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VA Loan Limits: What is the Most You Can Borrow in 2017?

va loan limits

The U.S. Department of Veterans Affairs doesn’t enforce a maximum loan amount that eligible veterans are able to borrow. Instead, VA loan limits are set by the Federal Housing Finance Agency (FHFA). In 2017, the loan limit was increased to $424,100 for a majority of the counties in the U.S. This increase is compared to the cap on VA loan limits in 2016, which was $417,000. This is the first increase since 2006.

For 238 American counties, the VA loan limits were raised even higher as the FHFA has determined those areas to have “high cost” housing prices, which require adjusted caps. These limits apply to all VA loans closed on January 1, 2017 and beyond. Below, you can find a table of all of the counties that have VA loan limits that exceed $424,100.

High-priced Counties with VA Loan Limits Exceeding $424,100

High-Priced Counties Exceeding Limits

STATE

COUNTY

2017 VA LOAN LIMITS

REGIONAL LOAN CENTER

AK ALEUTIANS EAST $636,150 DENVER
AK ALEUTIANS WEST $636,150 DENVER
AK ANCHORAGE $636,150 DENVER
AK BETHEL $636,150 DENVER
AK BRISTOL BAY $636,150 DENVER
AK DENALI $636,150 DENVER
AK DILLINGHAM $636,150 DENVER
AK FAIRBANKS NORTH $636,150 DENVER
AK HAINES $636,150 DENVER
AK HOONAH-ANGOON $636,150 DENVER
AK JUNEAU $636,150 DENVER
AK KENAI PENINSULA $636,150 DENVER
AK KETCHIKAN GATEWAY $636,150 DENVER
AK KODIAK ISLAND $636,150 DENVER
AK KUSILVAK CENSUS AREA $636,150 DENVER
AK LAKE AND PENINSULA $636,150 DENVER
AK MATANUSKA-SUSITNA $636,150 DENVER
AK NOME $636,150 DENVER
AK NORTH SLOPE $636,150 DENVER
AK NORTHWEST ARCTIC $636,150 DENVER
AK PETERSBURG CENSUS AREA $636,150 DENVER
AK PRINCE OF WALES-HYDER $636,150 DENVER
AK SITKA $636,150 DENVER
AK SKAGWAY MUNICIPALITY $636,150 DENVER
AK SOUTHEAST FAIRBANKS $636,150 DENVER
AK VALDEZ-CORDOVA $636,150 DENVER
AK WRANGELL
CITY/BOROUGH
$636,150 DENVER
AK YAKUTAT CITY $636,150 DENVER
AK YUKON-KOYUKUK $636,150 DENVER
CA ALAMEDA $636,150 PHOENIX
CA ALPINE $463,450 PHOENIX
CA CONTRA COSTA $636,150 PHOENIX
CA EL DORADO $488,750 PHOENIX
CA LOS ANGELES $636,150 PHOENIX
CA MARIN $636,150 PHOENIX
CA MONO $529,000 PHOENIX
CA MONTEREY $575,000 PHOENIX
CA NAPA $636,150 PHOENIX
CA NEVADA $477,250 PHOENIX
CA ORANGE $636,150 PHOENIX
CA PLACER $488,750 PHOENIX
CA SACRAMENTO $488,750 PHOENIX
CA SAN BENITO $636,150 PHOENIX
CA SAN DIEGO $612,950 PHOENIX
CA SAN FRANCISCO $636,150 PHOENIX
CA SAN LUIS OBISPO $586,600 PHOENIX
CA SAN MATEO $636,150 PHOENIX
CA SANTA BARBARA $636,150 PHOENIX
CA SANTA CLARA $636,150 PHOENIX
CA SANTA CRUZ $636,150 PHOENIX
CA SOLANO $431,250 PHOENIX
CA SONOMA $595,700 PHOENIX
CA VENTURA $636,150 PHOENIX
CA YOLO $488,750 PHOENIX
