The Veteran’s Administration announced that the VA limits for potential 100% financing has increased for the first time since 2006. VA loan limits match the conforming loan limits set by the Federal Housing Finance Agency. Basically, this means the primary limit increased from $417,000 to $424,100. Additionally, high balance counties had an increase as well which is listed further below.
How much Veterans and Service members can borrow is based on the Veteran’s entitlement. With full basic entitlement of $36,000, a Veteran may qualify up to the full loan limit of $424,100 (or more if a high cost area). For Veterans looking to borrow over $424,100 in counties other than the ones listed, you could use a VA jumbo loan . VA jumbo loans could allow you to put down a small percentage and can often be much more favorable than a conventional jumbo loan.
New 2017 VA Loan Limits
With offices located near military bases in Norfolk, Fort Bragg, and Camp Lejeune, our loan officers are very experienced with VA home loans. So we are able to help active military as well as Veterans find the right financing for the right home. Here are the new loan limits assuming the property is not in a high cost area.
New 2017 High Balance VA Loan Limits
OVM Lends VA Home Loans Throughout NC, SC, VA, TN, GA
NC counties with VA loan limits above $424,100:
Camden, Currituck, Gates, Hyde, Pasquotank, Perquimans
Virginia counties with VA loan limits above $424,100
Albemarle, Alexandria City, Amelia, Arlington, Buckingham, Caroline, Charles City, Charlottesville, Chesapeake City, Chesterfield, Clarke, Colonial Height, Culpeper, Cumberland, Dinwiddie, Fairfax City, Fairfax, Falls Church, Fauquier, Fredericksburg, Gloucester, Goochland, Greene, Hampton City, Hanover, Henrico, Hopewell City, Isle of Wight, James City, King and Queen, King William, Lancaster, Loudoun, Louisa, Manassas City, Mathews, Nelson, New Kent, Newport News, Norfolk City , Petersburg City, Poquoson City, Portsmouth City, Powhatan, Prince William, Rappahannock, Richmond City, Spotsylvania, Stafford, Suffolk City, Surry, Sussex, Virginia Beach, Warren, Williamsburg CI, York
Author: Russell Smith
Team Move OVM Financial loan officer success is Russell’s primary focus. He provides the tools and techniques he used as a top producing loan officer. Additionally he offers the Team Move OVM Financial Agent Training Program. Sharing is so important to Russell so he works diligently to be a resource to loan originators and Realtors.