VA Loan Limits 2019
One of the benefits of serving in the US Armed Forces is the ability to get a VA loan in order to buy your own home. There is no cap on how much you can borrow to finance your home with the VA. However, there are limits on the amount of liability that the VA will assume. This is why there are limits on how much you can borrow. The VA loan limits are the amount a qualified veteran with full entitlement may be able to borrow without making a downpayment.
The loan limits do vary by county, because the value of homes is different based on where you are.
About the VA Loan
The VA loan was created in 1944, part of the original Servicemen’s Readjustment Act known as the GI Bill of Rights. It allowed members of the military, coming home from World War II, a chance to buy their own home as still does today.
There are some stipulations when it comes to the VA loan. Your property has to pass a VA inspection and their are loan limits. Here is what you need to know about how much of a VA loan you can get.
About The VA Loan Benefit
The VA’s 2019 loan limits are the same as the Federal Housing Finance Agency’s limits. You can find the full list of 2019 limits on the Federal Housing Finance Agency website but here are some examples.
For many states, and parts of states, the VA loan limit for a one-unit (which is the column that is used for determining VA guaranty) would be $484,350. For states such as Hawaii, Alaska, and parts of CA, as well as other high cost areas, the amounts are higher, even up to $726,525. Learning about what the limit is for where you want to buy your home is important but the limits should line up and allow you to buy the home that you want within reason, even in high cost areas.
If a veteran has used a VA loan and has not met the limit, they still might have remaining entitlement to use for another VA loan. Most lenders will require that the combination of the guaranty entitlement and any cash down payment be equal to at least 25% of the reasonable value or sales price of the property, whichever is less. If a borrower needs to, they can combine a down payment with the remaining entitlement in order to get a larger loan amount.
VA loan limits can be updated each year so make sure you are checking the 2019 VA loan limits when doing your research.
For many states, and parts of states, the VA loan limit for a one-unit (which is the column that is used for determining VA guaranty) would be $484,350. High Cost Area Amounts can vary with $726,525 being the maximum. Here are the locations and those amounts.
VA Loan Limits 2019
The VA Loan Limit for 2019 is $484,350. This applies to all states/counties not listed below. Those appearing below are an exception to the limit where real estate prices are higher on average.
VA Loan Limits for High Cost Counties
|State||County||VA Loan Limit|
|Alaska||All of Alaska||$726,525|
|San Luis Obispo||$667,000|
|District of Columbia||Washington, DC||$726,525|
|Hawaii||All of HI||$726,525|
|Northern Mariana Islands||Northern Island||$524,400|
|Virgin Islands||St. Croix||$726,525|
|King and Queen||$535,900|