The Veterans Administration finances loans on:

1. 1 to 4 family dwellings

2. One family unit in new condominiums, or in structures built as condominiums and approved by the VA. Conversions are not eligible.

3. Others only if approved

What is the CRV? Certificate of Reasonable Value. The law requires that the amount of the loan to finance the purchase may not exceed its Reasonable Value as determined by the VA. VA issues a Certificate of Reasonable Value, (CRV) based on an appraisal.

What is the VA Funding Fee? A one time, up front fee. May be paid in cash or financed into the loan.

Who is Eligible?

*Veterans with a minimum of 90 days active duty in the Armed Forces between 9/16/40 and 7/25/47 (WW II)

*Veterans with a minimum of 90 days of active duty between 6/27/50 and 1/31/55 (Korean Conflict)

*Veterans with more than 180 days active service form 7/25/47 to 6/27/50

*Veterans with more than 180 days, any part of which occurred after 1/31/55

*Widows of veterans who served during the periods referred to above, and who died as a result of service, if they have not remarried.

*Certain US citizens who served in the armed forces of a government allied with the US in WW II

NOTE: A minimum of 6 years of active duty for training is now considered active duty for VA purposes. To be eligible, the veteran must have been released, or discharged, under conditions other than dishonorable.

Must the Veteran occupy the property? GI loans are made only to Veterans who intend to occupy the property as their home. However, if the Veteran moves to another home at a later date, he may rent his old home financed by the GI loan.

CONTACT A LENDER TO MORE DETAILED INFORMATION.

Higher FHA Loan Limits = More Homeowners?

The Department of Housing and Urban Development has increased the FHA home loan limits…

Beginning January 1, 2001, HUD increased the amount of home mortgage that it insures by almost nine percent.

New loan limits for FHA-insured mortgages range from $132,000 to $239,250.

Loan limits two years ago were from $86,317 to $170,362.

The higher ceilings should especially benefit first-time homebuyers; 82 percent of FHA-insured home loans are to first-time buyers.

In addition, the increased loan limits should help minority homebuyers; FHA insures 42 percent of home loans to African-American and Hispanic buyers.

HUD has a list of FHA-insured mortgage amounts by state and locality. For more information, visit the HUD web site at http://www.hud.gov.

In Garfield County the loan limit is $190,000.