Use our VA Loan Limit Calculator to determine the 2020 VA loan limit for any county in the U.S. Input your state and county into our calculator to determine the limit in your area. You can also use our VA Mortgage Qualification Calculator to determine the VA home loan you qualify for and learn other important details about the program.Watch our VA Mortgage Loan Limit Calculator "How To" video
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 homes with no down payment and at attractive mortgage rates. While technically there is no maximum loan amount for the program, the VA guarantees 25% of your 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 to use the program.
Because most program applicants do not want to put money down, their loan amount cannot exceed the VA loan limit. So VA loan limits effectively cap the mortgage amount for most borrowers. This is also why it is important to understand how the loan limits apply to you before you apply for a VA loan.
VA 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 input 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.
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. The guarantee protects lenders in the event you default on your loan. 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. VA loan limits vary by county and geography. In the contiguous U.S., Washington D.C. and Puerto Rico, VA loan limits range from $510,400 to $765,600 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 $765,600. Given the variation in loan limits, we recommend that you use our VA Loan Limit Calculator to determine the limit for your specific county.
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 calculator enables you to understand if your mortgage amount exceeds the loan limit in your area so you can determine if you are required to make a down payment.
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
VA Loan Limits: https://www.benefits.va.gov/homeloans/purchaseco_loan_limits.asp