Maximum VA Loan county limits updated for 2016

Maximum VA Loan county limits updated for 2016

The Department of Veterans Affairs Loan Guaranty Program recently published county “limits” to be used for VA Loans effective January 1, 2016.

Please note, these limits do not reflect a maximum amount that an eligible veteran is permitted to borrow, but rather, reflects the VA’s maximum guaranty amount for a particular county. The maximum VA guaranty amount for loans over $144,000 is 25% of the 2016 VA limit.

For example, an eligible veteran may borrow up to $625,500 to purchase a property in Washington, DC (2016 VA limit), with the VA guaranteeing 25% of the loan amount, or approximately $156,375.00. These amounts have remained unchanged in most of the DC Metro Region compared to the 2015 VA limits.

The limits listed below are for some counties in Maryland and Virginia, as well as for the District of Columbia. For a complete list of the county limits for 2016, please click the chart of conforming loan limits. If your county is not listed on the county limits chart on the VA website, the 2016 limit is $417,000.

State
County
2016 VA Limit
DC
District of Columbia
$625,500
MD
Anne Arundel
$517,500
MD
Frederick
$625,500
MD
Howard
$517,500
MD
Montgomery
$625,500
MD
Prince George's
$625,500
MD
Alexandria
$625,500
VA
Arlington
$625,500
VA
Fairfax
$625,500
VA
Falls Church
$625,500
VA
Fauquier
$625,500
VA
Loudoun
$625,500
VA
Manassas
$625,500
VA
Prince William
$625,500

Maximum VA loan county limits updated for 2015

The Department of Veterans Affairs Loan Guaranty Program recently published county "limits" to be used for VA Loans effective January 1, 2015.

Please note, these limits do not reflect a maximum amount that an eligible veteran is permitted to borrow, but rather, reflects the VA’s maximum guaranty amount for a particular county.

The maximum VA guaranty amount for loans over $144,000 is twenty-five (25%) percent of the 2015 VA limit. For example, an eligible veteran may borrow up to $625,500 to purchase a property in Washington, DC (2015 VA limit), with the VA guaranteeing twenty-five percent (25%) of the loan amount, or approximately $156,375.00. These amounts have decreased dramatically in most area of the DC Metro Area compared to the 2014 VA limits.

The limits listed below are for some counties in Maryland and Virginia, as well as for the District of Columbia. To get a complete list of the county limits for 2015, please click here. [Please note, if your county is not listed on the county limits chart on the VA website, the 2014 limit is $417,000.]

State County 2015 VA Limit
DC District of Columbia $625,500
MD Anne Arundel $517,500
MD Frederick $625,500
MD Howard $517,500
MD Montgomery $625,500
MD Prince George's $625,500
VA Alexandria $625,500
VA Arlington $625,500
VA Fairfax $625,500
VA Falls Church $625,500
VA Fauquier $625,500
VA Loudoun $625,500
VA Manassas $625,500
VA Prince William $625,500

Benefits of a VA loan in today's real estate market

With interest rates remaining steady at all-time lows and a housing market that has seen below-market prices in most areas, now is a great time for servicemembers to purchase a home or refinance their existing home and take advantage of the benefits of a VA loan.

So, what are the benefits of a VA loan?

  1. It is available for active-duty servicemembers, veterans and some surviving spouses
  2. It can be used to purchase an existing home, build a new home or refinance an existing mortgage
  3. For the purchase of a new home, a down payment is not required – it is possible to finance 100% of the purchase price
  4. For the refinance of an existing VA mortgage, borrowers can refinance to a lower interest rate VA loan (VA to VA loan) without having to re-qualify by taking advantage of the VA Streamline Refinance Loan Program (IRRRL)
  5. If the borrower/purchaser can provide proof from the VA of a service-related disability, the VA funding fee may be waived by the lender
  6. There is no form of mortgage insurance premiums that are paid during the course of the loan, unlike FHA loans or some conventional mortgages
  7. While conventional mortgages guarantee the best interest rates for borrowers with a credit score of 720 or higher, a VA loan will not be denied to a borrower nor will a higher interest rate be charged based solely on a low credit score
Now is the time to take advantage of this government-backed loan program and low interests rates to buy the home of your dreams!

Maximum VA loan county limits for 2013 released

The Department of Veterans Affairs Loan Guaranty Program recently published county “limits” to be used for VA Loans effective January 1, 2013.  

Please note, these limits do not reflect a maximum amount that an eligible veteran is permitted to borrow, but rather, reflects the VA’s maximum guaranty amount for a particular county.  The maximum VA guaranty amount for loans over $144,000 is twenty-five (25%) percent of the 2013 VA limit.  For example, an eligible veteran may borrow up to $843,750 to purchase a property in Washington, DC (2013 VA limit), with the VA guaranteeing twenty-five percent (25%) of the loan amount, or approximately $210,937.50.  These amounts have increased dramatically in most area of the DC Metro Area compared to the 2012 VA limits.

The limits listed below are for some counties in Maryland and Virginia, as well as for the District of Columbia.  To get a complete list of the county limits for 2013, please click here.  [Please note, if your county is not listed on the county limits chart on the VA website, the 2013 limit is $417,000.]

State County 2012 VA Limit
DC District of Columbia $843,750
MD Anne Arundel $500,000
MD Frederick $843,750
MD Howard $500,000
MD Montgomery $843,750
MD Prince George's $843,750
VA Alexandria $843,750
VA Arlington $843,750
VA Fairfax $843,750
VA Falls Church $843,750
VA Fauquier $843,750
VA Loudoun $843,750
VA Manasas $843,750
VA Prince William $843,750

$25B settlement means mortgage help for servicemembers, veterans

The Justice Department negotiated agreements to provide additional assistance to military servicemembers

The Justice Department announced it had reached a $25 billion settlement with the nation’s five largest banks (Wells Fargo, Citigroup, Ally, JP Morgan Chase and Bank of America) and 49 states regarding nationwide mortgage fraud last month. 

In addition to this settlement, the Justice Department further negotiated agreements with these lenders to provide additional assistance to military servicemembers and veterans who have been caught in the housing market crisis and who have been unable to obtain any relief from the Expanded Homeowners’ Assistance Program.

However, as these additional agreements have just recently been reached, specific details and how to obtain information from the lenders are inconsistent as the parties work through interpretations of language and implementation.  

So, what does all this mean for you? Click beyond the jump to find out...

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