By Matt Allen
Vice President, Portfolio Lending (NMLS #415037)

VA Loan Limits Increase 6.9% for 2019

Jan 15, 2019

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  • VA Loans

Starting January 1, 2019, the  VA Loan limit  for veterans will be $484,350, an increase of $31,250 from 2018’s limit of $453,100. This will be the third year in which VA loan limits have increased. The limit for high-cost counties also increased from $679,650 to $726,525.

The U.S. Department of Veteran Affairs guarantees VA loans, and eligible veterans can receive low interest rates with usually no down payment to help purchase or refinance a home. Some lenders also don’t charge lender fees on loans. However, the amount that is ultimately loaned is up to the lender’s guidelines for loan qualifications. Some of these lender qualifications can include:

  1. Employment Verification - Proof of two years of steady employment, preferably with the same employer.
  2. Income - The last two years of income should be at the same or higher. 
  3. Credit Score - Your credit report should have less than two 30-day late payments in the last two years and a minimum credit score of 640.
  4. Bankruptcy - You must be at least two years past any bankruptcy discharge date and have a qualifying credit score since the discharge.   
  5. Foreclosures - Any foreclosure must be at least two years old, and you must be able to demonstrate you have perfect credit following the foreclosure date.  
  6. Inspection – The home you are purchasing or refinancing will be subject to inspection and appraisal to determine the marketability and verify the current market value will be sufficient collateral to secure the loan.

Other conditions for your mortgage may apply; contact a NASB consultant for more information.

Although the VA does not cap the loan amount that can be borrowed to finance your home, there are limits to the amount of liability VA can assume. The VA loan limits represent the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. If the purchase price for a home exceeds the loan limit, the lender will typically require a down payment to satisfy secondary market requirements.

If you have questions about obtaining a VA mortgage loan, contact the experts at NASB at 855-465-0753 or get a free rate quote here.