The VA loan limits help determine how much Veterans with diminished VA loan entitlement can borrow before needing to make a down payment.
Veterans with their full entitlement can borrow as much as they can afford, all without a down payment. But if you have an active VA loan and want to reuse your benefit for a new home, or if you've defaulted on a previous VA loan, then at least some of your entitlement isn't accessible.
In those cases, the VA loan limit for the county in which you're buying helps determine how much entitlement you have left. With that calculation and the Veteran's Certificate of Eligibility, lenders can assess whether buyers need to make a down payment.
The VA's loan limits are the same as the Federal Housing Finance Agency's one-unit conforming loan limits. These can change every year.
To see how the VA loan limits might affect you, give us a call at (706) 842-2522.