New VA Loan Limits for 2011

VA has just released its loan limits for 2011, and there are a few changes.

First, some background. The Veteran’s Administration provides 100% home mortgage financing, both purchases and refinances, for those who are eligible. Those people include veterans, active duty personnel, reservists/National Guard members and some surviving spouses. Additionally, there is no monthly mortgage insurance charged to the borrower. There is a funding fee that may be added to the loan, and a documented disability may cause this fee to be waived by the VA.

VA does not impose a maximum amount that an eligible person may borrow using a VA-guaranteed loan. However, VA does limit its maximum guaranty amount, and the limit varies by county.

The maximum VA loan amount for all counties across the United States is $417,000, except for the counties noted on this announcement where the loan limit is higher. Particular to Washington State, the following counties have higher VA loan limits:

* Snohomish – $500,000
* King – $500,000
* San Juan – $468,750
* Pierce – $500,000
* Clallam – $417,500

In all other counties, including Skagit, Whatcom and Island, the VA loan limits will remain at $417,000. These changes are effective from January 1, 2011 through September 30, 2011.


Shared with permission from author:
February 7, 2011
by Dean Hayes