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9 Best VA Loan Lenders of October 2021 Personal finance

Purchase loans cannot be used to purchase an investment home, vacation home, rental property, or building in need of major repairs. The VA itself no longer imposes maximum loan limits, but your VA mortgage lender could. In most US counties, the maximum loan amount for 2021 is $ 548,250, but it can reach $ 822,375 in more expensive areas.

Refinancing loan with reduced interest rates (IRRRL)

Designed to refinance an existing VA mortgage, Simplified Refinancing can lower your interest rate, shorten the term of the loan, or switch from a variable rate mortgage to a fixed rate mortgage.

Cash refinance loan

A VA withdrawal refinance replaces an existing VA loan and changes its terms to take advantage of the home equity. The Withdrawal Option is also used to refinance a Non-VA Backed Loan into a VA Backed Loan.

Native American Direct Loan (NADL)

NADL is the only VA loan that is managed and funded directly by the government entity. Native American veterans (or whose spouses are Native American) are eligible for this loan. It can be used to buy, build, or improve a home on federal trust land.

As of July 1, 2021, there is no limit to the amount of money that can be borrowed with this program (apart from the limits imposed by the creditworthiness, DTI and general limits according to Fannie Mae / Freddie Mac, although borrowers can access higher limits if they choose to put down a down payment).

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