VA Loan Limit Calculator
Use our VA Loan Limit Calculator to determine the VA loan limit for any county in the U.S The U.S. Department of Veterans Affairs (VA) offers a VA home loan program for active and retired military personnel that enables them to purchase homes with no down payment and at attractive mortgage rates. While technically there is no maximum loan amount for the VA program, the VA guarantees 25% of the mortgage amount up to the VA loan limit. If your mortgage amount exceeds the VA loan limit, you are required to make a down payment. So the VA loan limits effectively cap the mortgage amount for most borrowers. VA loan limits vary by county with higher cost counties having higher loan limits and lower cost areas having lower limits. Input your state and county into our VA Loan Limit Calculator to determine the limit in your area. You can also use our VA Mortgage Qualification Calculator to determine the VA mortgage you qualify for and learn other information about the program.
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How VA Loan Limits Work
VA Loan Limit Basics
VA home loan program guidelines do not technically apply loan limits but rather establish a maximum amount of a loan that the VA guarantees, which effectively caps the mortgage amount for most VA borrowers. In short, the VA guarantees 25% of your loan as long as it is below the VA loan limit. If your loan amount exceeds the VA loan limit then the VA only guarantees 25% of the loan amount up to the loan limit and does not guarantee any portion of the loan that exceeds the loan limit. Although it is a little complicated, the most important point to understand is that lenders apply VA loan limits. VA loan limits vary by county. There is one set of loan limits for the 48 contiguous United States, Washington D.C. and Puerto Rico and a higher set of loan limits for Alaska, Hawaii, Guam and the U.S. Virgin Islands. In the contiguous U.S., Washington D.C. and Puerto Rico, VA loan limits range from $453,100 to $679,650 in counties with a higher cost of living and housing prices. In Alaska, Hawaii, Guam and the U.S. Virgin Islands VA loan limits range from $679,650 to $1,019,475 for high cost counties. Given the variation in loan limits, we recommend that you use our VA Loan Limit Calculator to determine the limit for your specific county.
Your VA Loan Amount Can Be Greater that the VA Loan Limit
It is important to highlight that most lenders are willing to lend you a loan amount that exceeds the VA loan limit as long as you contribute a down payment equal to 25% of the amount by which your mortgage exceeds the loan limit. For example, if the VA loan limit in your county is $500,000 and you want a $600,000 mortgage, most lenders require that you make a $25,000 down payment to qualify for a VA mortgage ($25,000 = 25% * $100,000 (the amount by which the loan exceeds the VA loan limit)). Our VA Loan Limit Calculator enables you to determine if your mortgage amount exceeds the loan limit in your area so you can determine if you are required to make a down payment.
VA Loan Program Property Eligibility Guidelines
The VA mortgage program applies to one-to-four unit owner occupied primary residences. If you use a VA home loan to buy a multi-unit property you must live in one of the units. Second and vacation homes as well as non-owner occupied investment properties are ineligible for the VA mortgage program.
More FREEandCLEAR Mortgage Resources
Review our comprehensive overview of the VA mortgage program including borrower eligibility guidelines, qualification requirements and other key program information such as the VA funding fee
Calculate what size VA home loan you can afford based on your monthly gross income and debt and type of military service
Understand the positives and negatives of a VA mortgage to determine if it the right program for you
Use our VA interest rate table to review updated VA rates and closing costs for lenders in your area. Shopping multiple lenders is the best way to find the VA home loan with the lowest rate and fees