VA loans have always been a powerful borrowing tool, but they have been supercharged with these important VA loan changes for 2020. For starters, the VA no longer places limits on the size of the VA loan for qualified borrowers under a new rule that kicked in on Jan. 1. However, keep in mind that individual lenders may impose their own limits. This is good news for a number of reasons, mainly because VA borrowers now have access to homes that are more expensive. VA loan changes For the … [Read more...]
VA Loan Limits Increased for 2019
Loan limits are increasing across the board for 2019 and that includes VA loan limits. Federal housing officials in November approved an increase in the conforming loan limits (those sold to Fannie Mae and Freddie Mac) for all areas of the country. As a result, VA loan limits have also increased. While loan limits can vary significantly depending on the location and type of property, they general range from $484,350 to $726,525 (an increase from 2018). You can find the conforming loan limits … [Read more...]
Does the VA put limits on loan amounts?
Contrary to common belief, home loans backed by the Veterans Administration (VA) have no cap on the upper range. While most eligible veterans opt for conventional loans, which have conforming loan limits, these limits are not imposed by the VA. When loan officers refer to loan limits in association with VA loans, they are most likely referring to how much someone can borrower with zero down. A VA guarantee does not mean the borrower will be approved for a loan. Who is eligible for a VA … [Read more...]