The House approved a bill June 23 that would increase VA's maximum home loan amount from $240,000 to $333,700. It includes a provision to link the amount to the national Freddie Mac index to guarantee the VA limit increases each year.
H.R. 4345 would offer qualified veterans the opportunity to receive a loan guaranty of up to 25%, or $83,425, on a mortgage of $333,700. Currently VA provides loans of up to $60,000 on a maximum mortgage of $240,000.
In the last 60 years, VA's home loan program has financed more than 18 million mortgages. For more information on the VA home loan program, access www.homeloans.va.gov.
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