As of January 1st 2015 the maximum VA Home Loan lending limits in the NYC area & surrounding counties has been lowered to $625,000 from $968,500 with no money down.
The NYC area’s limits were always higher than the national limit of $417,000 due to the price of Real Estate in the NY area.
In the last 10 years the Mortgage industry as a whole has undergone drastic changes.
Mortgage programs used to read like a menu from a Diner – where you can get anything you were in the mood for, but that menu has shrunk to a few basic choices The VA Mortgage being one of them.
With the elimination of so many Mortgage programs, the VA Mortgage is now more important than ever. For a Veteran, the only other Mortgage program that is normally feasible is the FHA Program where you have to pay Mortgage Insurance for the life of the loan and which can cost you on average an additional $400 a month. In addition to having to come up with a down payment of 3.5% which equals $14,000 for a $400,000 Mortgage.
Now faced with a Lower VA Mortgage Limit – can Veterans still afford to buy a home in the NYC area? Absolutely.
95% of the Veterans we work with are looking to buy a house between $350K – $550K. The inventory of homes are still very plentiful in that price range and a motivated Veteran home buyer can still find a home that fits their needs.
So fear not Veterans, home ownership is still a reality for you, even if you live in the NYC area.
The Veterans Homebuyers Network as always, is here to help you realize the American Dream of Home Ownership.
Make 2015 the year of home ownership – for more information – please call 917-960-4260.
We will leave NO soldier behind.