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What Are the VA Loan Limits
When getting a VA mortgage loan, it can be a bit confusing if there is a cap, or maximum VA Loan Limit.
The answer is yes, no, and maybe.
The US Department of Veteran Affairs does not set a limit for VA Home Loans – most lenders do set limits and those VA Home Loan limits typically match Conforming Loan Limits. Conforming loans are those typically purchased after closing from your lender by Freddie Mae and Fannie Mae. These loan limits change each year.
As of the date of this article, Sept 12, 2022, the limit in the states we offer VA loans in of Minnesota, Wisconsin, Iowa, North Dakota, and South Dakota, the current conforming limit is $647,200 for a single family home. Check with your Cambria Mortgage VA loan expert for the current loan limit.
Next, there used to be a maximum loan amount cap for a veteran do do a no down payment loan. Over this limit, a VA loan needed a small down payment. That rule has gone away, but again, so VA lenders will impose their own overlay, and potentially require a down payment on large jumbo loans.
Finally, there is your personal VA eligibility to consider. If you have an existing VA loan that you will be keeping, this can lower the maximum new VA loan you can qualify.
Sound confusing? Like all things military, it can be. But don’t worry. Our expert VA Loan Officers can guide you. Simply reach out to us at (651) 552-3681, and we’ll review your personal situation to get your correct answer. Better yet, simply complete the Online VA loan Application found on this website. APPLY ONLINE.
We are not acting on behalf of, or under the direction of the VA or the Federal Government. The Veterans Administration does not lend directly to the public, only through approved lending institutions like us here at Cambria Mortgage.
The Department of Veteran Affairs requires mortgage companies who offer VA Loans go through a stringent approval process. We are proud tp a VA approved mortgage lender and are proud to help military families use their VA Loan Benefits.
Equal Housing Lender, Cambria Mortgage NMLS# 322798. Our lending services provided only in the following states: Minnesota, Wisconsin, Iowa, North Dakota, South Dakota, Colorado, and Florida. This is not an offer to lend or to extend credit, nor is this a guaranty of loan approval or commitment to lend. The information here may not be up-to-date and may no longer be accurate. Products and interest rates are subject to change at any time due to changing market conditions. Actual rates available to you may vary based upon a number of factors. Consumers must independently verify the accuracy and currency of available mortgage programs. All loan approvals are subject to the borrower(s) satisfying all underwriting guidelines and loan approval conditions and providing an acceptable property, appraisal and title report. © 1998 - 2024, Joe Metzler, NMLS 274132
