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Isle VA loans
up to $539,475

Question: In your column last week you stated the VA Home Loan limit rose to $359,650. I heard that the limit rose even higher for Hawaii. Is that correct?

Answer: You are correct. The maximum VA guaranty amount is equal to 25 percent of the Freddie Mac conforming loan limit for a single-family residence, as adjusted for the year involved. To illustrate, the maximum VA guaranty amount for 2005 is $89,912. This is 25 percent of the 2005 Freddie Mac conforming loan limit for a single-family residence, which is $359,650. Under Freddie Mac's charter, the maximum loan amounts are 50 percent higher for first mortgages on properties in Hawaii, Alaska, Guam and the U.S. Virgin Islands. Since this higher amount also applies to VA loans, eligible veterans in these areas can seek to purchase a single-family home with no down payment, for up to $539,475 using the VA guaranty. The previous maximum loan amount in Hawaii and Guam was $240,000.

VA-guaranteed loans are obtained by making application to private lending institution. The VA regional office will also provide a list of lenders who are active in the program. Call 433-1000 for more information, or visit VA's Web site at www.homeloans.va.gov.

Q: Does the VA have a publication that covers the benefits I may be entitled to as a veteran?

A: Yes. Annually, VA publishes a 114-page booklet, "Federal Benefits for Veterans and Dependents," which describes these benefits, including medical care, education, disability compensation, pension, life insurance, home loan guaranty, vocational rehabilitation and burial assistance. It explains requirements for eligibility and outlines claims procedures. It has a directory that lists by state the addresses and telephone numbers of all VA benefits offices, medical centers, national cemeteries, counseling centers, community based outpatient clinics and other VA facilities. It also lists VA's toll-free number (800) 827-1000.

Copies are available from the Superintendent of Documents, P.O. Box 371954, Pittsburgh, PA 15250-7954 for $7, which includes postage and handling. Call toll free (866) 512-1800 or order a copy online at the secure Internet site www.bookstore.gpo.gov.