Temporary VA Home Loan Limit Increase

Week of August 25, 2008

The VA Home Loan limit was recently increased for some geographic areas. The new VA Loan limit for loans requiring no down payment has been increased to $729,750 for some locations within the continental U.S. and $1,094,625 for Alaska, Guam, Hawaii, and other overseas locales. This increase is only good through December 31, 2008 and the law will be rescinded on January 1, 2009. The new limit does not include refinance loans. The new temporary loan limit increase varies depending upon the median price for a single-family residence in a given location; many locations will not see an increase. There is a loan limit calculator available at https://entp.hud.gov/idapp/html/hicostlook.cfm. The user must select the appropriate state, enter the name of the county, select "Fannie/Freddie" for the "Limit Type," and click "SEND." The applicable maximum loan amount is found in the column labeled "One-Family." Read the full article.

Now is the time to use your VA Home loan. With the new increase through the VA you can buy a new home or refinance. Connect with lenders today.