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VA Releases Loan Limit Update

FHA News

The Department of Veterans Affairs has released loan limits for the last quarter of this year.

Qualified mortgages to veterans can be guaranteed up to 25 percent.

While VA doesn’t have a maximum loan amount, it is limited on the size of the guaranty it can make.

During fiscal 2011, which began on Oct. 1, 2010, and ends on Sept. 30, 2011, veterans can borrow up to $417,000 with the agency guaranteeing 25 percent.

But in some high-cost U.S. counties, the maximum loan eligible for a 25 percent guaranty was raised as of Jan. 1, 2009, as a result of the Veterans’ Benefit Improvement Act of 2008

The higher loan limits range from $418,750 to $1,094,625. The highest limit is only available in Nantucket County, Mass., and Pitkin County, Colo. Four Northern California counties have $1 million limits.

VA released a notice Wednesday indicating that the maximum guaranty for VA guaranteed loans closed between Oct. 1 and Dec. 31 will remain unchanged — leaving the temporarily higher limits available through the end of the year.

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