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However, loan limits still apply to mortgage applicants who have not repaid a VA loan or have other active VA loans. Here's what you need to know. VA loan limits are the highest-value loans that the Department of Veterans Affairs can guarantee without you making a down payment. The limits match those set by the Federal Housing Finance Agency for compliant loans.
They don't limit the amount you can borrow, but rather set the maximum you can finance without the need for a down payment. Servicemembers and veterans who have one or more active VA loans, or who have defaulted on a VA loan, will continue to be subject to loan limits. Check the VA loan limit in your county for borrowers who still have limits. If you're subject to VA loan limits and have found a property you really like and can afford, you can still get a VA loan if you exceed the county limit.
It's just a matter of making a down payment. The required down payment will be subject to a formula based on your entitlement and the price of the home. Barbara Marquand writes about mortgages, home buying and homeownership. Read more NMLS Consumer AccessLicenses and Disclosures.
While we have given examples such as if it were a purchase, these entitlement limits apply equally if you are thinking of refinancing your VA loan. If you have the requirements and the right available, you may have the opportunity to get a VA loan with no down payment, even in areas with higher prices. Even though these loans no longer have specific VA limits, the FHFA still sets the maximum loan amount. That's the maximum that a capped VA loan borrower can finance without a down payment in those counties.
The maximum VA loan limits you may qualify for are based on entitlement, lender, credit, and the county in which you purchase your home.