VA does not have a maximum loan amount. However, lenders do sell loans on the secondary mortgage market, so they will generally limit loans to $417,000 ($625,500 in Hawaii, Guam, Alaska and U.S. Virgin Islands) with no down payment. With a down payment, loans may exceed these amounts.
The veteran does have to qualify income and credit wise.
The veteran does have to occupy the home as their primary residence.
The veteran does not have to be a first time home buyer and may reuse his/her benefit.
The lender, not VA, sets the interest rate and discount points, so they may vary from lender to lender.
There is no private mortgage insurance, but VA does charge an up front VA funding fee, which may be financed. The exception to this is that if a veteran is in receipt of VA service connect disability payments each month, he or she does not have to pay a VA funding fee.
The seller can pay for closing costs. There is a requirement that seller concessions do not exceed 4%, but only certain items are considered as part of the concession; i.e., payment of pre-paids, VA funding fee, payoff of credit balances or judgments on behalf of the veteran, funds for temporary buydowns (not discount points).
The veteran is not allowed to pay for the wood destroying insect (termite) report; it is generally paid by the seller.
VA does not approve the majority of loans. The majority of transactions are handled directly by the lender with little VA intervention.