VA aligns with FNMA/FHLMC

Posted by admin on December 23, 2014

Although some county limits have increased to $417,000 due to this alignment, some have been reduced to $625,500. In instances where a county loan amount has decreased, VA will honor the higher loan limit on  purchase loan transactions provided the sales contract has been ratified by all parties AND the URLA (loan application) is signed by both the borrowers and the loan officer prior to January 1, 2015. The lender is required to provide VA a printed time stamp to substantiate the date the loan application was printed and signed.

The new county limits do not apply to VA IRRRL’s.

The VA circular,  loan amount chart AND the VA loan amount calculator are attached to this announcement and are also posted in the Essex Coop.

Should you have additional questions, please contact your department manager

 

equal-housing-lender-logo-vector.pngData Mortgage dba Essex Mortgage is an equal housing lender. The corporate office is located at 2200 W. Orangewood, Suite 150 Orange, CA 92868 California Department of Real Estate License No. 00936013 . California Department of Corporations #603-G833 NMLS License 70377 Data Mortgage Inc. Member FDIC