CO ADAMS $493,350 DENVER
CO ARAPAHOE $493,350 DENVER
CO BOULDER $529,000 DENVER
CO BROOMFIELD $493,350 DENVER
CO CLEAR CREEK $493,350 DENVER
CO DENVER $493,350 DENVER
CO DOUGLAS $493,350 DENVER
CO EAGLE $636,150 DENVER
CO ELBERT $493,350 DENVER
CO GARFIELD $636,150 DENVER
CO GILPIN $493,350 DENVER
CO HINSDALE $427,800 DENVER
CO JEFFERSON $493,350 DENVER
CO LAKE $625,500 DENVER
CO OURAY $425,500 DENVER
CO PARK $493,350 DENVER
CO PITKIN $636,150 DENVER
CO ROUTT $625,500 DENVER
CO SAN MIGUEL $625,500 DENVER
CO SUMMIT $625,500 DENVER
CT FAIRFIELD $601,450 CLEVELAND
DC DISTRICT OF COLUMBIA $636,150 ROANOKE
FL COLLIER $450,800 ST. PETERSBURG
FL MONROE $529,000 ST. PETERSBURG
GA GREENE $515,200 ATLANTA
GU GUAM $636,150 HONOLULU
HI HAWAII $636,150 HONOLULU
HI HONOLULU $721,050 HONOLULU
HI KALAWAO $657,800 HONOLULU
HI KAUAI $713,000 HONOLULU
HI MAUI $657,800 HONOLULU
ID BLAINE $625,500 DENVER
ID CAMAS $625,500 DENVER
ID LINCOLN $625,500 DENVER
ID TETON $636,150 DENVER
MA BRISTOL $426,650 CLEVELAND
MA DUKES $636,150 CLEVELAND
MA ESSEX $598,000 CLEVELAND
MA MIDDLESEX $598,000 CLEVELAND
MA NANTUCKET $636,150 CLEVELAND
MA NORFOLK $598,000 CLEVELAND
MA PLYMOUTH $598,000 CLEVELAND
MA SUFFOLK $598,000 CLEVELAND
MD ANNE ARUNDEL $517,500 ROANOKE
MD BALTIMORE $517,500 ROANOKE
MD BALTIMORE CITY $517,500 ROANOKE
MD CALVERT $636,150 ROANOKE
MD CARROLL $517,500 ROANOKE
MD CHARLES $636,150 ROANOKE
MD FREDERICK $636,150 ROANOKE
MD HARFORD $517,500 ROANOKE
MD HOWARD $517,500 ROANOKE
MD MONTGOMERY $636,150 ROANOKE
MD PRINCE GEORGE’S $636,150 ROANOKE
MD QUEEN ANNE’S $517,500 ROANOKE
MP NORTHERN ISLAND $524,400 HONOLULU
MP SAIPAN $529,000 HONOLULU
MP TINIAN $532,450 HONOLULU
NC CAMDEN $625,500 ATLANTA
NC CURRITUCK $458,850 ATLANTA
NC GATES $458,850 ATLANTA
NC HYDE $483,000 ATLANTA
NC PASQUOTANK $625,500 ATLANTA
NC PERQUIMANS $625,500 ATLANTA
NE LINCOLN $433,660 ST. PAUL
NE LOGAN $433,660 ST. PAUL
NE MCPHERSON $433,660 ST. PAUL
NH ROCKINGHAM $598,000 CLEVELAND
NH STRAFFORD $598,000 CLEVELAND
NJ BERGEN $636,150 CLEVELAND
NJ ESSEX $636,150 CLEVELAND
NJ HUDSON $636,150 CLEVELAND
NJ HUNTERDON $636,150 CLEVELAND
NJ MIDDLESEX $636,150 CLEVELAND
NJ MONMOUTH $636,150 CLEVELAND
NJ MORRIS $636,150 CLEVELAND
NJ OCEAN $636,150 CLEVELAND
NJ PASSAIC $636,150 CLEVELAND
NJ SOMERSET $636,150 CLEVELAND
NJ SUSSEX $636,150 CLEVELAND
NJ UNION $636,150 CLEVELAND
NY BRONX $636,150 CLEVELAND
NY DUTCHESS $636,150 CLEVELAND
NY KINGS $636,150 CLEVELAND
NY NASSAU $636,150 CLEVELAND
NY NEW YORK $636,150 CLEVELAND
NY ORANGE $636,150 CLEVELAND
NY PUTNAM $636,150 CLEVELAND
NY QUEENS $636,150 CLEVELAND
NY RICHMOND $636,150 CLEVELAND
NY ROCKLAND $636,150 CLEVELAND
NY SUFFOLK $636,150 CLEVELAND
NY WESTCHESTER $636,150 CLEVELAND
PA PIKE $636,150 CLEVELAND
