HOW MUCH CAN I BORROW WITH A VA LOAN?
While the VA does not cap the amount you can borrow to finance your home, it DOES put limits on the amount of liability it can assume—which, in turn, affects the amount of money an institution will lend you without a cash down payment.
The basic full entitlement available to each eligible veteran with a qualified, appraised property and good credit is $36,000. Lenders will loan up to 4 times a Veteran’s available entitlement, or $144,000.
WHAT IF I WANT TO PURCHASE IN A COUNTY WITH A HIGH MEDIAN HOME PRICE?
Because median home prices (as estimated by the Federal Housing Administration) rise sharply in certain counties, these areas are given a higher loan guaranty amount than the standard $144,000.
States and providence having at least one county with an exception due to high average median cost: Alaska, California, Colorado, Washington DC, Florida, Georgia, Guam, Hawaii, Idaho, Massachusetts, Maryland, American Saipan, North Carolina, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, Tennessee, Utah, Virginia, Virgin Islands, Washington, West Virginia, and Wyoming.
WHAT ARE THE VA LOAN LIMITS IN 2015?
As rates are re-adjusted yearly, give us a call today and talk with one of our VA-expert Mortgage Brokers about the rates for 2015. Some limits have increased, some stayed the same, and a few decreased. We can let you know what they are for your area, especially if you live in one of the states listed above.
Also, give us a call if you’re a veteran who is looking to purchase with remaining entitlement (a second loan) and we can help you know if you qualify and understand what your payments would look like.
The VA lending program is there to help you get a home that works for your family in the place you want to live!