Guaranty

  
(Lender's Handbook, Chapter 3, Topic 3)

 

AMOUNT OF GUARANTY
 
The maximum guaranty on a VA Loan is the lesser of:
 
va dot  The veteran's available entitlement indicated on the COE, OR
 
va dot  The maximum potential guaranty amount from the table below:

 

 

va lender

 

 

Guaranty Chart

 

LOAN AMOUNT
LOAN TYPES
MAXIMUM POTENTIAL GUARANTY
SPECIAL PROVISIONS
Up to $45,000
All
50% of the loan amount
Minimum guaranty of 25% on IRRRLs
$45,001 to $56,250
All
$22,500
Minimum guaranty of 25% on IRRRLs
$56,251 to $144,000
All
40% of the loan amount, with a Maximum of $36,000
Minimum guaranty of 25% on IRRRLs
Greater than $144,000
Must be for:
va dot  Purchase or construction of a home, OR
va dot  Purchase of a condominium unit, OR
va dot Refinancing with an IRRRL
25% of the loan amount, with a Maximum of $104,250 for 2008.

 

va dot  Minimum guaranty of 25% on IRRRLs
va dot  Cash-out refinances have a Maximum guaranty of $36,000.
 

 

 

Note: The basic $36,000 entitlement is increased for home purchase, construction, and condominium loans in excess of $144,000 to provide 25% guaranty for loans up to the FHLMC conforming conventional loan limit ($417,000 for 2010).

 

 

 

 

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Start Here

 

VA Lender Guide

 

va arrow History

 

va arrow The Complete Lenders Training Guide

 

 

Eligibility

 

 

va arrow General Rules For Eligibility

 

va arrow VA Eligibility Center

 

va arrow Military Records Center

 

va arrow Restoration of Entitlement

 

 

Loan Types and Requirements

 

 

va arrow Maximum Loan Amount

 

va arrow Eligible Loan Purpose

 

va arrow Interest Rate Reduction Refinance Loans

 

va arrow Cash Out/Other refinance Loans

 

va arrow Refinance Comparison Chart

 

va arrow Energy Efficient Mortgage

 

va arrow Joint Loans

 

va arrow Adjustable Rate Mortgages

 

va arrow Prior Approval Loans

 

va arrow Guaranty

 

va arrow Appraisal Assignments

 

va arrow Special Adapted Housing

 

va arrow VA Repossessed Properties

 

 

Underwriting

 

 

va arrow Income Verification

 

va arrow Assets

 

va arrow Debts and Obligations

 

va arrow CAIVRS

 

va arrow Credit Analysis

 

va arrow Compensating Factors

 

va arrow VA Form 26-6393

 

va arrow Maintenance and Utility Guidelines

 

va arrow Automated Underwriting Systems

 

 

Closing Packages

 

 

va arrow Closing Packages

 

va arrow Seller Concessions

 

va arrow VA Funding Fee

 

va arrow Guaranty Procedures

 

 

 

Appendix

 

 

va arrow VA Forms

 

va arrow Acronyms

 

va arrow VA Training Broadcasts

 

va arrow Jurisdiction Codes

 

va arrow Regional Loan Centers

 

va arrow VA Loan Number