Searching for the most updated VA loan limits? If so, you’re in the right place. Keep reading to see our complete guide, your local limits, and things to consider before getting a government-backed mortgage.
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What Are VA Loan Limits?
VA home loans are popular because they have more relaxed lending requirements than other loan programs. If you have a military connection, you may qualify.
But first, you’ll want to understand the VA loan limits to know how much you’re able to borrow. While VA loans are popular, there are caps on how much you can borrow, known as VA loan limits.
These limits are non-standard, meaning they vary by location. The maximum loan is actually determined by what county you live in. In addition to your county’s loan limit, your interest rate will determine how much you can afford.
A Few Things to Consider
Finally, all VA loans are administrated by the Federal Housing Finance Agency and are considered a conforming loan. This loan product is excellent for a first time home buyer due to the low down payment required.
The biggest downside to a VA loan is the funding fee. A basic funding fee of 2.15% must be paid to VA by all but certain exempt veterans. Reservists and National Guard employees must pay a 2.40% funding fee.
VA Loan Eligibility
Before ever worrying about VA loan limits, you’ll first need to qualify for a VA loan. In order to do so, you’ll need to get a Certificate of Eligibility. In addition, you will need a DD-Form 214, which states you were discharged from service.
You can apply online or print a request for Certificate of Eligibility online and submit it to the VA for approval. Alternatively, a VA-approved lender may request this certificate for you.
In addition to the COE, you must meet one of the following requirements:
- You’ve 181 days during peacetime (active duty)
- Or, served 90 days during war time (active duty)
- Served six years in the Reserves or National Guard
- Are the surviving spouse of a service member who was killed in the line of duty
- The COE, or Form 26-1880, proves to your lender that you are an eligible veteran, on behalf of the government, are qualified to receive the loan
2019 VA Loan Limit Changes
The Department of Veteran Affairs announced the 2019 VA loan limits last November. As a result, the limits for the majority of counties and territories increased by about 7 percent.
Higher loan limits mean that home buyers can finance more expensive homes using VA mortgages. This enhances the benefit of VA loans to veterans, especially in a climate of rapidly rising home prices.
VA has increased its limits on loans for the past three years. The 2019 VA limit is set at $484,350 compared to $453,100 last year. In high-cost counties, the limit was increased as high as $726,525. Veterans can thank the gains in home values for the substantial increase in loan limits.
Understanding VA Loan Limits
There are misunderstandings regarding VA loan limits. Some people think that they limit the amount a qualified home buyer can borrow using the VA home loan benefit.
However, this isn’t the case. Instead, VA loan limit is the maximum borrowed amount that the USDVA is willing to back without down payment from the borrower.
Typically, the government guarantees 25 percent of a VA loan up to the limit for the lender. If loans exceed the limit, lenders require the borrower to secure 25 percent of the excess by making a down payment.
Since the new VA loan limit is $484,350, and the average VA home loan is $255,000, we expect most veterans are able to obtain a VA loan without a down payment.
VA Loan Limits by County
As we said, the loan limits vary by county. We have compiled a comprehensive list of VA loan limits by county and attached them in the PDF spreadsheet below.
Click to See Your County’s Loan Limit
VA Loan Limit Points Of Contact
If you have county-specific questions about loan limits, you should speak to your local Department of Veterans Affairs. Find yours from the list below:
VA Regional Loan Centers & Contact Information
Cleveland Department of Veterans Affairs
VA Regional Loan Center
1240 East Ninth Street
Cleveland, OH 44199
Denver Department of Veterans Affairs
VA Regional Loan Center
155 Van Gordon Street
Lakewood, CO 80228
(Mailing Address: Box 25126, Denver, CO 80225)
Honolulu Department of Veterans Affairs
VA Regional Office
Loan Guaranty Division (26)
459 Patterson Rd
Honolulu, HI 96819
Note: This office is not technically a Regional Loan Center. However, they manage the VA Loan Guaranty program in Hawaii.
Phoenix Department of Veterans Affairs
VA Regional Loan Center
3333 N. Central Avenue
Phoenix, AZ 85012-2402
Roanoke Department of Veterans Affairs
VA Regional Loan Center
210 First Street
Roanoke, VA 24011
(Mailing Address: 116 N. Jefferson Street, Roanoke, VA 24016)
St. Paul Department of Veterans Affairs
VA Regional Loan Center
1 Federal Drive, Ft. Snelling
St. Paul, MN 55111
(Mailing Address: P.O. Box 1437, St. Petersburg, FL 33731)
St. Petersburg Department of Veterans Affairs
VA Regional Loan Center
9500 Bay Pines Blvd
St. Petersburg, FL 33708
(Mailing Address: P.O. Box 1437, St. Petersburg, FL 33731)
What Are My VA Loan Limits?
To find your VA loan limits, contact your local DVA or simply pick your county from our table above. Also, we have plenty of resources on home loans, so be sure to read our other complete guides.
