VA Loan Amount Limit Information for Military Home Loans

The VA loan amount limit is a crucial factor to consider when buying or refinancing a home with a VA loan. The limit varies by county and is based on the conforming loan limit set by Fannie Mae and Freddie Mac.

In high-cost areas, the VA loan amount limit can be as high as $1,089,787, while in most counties, it's capped at $510,400. This means that in some areas, you can borrow up to nearly $1.1 million with a VA loan, but in most places, you're limited to around $510,000.

To give you a better idea, let's take a look at some examples. In Los Angeles County, California, the VA loan amount limit is $970,800, while in Cook County, Illinois, it's $510,400. These limits can change over time, so it's essential to check the current limits before applying for a VA loan.

VA loan limits are not the same as the amount you can borrow to finance a home, but rather the maximum amount the VA will guarantee to pay to your lender if you default on your loan.

The VA-backed home loan limit is the same as the Federal Housing Finance Agency (FHFA) limits, also known as conforming loan limits. You can check the current loan limits on the FHFA website.

VA loan limits vary by state and county, with some states having higher limits than others. For example, Hawaii has a higher limit of $765,600, while most other states have a limit of $510,400.

Here's a breakdown of the loan limits by state in 2020:

The VA loan borrowing limit is actually a guarantee limit, not a limit on how much you can borrow. The VA guarantees to pay your lender up to a certain amount if you default on your loan, but you can still borrow more than that amount.

The VA loan limit, also known as the conforming loan limit, is the maximum amount the VA will guarantee. This limit is set by the Federal Housing Finance Agency (FHFA) and is the same as the conforming loan limit. You can check the current loan limits on the FHFA website.

In 2020, the starting loan limits for borrowers with partial entitlement varied by state. For example, in Alabama, the loan limit started at $510,400, while in Hawaii, it started at $765,600.

VA loan limits apply when you have partial entitlement, which means you're subject to the county loan limits set by the FHFA. This can depend on the county you're buying in and whether you're making a down payment or not.

Here are the 2024 VA home loan limits by state:

If you're subject to VA loan limits, it's essential to try to keep your mortgage amount below the conforming loan limit to avoid higher interest rates and private mortgage insurance (PMI). This can save you money on your monthly payments and reduce the financial burden.

The VA loan limit is actually the maximum amount the VA will guarantee, not the amount you can borrow. This means the VA will pay your lender up to a certain amount if you default on your loan, but you can still borrow more than that amount.

Your county loan limit can affect how much you can borrow with a VA-backed loan. If your loan amount is over $144,000, you may need to make a down payment to cover at least 25% of the total loan amount.

You may be able to borrow more than the county loan limit with a VA-backed loan if you're willing to make a down payment. However, your lender will still need to approve you for a loan based on your creditworthiness and ability to afford the payments.

Conforming loan limits are important to consider when it comes to VA loans. If you're subject to these limits, it's a good idea to try to keep your mortgage amount below the conforming loan limit to avoid higher interest rates and private mortgage insurance (PMI).

The VA doesn't limit how much you can borrow to finance a home.

VA-backed home loan limits refer to the amount the VA will guarantee, not the amount you can borrow. This means the VA will pay your lender up to 25% of the loan amount if you default.

To determine your VA loan limit, check your county loan limit on the FHFA website. Your VA home loan limit is based on the county loan limit where you live.

Here are the current VA loan limits by state:

If you have full entitlement, you don't have a home loan limit. This means you won't have to pay a down payment, and the VA will guarantee to your lender that if you default on a loan over $144,000, they'll pay them up to 25% of the loan amount.

VA loan limits apply when you have impacted entitlement, which depends on the county you're buying in and whether you're making a down payment or not.

VA-approved lenders may restrict your loan amount if you're still paying back another VA loan or home loan, or if you've refinanced your VA loan into a non-VA loan.

You may still be able to restore entitlement if you've paid off a previous VA loan but haven't restored your entitlement.

To resolve this issue, provide your lender with proof the VA loan was paid in full.

If you've sold your home as part of a short sale or deed in lieu of foreclosure, you may still be subject to VA loan limits.

If you've had a foreclosure or a previous VA loan that hasn't been paid in full, you may also be subject to VA loan limits.

If you're looking to borrow a larger loan amount that feels too risky to lenders, you may be subject to VA loan limits.

VA loan limits are based on the county loan limit where you live, which you can check on the FHFA website.

If you have remaining entitlement, you can use it to take out another VA home loan, either on its own or together with a down payment.

You may have remaining entitlement if you have an active VA loan, paid a previous VA loan in full and still own the home, or refinanced your VA loan into a non-VA loan and still own the home.

You can also have remaining entitlement if you had a compromise claim, short sale, or deed in lieu of foreclosure on a previous VA loan, or if you had a foreclosure on a previous VA loan.

If your COE says, "This Veteran's basic entitlement is $36,000", it means you have full entitlement, but the $36,000 isn't the total amount you can borrow.

Instead, it means that if you default on a loan under $144,000, the VA will guarantee to pay your lender up to $36,000.

For loans over $144,000, the VA guarantees to pay up to 25% of the loan amount.

If you only have partial entitlement, you'll be subject to VA loan limits based on the county loan limits set by the FHFA.

In this case, you may need to make a down payment to buy a home above the loan limit, as most lenders require that your entitlement, down payment, or a combination of both covers at least 25% of your total loan amount.

Here are some scenarios where you may be subject to VA loan limits: