Before you ask for the loan, many smart veterans ask if there are VA loan limits. The answer is yes…but those limits are being increased all the time. For example, the maximum guaranty for 2008 is $104,250 - 25 percent of the 2008 Freddie Mac loan limit for a single family home costing $417,000.
Before they were famous, many truly influential men and women started by serving their country in the US military or grew up in military families.

VA Home Loans

VA LOAN LIMITS
Know the VA Limits Before You Buy

Before you ask for the loan, many smart veterans ask if there are VA Home Loan lending limits. The answer is yes...but those limits are being increased all the time.

The Veterans Benefits Act of 2004 increased the maximum guaranty amount of $60,000 for certain loans in excess of $144,000, to an amount equal to 25 percent of the Freddie Mac loan limit determined under the Federal Home Loan Mortgage Corporation Act for a single family residence, adjusted for the year involved.

For example, the maximum guaranty for 2008 is $104,250 - 25 percent of the 2008 Freddie Mac loan limit for a single family home costing $417,000.

So, maximum eligibility for each veteran is $104,250; the maximum loan amount with no down payment is $417,000.

These lending limits vary by state. VALoans.com has a good deal of detailed VA loan limit information available showing the maximum allowable lending amount for each state.

Recently, the signed Housing and Economic Recovery Act of 2008, Section 3221, calls for the Temporary Increase in Maximum Loan Guaranty Amount for Certain Housing Loans Guaranteed by the Secretary of Veterans Affairs.

So, for all locations in the United States other than Alaska and Hawaii, the maximum guaranty amount is 25% of the greater of either $417,000 or 125 percent of the area median price for a single-family home up to $729,750.

Before you buy, be sure you're taking it to the limit without exceeding your VA limits.



RELATED ARTICLES:


Sponsor:

VA Loans for Veterans
Complimentary VA loan pre-approvals will give you the comfort you need to shop for your home with confidence. VA refinance loans available.


VA Home Loans

Military Hub is not a government website and is not affilitated with any branch of the U.S. Military.


Support Our Troops:

Semper Fi Fund
The Semper Fi Fund provides financial assistance and support to service members and their families.
IAVA - Iraq and Afghanistan Veterans of America
IAVA is the nation's largest nonprofit, nonpartisan organization representing veterans and their families.
Team Rubicon
Team Rubicon unites the skills and experiences of military veterans with first responders.
Pat Tillman Foundation
The Pat Tillman Foundation invests in military veterans and their spouses through educational scholarships.

About Military Hub
Privacy Policy
Contact / Advertise

Copyright © 2008 - 2017
Advertise Military, LLC
All Rights Reserved

Disclaimer: MilitaryHub.com and MilitaryRates.com are private websites that are not affiliated with the U.S. Department of Veteran Affairs, any U.S. government agencies, or any U.S. military branches. Our sites contain basic information about veteran benefits, pay tables, current events, and news for active duty military personnel, military veterans, and their families. You can find additional information on these topics at the official website for U.S. Department of Veteran Affairs.