, 21 Mar 2009 23:33:00 GMT

VA Website Examples

Here is the VA website... take a look at example #7

You may be correct, Bob L. ...

Sat, 21 Mar 2009 22:58:00 GMT

You may be correct, Bob L. - however, I am looking at a published sheet from my lender, Kevin Budde, which reads: " 2009 VA loan limits Have been increased. $1,094,000. maximum 100% LTV, $1,500,000. maximum loan with 25% down payment."

Since he's been my lender for many years, AND has over 34 years of Orange County VA/FHA experience, I tend to take him at his word. Of course, even he could be wrong, but that hasn't happened yet, in our relationship.

"A veteran borrower, in Orange ...

Sat, 21 Mar 2009 22:24:00 GMT

"A veteran borrower, in Orange County, CA, can now get a loan of up to $1,070,000., with NO money down."

Bob, VA will only guarantee 25% of county "high balance" limit. So, if its over the county limit, they will have to put money down.

$1,070,000 is over the limit, so they would have to put money down.

Wow! Has it been 4 ...

Sat, 21 Mar 2009 21:17:00 GMT

Wow! Has it been 4 weeks since the question was asked? Time sure flies. Here was part of the question: In Orange County, CA the VA limit is $737,500, the FHA Limit is $625,500.

Since that day, the FHA and conventional limits for Orange County, CA, are NOW up to $729,750., and the VA upper limit is now $1,500,000.
( With 25% down.)

A veteran borrower, in Orange County, CA, can now get a loan of up to $1,070,000., with NO money down. ( rolling the 2.15% funding fee into the loan for a total VA loan of $1,094,000.)

This is sensational news.