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.
Showing posts with label VA FHA FNMA loan limits. Show all posts
Showing posts with label VA FHA FNMA loan limits. Show all posts
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