maximum loan amount varies from county to county anywhere from $144,000 to $1,094,625.
(Please read more below)
The basic entitlement of each veteran is $36,000.
That is the amount the government guarantees that VA can and will pay lenders in case of a
veteran has difficulties and/or for any other reason the mortgage loan goes into default.
So with that entitlement in hand you can shop for lenders that are willing to compete for your business.
Normally lenders will multiple you entitlement by a factor of for: 4X $36,000 = $144,000
As a rule of thumb around 80% of the purchase price or the loan to value (LTV) it is considered that the buyer has enough equity vested in the home for lenders to feel comfortable to make the loan and to offer their better rates.
As far as VA loans go it is a “standard procedure” that banks will lend up to 4 times of that veteran’s “loan guarantee.”
Your entitlement means that it is equivalent to 25%
equity on the home from the get go.
This is to say that you will be able to buy – or build – a home up to $144,000 without the need to put a single penny in down payment!
However it is a little known fact that VA maximum loan amount may vary in many counties around the US.
It is not “state wide” either. It is rather a county by county thing.
For instances in some states – like in Georgia –
there is just one county that will differ from all others. (Please see below)
It can impact your ability to purchase a home depending which county your happen to be looking to buy
Regardless of the VA maximum loan amount in the county you intend to buy, you must have you entitlement on hand. If you do not have one, please click here to fill up a request form and get the ball rolling
Then you can mail the form to:
Eligibility Center Mailing Information
Atlanta Regional Loan Center
ATTN: COE (262)
P.O. Box 100034
Decatur, GA 30031
And here is the Eligibility Center hotline: 1-888-768-2132
Loan Amounts: $417,000
There is not exactly a set VA maximum loan amount, instead what they will do is set a limit to the “amount of protection” it will give the lender and let the market place do its work.
It will be determined by lender but there are many areas of the country that loans are backed up to $417,000.
Your best bets are your local real estate agent and
your local mortgage consultant that is what they do for a living and they will
know what is available for the county
you intend to buy.
Please click here to visit my “VA Regional Centers” page to get information which center serves your area – complete with hot lines, mailing addresses and the centers own websites.
Amounts Still: $1,094,625
However there are several counties areas of the country the maximum amount can go even much higher: At a whopping $1,094,625 in Nantucket County in Massachusetts has been the highest in the country thus far.
The VA maximum loan amount is subject to change from time to time – use this info “with a grain of salt” and get with your loan consultant for up to the minute figures in your area at the time of your application
Regional Loan Centers
You also may inquire with your VA Regional Loan Centers – please click here to visit my page with info regional centers around the country find the center that serves your area.
Your Credit Still Required
Please note that even working with VA maximum loan amount your ability to buy a home will still be sensitive to your financial circumstances at the time of the application: To be successful in attaining your VA mortgage loan - use your credit wisely. Please click here to read more about this on my "Credit Scores" page
Please also check these additional pages with further information on how to secure your VA mortgage loan:
JC Fagundes, Associate Broker
EQUAL SERVICE TO ALL.
Residential. Commercial. Investments.
Ph: 404 255 8655