PDF VA Maximum Loan Amount Worksheet

VA Maximum Loan Amount Worksheet

(To be used for Full Refinance Transactions Note: This does not apply to IRRRL) Fill in all fields outlined in RED

Borrower's Name(s) : Borrowers Name(s)

Step # 1

Action

Enter Sales Price (SP) _$__2_,0__0_0_,0__0_0______ Enter NOV (Notice of Value)/CRV Certificate of Reasonable Value _$__1_,_5_0_0_,_0_0_0______ Note: If the Sales Price exceeds the NOV/CRV, the applicant must have sufficient cash to cover the difference.

Amount

(1) $ 1,500,000

This is the lessor of the sales price and the value of NOV/CRV

2 .75%

of the lessor of the sales price and the value of NOV/CRV

Available Entitlement 3 Enter the total entitlement available to the borrower.

(Generally, this can be located on the Certificate of Eligibility)

(2) $ 1,125,000 (3) $ 544,444

Note: The available entitlement for Full Refinance is limited to $36,000. See Ncyclopedia for details on entitlement. Maximum Loan Amount 4 Enter the lesser of the following three calculations:

(4) $ 1,350,000

a) Line 2 plus Line 3 _$_1_,_1_2_5_,0_0_0_ + _$_5_4_4_,_4_44____ = _$_1_,_6_6_9_,4_4_4____

b) GNMA's Maximum Loan Limit = _$_5_0_,_0_0_0,_0_0_0_ (See Ncyclopedia for current max loan lim.)

c) If Full Refinance, NOV/CRV x 90%

_$_1_,_5_0_0_,0_0_0____ x 90% = _$_1_,_3_5_0_,0_0_0____

.90%

Base Loan Amount1 5 Enter lesser of Line 4 _$_1_,_3_5_0,_0_0_0__

or Requested Loan Amount _$__5_5_5,_5_5_5___.

(5) $ 555,555

Minimum 25% Coverage Required 6

Equity2 (Line 1 - Line 5) _$_9_4_4_,_4_45____ + Available Entitlement (Line 3) _$_5_4_4_,_4_44____. Divided by lesser of SP or Value Line (1) _1_5_0_0_0_0_0____.

(6) 99.26%

1 If applicable, the funding fee may be added to the base loan amount (not to exceed the GNMA maximum loan limit) OR it may be paid in cash. 2 Equity is defined as the positive difference between the NOV/CRV and the new base loan amount.

Note: This is just a Guide - Refer to VA Guidelines for any additional calculation information.

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