A VA loan limit is the maximum amount of money you can borrow with a VA mortgage before you must make a down payment. For those who have a full VA loan entitlement, there are no VA loan limits. This is one of the primary rewards of a VA loan. Keep in mind you may still be subject to county loan limits imposed by the Federal Housing Finance Agency (outlined further below).
Full Entitlement in VA Loans
You should have a full entitlement if you qualify for a VA loan. Your VA entitlement can be used multiple times if you have paid a previous VA loan in full and sold the house. You may also have your entitlement even if you have had a foreclosure or short sale on a VA mortgage – so long as you’ve repaid the VA in full.
Partial Entitlement in VA Loans
Those with partial entitlement or “remaining entitlement” are usually service members or veterans who already have an active home loan, or those who’ve defaulted on a mortgage before. These homebuyers may still access VA perks up to the county limit, depending on the balance of their entitlement as seen on their Certificate of Eligibility (COE).
If you are subject to VA loan limits, and you’ve already chosen a house, you may still qualify for a VA mortgage if it’s over the county limit. A loan officer can help you evaluate your options here.
Don’t let any lender tell you obtaining a VA loan could be “too difficult.” The VA specialists at our veteran-owned bank consider these loans to be the best tool for helping you on the journey to your new home. Our experts can do the heavy lifting so the people who serve our nation can access their hard-earned perks. Learn more about our team.
VA County Loan Limits in 2022
In 2022, a single-family home in a typical U.S. county has a VA loan limit of $647,200, due to funding restrictions set by the FHFA. In more expensive locations like San Francisco or New York City, the one-unit property limit is up to $970,800. (Please note these prices are only up to date of publication.)
These loan limits vary by state and county, and they are updated every year. For help determining the VA loan limit in your area, please give us a call at: 877-788-3520.
Requirements for a VA Loan
Once you know the VA loan limits and you’ve confirmed your entitlement, a lender will likely require further information on the following to help you access a VA home loan:
- Your income
- Your assets
- Your credit history
Our team at The Federal Savings Bank – many of them veterans themselves – will be happy to help you gather these items, as well as guide you through the other requirements of a VA loan. We know you’re eager to get into your new home – and we’re ready to help you.
Call us at 877-788-3520 or continue exploring our resources for VA borrowers for further information. We look forward to hearing from you.
Subject to credit approval. Terms and conditions may apply. Property insurance is required for all loans secured by property.
This information is intended for educational purposes only. Products and interest rates subject to change without notice. Loan products are subject to credit approval and include terms and conditions, fees and other costs. Terms and conditions may apply. Property insurance is required on all loans secured by property. VA loan products are subject to VA eligibility requirements. Adjustable Rate Mortgage (ARM) interest rates and monthly payment are subject to adjustment. Upon submission of a full application, a mortgage banker will review and provide you with the terms, conditions, disclosures, and additional details on the interest rates that apply to you individual situation.
