Welcome to Joe Knows Mortgages MINUTE, where we answer your mortgage questions.
On this week’s Joe Knows Mortgages MINUTE, we answer the question:
What is the maximum amount you can borrow on a VA Loan?
Technically, there is no Maximum loan amount for a VA Loan; however, there is a maximum loan amount without a down payment on a VA Loan.
Assuming full entitlement, the maximum loan amount without a down payment is $453,100 for Brevard County.
The VA Loan guaranty program limits the maximum guaranty amount to $453,100 for loans closed January 1, 2018 or later (an increase from $424,100 in 2017). VA Loan limits are based on county median home values reported by the Federal Housing Financing Agency
The VA has a calculation to determine the maximum loan amount above the county limit. If you are looking to purchase a home over $453,100, and you have full entitlement, anything over the county limit, you will pay 25% of the difference as a down payment.
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