If you have remaining entitlement for your VA-backed home loan, find out the current loan limits and how they may affect the amount of money you can borrow without a down payment. As of 2020, if you have full entitlement, you don’t have a VA loan limit.
If you have full entitlement, you don’t have a home loan limit
Eligible Veterans, service members, and survivors with full entitlement no longer have limits on loans over $144,000. This means you won’t have to pay a down payment, and we guarantee to your lender that if you default on a loan that’s over $144,000, we’ll pay them up to 25% of the loan amount.
You have full entitlement if you meet any of these requirements.
At least one of these must be true:
You’ve never used your home loan benefit, or
You’ve paid a previous VA loan in full and sold the property (in this case, you’d have your full entitlement restored), or
You’ve used your home loan benefit, but had a foreclosure or compromise claim (also called a short sale) andrepaid us in full
Note: You may be familiar with the terms additional entitlement, bonus entitlement, or tier 2 entitlement. We use these terms when we communicate with lenders about VA-backed loans over $144,000. You won’t need to use these terms when applying for a loan.
If you have remaining entitlement, you do have a home loan limit
With remaining entitlement, your VA home loan limit is based on the county loan limit where you live. This means that if you default on your loan, we’ll pay your lender up to 25% of the county loan limit minus the amount of your entitlement you’ve already used. Check your county loan limit on the FHFA website
You can use your remaining entitlement—either on its own or together with a down payment—to take out another VA home loan.
You may have remaining entitlement if any of these are true:
You have an active VA loan you’re still paying back, or
Youpaid a previous VA loan in full and still own the home, or
You refinanced your VA loan into a non-VA loan and still own the home, or
You had a compromise claim (or short sale) on a previous VA loan and didn’t repay us in full, or
You had a deed in lieu of foreclosure on a previous VA loan (this means you transferred your home’s title to the bank that holds your mortgage to avoid foreclosure), or
Youhad a foreclosure on a previous VA loan and didn’t repay us in full
Is the “limit” the amount I can borrow or the amount VA guarantees?
The VA-backed home loan limit refers to the amount we’ll guarantee (the maximum amount we’ll pay to your lender if you default on your loan).We don’t limit how much you can borrow to finance a home.
How does my county loan limit affect me?
You may need to make a down payment if you’re using remaining entitlement and your loan amount is over $144,000. This is because most lenders require that your entitlement, down payment, or a combination of both covers at least 25% of your total loan amount.
So if you’re able and willing to make a down payment, you may be able to borrow more than the county loan limit with a VA-backed loan. Remember, your lender will still need to approve you for a loan. The lender will determine the size of loan you can afford based on your:
Assets (items of value such as savings, retirement, and investment accounts)
We don’t require a minimum credit score, but some lenders may have different credit score requirements. Be sure to contact more than one lender to compare.
Note: You may be familiar with the terms additional entitlement, bonus entitlement, or tier 2 entitlement. We use these terms when we communicate with lenders about VA-backed loans over $144,000. You won’t need to use these terms when applying for a loan.
Why does my COE say, “This Veteran’s basic entitlement is $0”?
This line on your COE is information for your lender. It shows that you’ve used your home loan benefit before and don’t have remaining entitlement. If the basic entitlement listed on your COE is more than $0, you may have remaining entitlement and can use your benefit again.
On your COE, in the table called Prior Loans charged to entitlement, we list the amount of your entitlement you’ve already used under the Entitlement Charged column. Your entitlement can be restored when you sell your property and pay your VA-backed loan in full, or repay in full any claim we’ve paid.
What are the VA home loan limits by year and county?
Find the VA home loan limit for the county your property (or future property) is in.
You can talk to your lender or call us at 877-827-3702(TTY: 711) to talk to a VA home loan representative. We’re here Monday through Friday, 8:00 a.m. to 6:00 p.m. ET.
VA loan limits received a massive increase in 2024. The standard VA loan limit in 2024 is $766,550 for most U.S. counties, increasing from $726,200 in 2023. VA loan limits also increased for high-cost counties, topping out at $1,149,825 for a single-family home. VA loan limits do not represent a cap or max loan amount.
As long as you're still eligible for a VA loan and are able to qualify with a lender, there's no limit to how many of these mortgages you can take out over the course of your life. In fact, it's even possible to have more than one VA loan at the same time in certain circ*mstances.
You can get a VA jumbo loan of up to $2 million, assuming you meet the minimum credit score requirements and have full entitlement through the VA. We advise our servicemen and women to obtain a Certificate of Eligibility before getting a VA Jumbo Loan. A lender cannot start the process without this necessary document.
After two years of record cost-of-living-adjustment (COLA) surges, disabled veterans and military retirees will see an additional 3.2% increase in 2024 in their monthly compensation benefits from the Department of Veterans Affairs.
VA loan limits were eliminated in 2020. That means VA borrowers with full entitlement can take out a large mortgage. However, if you have remaining entitlement, you may be subject to loan limits set by the Federal Housing and Finance Agency (FHFA).
Getting a second VA loan on a different home is possible. It often happens when an active service member receives Permanent Change of Station orders. However, a VA-approved lender must approve you having multiple loans. Essentially, you'll need to show that you have the means to repay both loans at once.
Who pays closing costs on a VA loan? The buyer will be responsible for paying the closing costs charged by whichever mortgage lender they choose. The seller may decide whether or not to pay some of the buyer's closing costs.
So if a parent qualifies for a VA loan, they can use their benefit to buy a house for the child to occupy. It's important to know applicable occupancy situations can vary and should be discussed with your VA lender.
A VA jumbo loan is defined as a VA loan that exceeds the conforming loan limits for your area. These limits are set annually by the Federal Housing Finance Agency (FHFA). As of 2023, these limits range from $726,200 – $1,089,300 for a single-family home.
VA Jumbo: For loan amounts higher than traditional conforming loan limits, lenders offer VA jumbo loans. At Rocket Mortgage, you can get a VA jumbo loan up to $2 million, while VA loans up to $1.5 million may not require a down payment.
Yes, you technically can use a VA loan for a second home.
VA mortgages even come with specific occupancy requirements to help ensure that the homes they guarantee are inhabited for most of the year. Specifically, you'll have 60 days — in most cases — to move into your new property and start living in it full time.
Now, eligible military borrowers with full entitlement — that is, no other active VA loans — have no loan limit set by the VA. This means a VA borrower with full entitlement can purchase a single-family home that costs more than the conforming loan limit, which caps how much conventional loan borrowers can access.
Service members and veterans who have one or more active VA loans, or who have defaulted on a VA loan, will still be subject to loan limits. For a single-family residence in a typical U.S. county, the limit in 2024 is $766,550.
VA does not limit the number of acres a VA-guaranteed property may have. The appraisal of properties with acreage should not pose a problem, as long as similar properties in the area were recently sold primarily for residential use.
The average interest rate for a VA loan was 6.328% in mid-June 2024, according to FRED data. That's more than a full percentage point below its October 2023 high of 7.459%. The VA loan program was created in 1944 under the G.I. Bill to help current military service members and veterans purchase homes.
Conforming limits are usually set at 115% of the median home price for each area, though they can exceed this level in some high-cost areas. The 2024 conforming limit for most counties in California State is $766,500.
Washington, D.C. – The Fiscal Year 2024 Military Construction, Veterans Affairs, and Related Agencies Appropriations Act provides the Department of Veterans Affairs (VA) and related agencies $135.25 billion in non-defense discretionary funding, as well as $172.5 billion in mandatory funding, to fulfill our nation's ...
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