VA loan limits were eliminated for active-duty military and veterans who have complete VA mortgage entitlement starting in 2020. However, loan limits still apply to mortgage applicants who have defaulted on a VA mortgage in the past or have other VA loans currently active.
Even with the elimination of VA loan limits via The Blue Water Navy Vietnam Veterans Act of 2019, many lenders and banks could still impose in-house overlays to limit VA loans to the current published conforming loan limits. This is especially true for loans over $1,000,000.
The 2023 Conforming Loan Limits set by the Federal Housing Finance Agency (FHFA) for Fannie Mae and Freddie Mac will apply to many regular VA loans when determining the maximum guaranty amount.
For a regular 1-unit single-family home in a typical U.S. county, the limit in 2023 is $726,200. Higher mortgage limits are permitted in high-cost areas, such as South Florida, New York and California counties, where the single-unit residential limits can be as high as $1,089,300.
VA high-balance loan limits for 2023 will be $4,000,000 for purchase loans. Note: regardless of the loan amount, the Veteran will still be required to show sufficient income and ensure they meet the credit requirements to qualify for the home loan.
*100% VA cash-out options are now available for up to $1mil loan amounts.
*Loan limits do not apply to IRRRLs (VA Streamline Refinance)
VA still offers the best mortgage solution for those Vets with proper entitlement. Some of the benefits include:
- 100% Financing – no down payment required
- No monthly mortgage insurance – PMI
- Safe secure 30 or 15-year fix rates. Interest rates on VA loans are some of the lowest available in the market today.
- Lower credit score accepted when compared to conventional loans
- Many VA Refinance programs available should a borrower need to cash out equity in the future
- Most properties in generally good repair are eligible. * VA is not to be used for vacant land or investment home purchases
Homebuyers with questions can learn more by calling the number above, or just submit the Info Request Form on this page for a quick response 7 days a week.