MAXIMUM VA LOAN AMOUNTS
Determining the actual amount are are permitted to borrow on a VA Mortgage Loan can be a little bit confusing because in reality the VA does not actually set a maximum loan amount you can borrow. Why? Because the actually loan amount you can borrow depends on the amount of VA entitlement you have and possibly remaining or unused entitlement you may have.
As a general rule however, the standard entitlement issued a Veteran or eligible Service Member is $36,000 and can be as high as $60,000 for VA Loans that exceed $144,000. Under this scenario the VA has set the maximum guarantee for each veteran at $104,250 which is equal to 25% of the Freddie Mac conforming loan limit for a single family residence and a maximum VA loan amount with a 100% financed, no down payment loan at $417,000. Confusing to say the least.
What if I need a loan for an amount over $417,000?
The VA will permit loan amounts over the maximum no down payment loan amount of $417,00 but all loan amounts above $417,000 require a 25% down payment of any additional amounts over the standard maximum borrowed.
Refinance Quick Links:
VA Debt Consolidation Refinance
VA Conversion Refinance Refinance
When applying for a VA Loan, working with a the right VA Approved Lender who are VA Loan experts and who specializes in originating VA Loans may mean the difference between getting approved or not because of the complexities and specific VA approval guidelines required by the Veterans Administration.
This site has researched and developed relationships with professional high quality VA approved lenders nationwide in an effort to help our valued visitors obtain a VA Loan Quote from a VA Home Loan Expert. To get your VA Loan Quote CLICK HERE
