As of January 1, 2020, the VA Home Loan Program no longer applies loan limits to applicants with their full entitlement. This means that VA loan limits do not apply to most borrowers. Loan limits only apply to applicants who have not fully restored their VA entitlement. Although mortgage limits only apply to a small number of borrowers, you can use our calculator to determine the 2020 VA loan limit for any county in the U.S. You can also use our VA Mortgage Qualification Calculator to learn the VA home loan you qualify for and learn other important details about the program.
The U.S. Department of Veterans Affairs (VA) offers the VA home loan program for active and retired military personnel that enables them to purchase a home with no down payment and with an attractive mortgage rate. The VA program does not use loan limits if you have your full VA entitlement available to you, which includes most borrowers. Applicants without their full entitlement are subject to loan limits.
The loan limits vary by county with higher cost areas having higher limits and lower cost counties having lower limits. To use our VA Loan Limit Calculator simply select the state and county for the property being financed.
VA loan limits are determined by the VA in collaboration with other federal government agencies. The loan limits are subject to change annually based on shifts in property values. Our calculator is updated every year to to ensure that you find the current VA loan limit for your county.
As noted above, loan limits do not apply to VA program applicants with their full entitlement. In this case you can use a VA home loan to buy a home with no down payment regardless of the purchase price or mortgage amount, as long as you qualify for the loan. If you have not previously used the VA program, your full VA entitlement should be available to you. If you purchased a home with a VA loan in the past, you can restore your entitlement by selling the property or paying off your loan.
VA loan limits only apply to borrowers who have not fully restored their entitlement. If you fall into this category, the VA guarantees 25% of your mortgage up the VA loan limit for your county, less the amount of your entitlement that has not been restored. This guideline has the effect of putting a cap on your mortgage amount or requiring you to make a down payment if you want to exceed the loan limit. For example, if the VA loan limit in your county is $800,000 and you want a $900,000 mortgage, most lenders require that you make a down payment equal to 25% of the amount by which your mortgage exceeds the loan limit, which would be $25,000 in this case (25% * $100,000 (the amount the loan is greater than the loan limit) = $25,000).
In the contiguous U.S., Washington D.C. and Puerto Rico, VA loan limits range from $548,250 to $822,375 in counties with a higher cost of living and housing prices. In Alaska, Hawaii, Guam and the U.S. Virgin Islands the VA loan limit is $822,375. Given the variation in loan limits, we recommend that you use our VA Loan Limit Calculator to determine the limit for your specific county.
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.
Some no or low down payment programs apply income limits that restrict how much money applicants can make. If your income exceeds the limit you are not eligible for the program. The VA mortgage program, however, does not apply income limits which means all eligible military personnel and veterans can use a VA mortgage to buy a home. This is particularly relevant to veterans whose incomes have increased significantly since they left the military.
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
"Blue Water Navy Veterans and Your Home Loan Benefits." VA Home Loans. U.S. Department of Veterans Affairs, January 1 2020. Web.