Do VA Loans Have a Limit?
Yes, VA loans have a limit. However, the limit varies depending on the location of the property and whether it is a single-family home, duplex, triplex or a four-plex. The U.S. Department of Veterans Affairs (VA) decides the loan limit for each county in the United States, based on the median home prices in that area.
What is the Current VA Loan Limit?
The current VA loan limit as of 2021 is $548,250 for most counties in the United States. However, in high-cost areas, such as San Francisco, the loan limit can go up to $822,375. It is essential to note that these limits are subject to change annually, based on the changes in median home prices.
Can You Get a VA Loan Above the Loan Limit?
Yes, you can still get a VA loan above the loan limit. However, you will be required to pay a down payment on the amount exceeding the loan limit. For instance, if the loan limit for your county is $548,250, but you want to purchase a house worth $600,000, you will need to pay a 25% down payment on the $51,750 exceeding the loan limit.
What Are the Benefits of a VA Loan?
One of the significant benefits of a VA loan is that it does not require a down payment, which makes it easier for veterans and active-duty members to become homeowners. Additionally, VA loans do not require private mortgage insurance (PMI), which reduces the overall cost of the loan. Also, VA loans offer competitive interest rates, which can save you thousands of dollars over the life of your loan.
How Can Mortgage Brokers Pro Help You?
At Mortgage Brokers Pro , we specialize in VA loans and understand the unique challenges that veterans and active-duty military members face when it comes to homeownership. We offer competitive interest rates and can help you secure a loan that meets your needs. Our team of experienced loan officers is available to guide you through the entire loan process, from pre-qualification to closing.
Here are some of the benefits of working with Mortgage Brokers Pro :
Conclusion
In conclusion, VA loans have a limit, but it varies depending on the location of the property and whether it is a single-family home, duplex, triplex or a four-plex. The current VA loan limit as of 2021 is $548,250 for most counties in the United States. However, you can still get a VA loan above the loan limit by paying a down payment on the amount exceeding the limit. Mortgage Brokers Pro can help you secure a VA loan that meets your needs and offers competitive interest rates. Contact us today to learn more about our services.