Can i get a va home loan for more than the purchase price?

There is no maximum VA loan, except that the loan cannot exceed the appraised value or purchase price, plus the VA financing charge and energy efficiency improvements, if applicable. There is no set loan limit on home price or loan amount with a VA home loan. This is possible, often when an active duty service member receives permanent change of station orders, but it's important to remember that a VA lender will need to approve you to have multiple loans. As long as you have remaining entitlement (more on this below), access to a VA loan is a lifetime benefit.

A distinctive advantage of using your VA loan is that you may not have to pay some of the additional fees that are normally paid. The financing fee is an unavoidable expense on VA loans, and you could end up paying more for it on your second loan. Veterans with less than their full entitlement may not need a down payment to buy back with their VA loan benefit. If you make a down payment of less than 5 percent of the purchase price the second time you apply for a VA loan (and any other time thereafter), the financing fee will be 3.6 percent.

The concept of VA loan limits can be confusing not only for military homebuyers, but also for people in and around the mortgage industry. Taxpayers from the VA home loan program do not require down payments or monthly mortgage insurance. Members of the military who receive change of season orders may be eligible for VA loans to purchase homes near their new armed forces. Loan rates and APR calculations also assume certain facts according to the type of loan described.

Your Certificate of Eligibility (COE) verifies that you meet military service requirements for a VA loan. These and other advantages should cause veterans to reconsider their loan options, even when they are looking for homes well above published VA loan limits. This can happen if you don't repay your VA loan, the lender foreclosures and sells your home for less than you owe, and the VA has to repay the lender.