December 18, 2012
New VA Loan Limits.
The VA has determined the new loan limits for 2012. In the DC Metro Region, the maximum VA Loan will be $625,500 for loan originated between 1/1/12 and 12/31/12. The loan amount may increase slightly if Congress passes proposed legislation.
The VA guarantees 25% of the total loan, and a Veteran with full entitlements will be able to borrow the $625,500 with no money down. If the Veteran has partial entitlements, then either they could take a smaller loan, or increase their down payment. Lenders will have varying requirements for down payments and loan amounts. A veteran can obtain a certificate of eligibility by making application on VA Form 26-1880, Request for Determination of Eligibility and Available Loan Guaranty Entitlement, to the local VA office.
This compares to a maximum loan amount of $729,750 for FHA loans on one family properties.
The conventional conforming loans are available for up to $417,000 the same amount as previous years.
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