RI BRISTOL $426,650 CLEVELAND
RI KENT $426,650 CLEVELAND
RI NEWPORT $426,650 CLEVELAND
RI PROVIDENCE $426,650 CLEVELAND
RI WASHINGTON $426,650 CLEVELAND
TN CANNON $466,900 ROANOKE
TN CHEATHAM $466,900 ROANOKE
TN DAVIDSON $466,900 ROANOKE
TN DICKSON $466,900 ROANOKE
TN HICKMAN $466,900 ROANOKE
TN MACON $466,900 ROANOKE
TN MAURY $466,900 ROANOKE
TN ROBERTSON $466,900 ROANOKE
TN RUTHERFORD $466,900 ROANOKE
TN SMITH $466,900 ROANOKE
TN SUMNER $466,900 ROANOKE
TN TROUSDALE $466,900 ROANOKE
TN WILLIAMSON $466,900 ROANOKE
TN WILSON $466,900 ROANOKE
UT SALT LAKE $600,300 DENVER
UT SUMMIT $636,150 DENVER
UT TOOELE $600,300 DENVER
VA ALBEMARLE $437,000 ROANOKE
VA ALEXANDRIA $636,150 ROANOKE
VA AMELIA $535,900 ROANOKE
VA ARLINGTON $636,150 ROANOKE
VA BUCKINGHAM $437,500 ROANOKE
VA CAROLINE $535,900 ROANOKE
VA CHARLES CITY $535,900 ROANOKE
VA CHARLOTTESVILLE $437,000 ROANOKE
VA CHESAPEAKE $458,850 ROANOKE
VA CHESTERFIELD $535,900 ROANOKE
VA CLARKE $636,150 ROANOKE
VA COLONIAL HEIGHTS $535,900 ROANOKE
VA CULPEPER $636,150 ROANOKE
VA CUMBERLAND $535,900 ROANOKE
VA DINWIDDIE $535,900 ROANOKE
VA FAIRFAX $636,150 ROANOKE
VA FAIRFAX INDEPENDENT CITY $636,150 ROANOKE
VA FALLS CHURCH $636,150 ROANOKE
VA FAUQUIER $636,150 ROANOKE
VA FLUVANNA $458,850 ROANOKE
VA FREDERICKSBURG $636,150 ROANOKE
VA GLOUCESTER $458,850 ROANOKE
VA GOOCHLAND $535,900 ROANOKE
VA GREENE $437,000 ROANOKE
VA HAMPTON $458,850 ROANOKE
VA HANOVER $535,900 ROANOKE
VA HENRICO $535,900 ROANOKE
VA HOPEWELL $535,900 ROANOKE
VA ISLE OF WIGHT $458,850 ROANOKE
VA JAMES CITY $458,850 ROANOKE
VA KING AND QUEEN $535,900 ROANOKE
VA KING WILLIAM $535,900 ROANOKE
VA LANCASTER $442,750 ROANOKE
VA LOUDOUN $636,150 ROANOKE
VA LOUISA $535,900 ROANOKE
VA MANASSAS $636,150 ROANOKE
VA MANASSAS PARK $636,150 ROANOKE
VA MATHEWS $458,850 ROANOKE
VA NELSON $437,000 ROANOKE
VA NEW KENT $535,900 ROANOKE
VA NEWPORT NEWS $458,850 ROANOKE
VA NORFOLK $458,850 ROANOKE
VA PETERSBURG $535,900 ROANOKE
VA POQUOSON $458,850 ROANOKE
VA PORTSMOUTH $458,850 ROANOKE
VA POWHATAN $535,900 ROANOKE
VA PRINCE GEORGE $535,900 ROANOKE
VA PRINCE WILLIAM $636,150 ROANOKE
VA RAPPAHANNOCK $636,150 ROANOKE
VA RICHMOND INDEPENDENT CITY $535,900 ROANOKE
VA SPOTSYLVANIA $636,150 ROANOKE
VA STAFFORD $636,150 ROANOKE
VA SUFFOLK $458,850 ROANOKE
VA SURRY $458,850 ROANOKE
VA SUSSEX $535,900 ROANOKE
VA VIRGINIA BEACH $458,850 ROANOKE
VA WARREN $636,150 ROANOKE
VA WILLIAMSBURG $458,850 ROANOKE
VA YORK $458,850 ROANOKE
VI ST. CROIX $636,150 ST. PETERSBURG
VI ST. JOHN $636,150 ST. PETERSBURG
VI ST. THOMAS $636,150 ST. PETERSBURG
WA KING $592,250 DENVER
WA PIERCE $592,250 DENVER
WA SAN JUAN $483,000 DENVER
WA SNOHOMISH $592,250 DENVER
WV JEFFERSON $636,150 ROANOKE
WY TETON $636,150 DENVER

