Wonderful Family Home that has the lake off the back patio. Large bathrooms with double vanities, separate tub & shower. Kitchen overlooks family room. Home is well insulated providing very
2020 VA Loan Limit State by County Chart
Dated: August 28 2020
Please do not hesitate in calling/texting/emailing me with any questions about your VA Loan Entitlement. I can be reached by calling/texting 561-220-2994 or email: firstname.lastname@example.org
The Veterans Administration officially announced the new VA Loan Limit set to take effect January 1, 2020. This time it’s very different. There will be NO LIMIT for veterans with full entitlement. Yes, that means if you can afford the payment (and get pre-approved) for a $2.5 million dollar home, then you can buy one using your VA home loan with $0 down payment! That’s right, ZERO down payment.
VA Loan Limits no longer apply to qualified veterans with their full VA loan entitlement! Veterans with diminished VA loan entitlement must still adhere to VA loan limits. Continue Reading Below to learn more about VA loan limits changes in 2020
About VA Loan Limits
The standard VA loan limit is $510,400 for most U.S. counties in 2020, an increase from $484,350 in 2019. For more expensive housing markets in the continental U.S., VA loan limits reach all the way up to $765,600 for 2020, up from $726,525 in 2019.
Remember, these limits do not represent a cap on borrowing. Veterans with their full entitlement can get as much as a lender is willing to give them without needing a down payment. But veterans with one or more active VA loans or who have defaulted on a previous VA loan will encounter the limits, which will in part determine their zero-down buying power.
VA Loan Limit Example
Let’s assume you’re currently using $60,000 of your VA loan entitlement and want to purchase a new home in a standard cost county ($510,400 loan limit). Because the VA guaranties a quarter of the loan amount, the maximum entitlement in this county is currently $127,600.
Generally, here’s how the loan limit calculations would look:
- $127,600 - $60,000 in current entitlement = $67,600 remaining entitlement
- $67,600 remaining entitlement x 4 = $270,400
That $270,400 figure represents how much you could borrow before needing to make a down payment. This veteran could buy with $0 down all the way up to $270,400. Purchasing above that mark would require a down payment equal to 25 percent of the difference between that ceiling and the purchase price.
Search your State by County below to find the VA Loan limit amount for your area.
State VA Loan Limits by County
Latest Blog Posts
From WSJ Money: What if I can’t make my mortgage payment this month? You can apply for forbearance. This means you can suspend monthly payments temporarily. Borrowers can request up to 180
August 30th ~ SUNDAY 1-3pm Come See This 3 Year New 4/2.5 Lakefront HomePriced Below Market As A New Lifes Location Calls Current Resident.Lowest HOA Under $200 That Includes All Landscaping,