Veteran News Today 
Virginia Veteran: 
VA Home Loan Limit Increases for 2017 up to $427,000 with 0% Down
Posted on Feb 28th 2017
2017 VA Loan Limits 

The VA home loan is arguably the best mortgage product on the market today. This type of home loan is only available to eligible veterans and active duty service members of the U.S. military. But considering there are over 23 million veterans according to a 2009 study, this program is available to a considerable percentage of the population.

What is a VA Home Loan?

The Veteran’s Administration does not make the loans, but guarantees lenders against loss in case the borrower defaults. Because of this guarantee, private lenders can make loans per VA guidelines, without some of the requirements of other loan programs.


Please understand:
These limits do not reflect a cap on how much you can borrow. Instead, they help establish a ceiling for the VA’s guarantee on your loan. You can absolutely look to purchase with a VA loan above the county limits. Doing so requires borrowers to make a down payment, typically equal to 25 percent of the difference between the limit and the purchase price.
For example, a buyer wanting a $624,100 home in a regular-cost county would need a $50,000 down payment [($624,100 – 424,100 = $200,000) x 25 percent]. This example purchase comes with an 8 percent down payment. For the same home, a conventional borrower might need a 20 percent down payment.

Check out our VA Loan Limit calculator to get a look at the current VA loan limit for your area. All loans that close on or after January 1,2017, are eligible for these new higher limits.

You can also view all of the high-cost counties in the chart below. If you don’t see your county here, that means the loan limit for 2017 is $424,100.
  • No down payment required
  • No monthly mortgage insurance
  • The VA limits the amount of closing costs the veteran can pay
  • The seller can pay for all closing costs in most cases
  • More lenient credit guidelines than other programs
  • So how does someone go about getting a VA home loan? First you have to prove you are eligible.


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