How Are VA Loan Limits Determined?

The FHFA calculates VA loan limits by the median home value of the county in which it resides. The aim is to assist qualified veterans and families to purchase housing in these costlier neighborhoods without making down payments.

Eligible veterans receive a basic entitlement of $36,000. Participating lenders generally originate VA loans of up to four times that amount without requiring a down payment – providing that the borrower meets income and credit qualifications. The most the U.S. Department of Veterans Affairs will guaranty fully is a loan amounting to $144,000 or less. If the loan amount is over $144,000, they will guaranty 25% of the VA loan limit. One benefit about VA loan limits is that they make these loans more attractive to lenders, which may help borrowers get lower rates than most home loans.

Additional Loan Limits to Veterans with Remaining Entitlements

For veterans who have used a portion of their entitlement on a previous VA home loan, they may use the remaining funds towards a 2017 loan with some limitations. The VA advises that if the remaining entitlement doesn’t equal at least 25% of the value or sales price of the home, whichever is less, most lenders will ask borrowers to make a down payment that covers the remaining balance. For instance, if a property is valued at or selling for $100,000 and the borrower only has $20,000 of their entitlement remaining, a lender will mostly like ask them to put $5,000 down. One benefit of doing this combination payment is that you could get a bigger VA loan amount.

Buying a House that Costs More Than the Maximum VA Loan Limit and Guaranty

For veterans who wish to purchase a house that costs more than the guaranty amount ($144,000) and VA loan limit ($424,100 in most U.S. counties), you will be asked to make a down payment towards the loan. The down payment amount will vary across lenders and could be dependent on the cost of the home, the requested loan amount, your income, credit report, and so on. However, most lenders will ask for 25% of the amount that is above the loan limit.

For instance, if you’re looking to purchase a $500,000 house in a county that has a VA loan limit of $424,100, you would probably be asked to put a down payment of $18,975 – which is 25% of the difference between the cost and the limit ($75,900). Assuming you have the full amount of your entitlement ($36,000), you would be looking at a VA loan amount of $320,025 after all of the VA benefits have been applied.

If you’re able to afford putting a larger down payment towards the cost of the house, you will be able to reduce the total amount, reduce your monthly mortgage payments, and reduce the amount of interest you’ll have to pay over the duration of the VA loan.

Benefits of Using a VA Loan Even if it Costs More Than the Limits

At this point, you may be wondering why you should bother to use a VA loan towards a home that costs more than the VA loan limits. VA loans come with many benefits that an average borrower wouldn’t be able to take advantage of. For instance, borrowers looking to take out a conventional mortgage are looking at a 20% down payment, regardless of the home’s purchase price, if they opt out of Private Mortgage Insurance (PMI). Even if they choose to pay PMI, they would need to put 5% down on top of the monthly mortgage insurance payment. Veterans only have to put 25% down, if they go over the VA loan limit, and they don’t have to worry about monthly PMI payments.

If that’s not a good enough benefit, consider the lower interest rates that are applied to VA loans. Since these home loans are guaranteed by the VA, they tend to have lower rates as compared to conventional loans.

A VA loan could save you money even if you have to make a down payment. However, if you still feel uncomfortable with putting money down for a bigger home, it may be worth looking at houses with smaller purchase prices. After all, as an eligible veteran, you’re easily able to take advantage of putting $0 down.

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