Regulations and Fees
While the VA Loan is a federal program, the government generally does not make direct loans to veterans. Instead, private lenders including BBMC Mortgage finance the loan while the Department of Veterans Affairs offers a guaranty. This guaranty provides incentive for private lenders to offer loans with better terms.
In most parts of the country, veterans who qualify for the VA Loan can purchase a home worth up to $417,000 without putting any money down: borrowers in high-cost counties may be able to purchase homes far exceeding that amount without a down payment. With a required minimum down payment, BBMC will authorize VA loans above county limits in excess of $1.5 million. To find out the VA Loan Limit in your area, give BBMC a call at 1-800-24-RATES.