VA Loans For Veterans Have New Max Loan Limits
By Erick Blackwelder, Selling affordable homes south of Washington DC.
(EXIT Realty Associates )
Over the decades since the Veterans Administration (VA) began guaranteeing 100% of veteran loans against default, the VA has posted a maximum loan limit. When I started selling real estate in April 1990, the VA loan limit for the Washington DC metro area was $184,250. Back in those days a buyer could buy a 2-story, 4 BR, 2.5 BA, 2-car garage house on 1/4 - 1/2 acre lot, within a 45 minute commute from the Pentagon.As home prices increased over the decades, the VA increased the amount of the loan limit. Those days are over. Here's a quote from the VA website:"If you have remaining entitlement for your VA-backed home loan, find out the current loan limits and how they may affect the amount of money you can borrow without a down payment. As of 2020, if you have full entitlement, you don’t ...