Home buyer options expand as loan limits increase in 2019!
The 2019 maximum VA loan limit for one-unit properties in most areas has been raised by the Federal Housing Financing Agency (FHFA) to $484,350 in 2019. This shows a significant increase of $31,250 from the $453,100 limit in 2018. The increase in the loan limit is generally a result of home values rising, an increase in the loan limits ceiling, and an increase in the loan limits baseline. The amount of the loan limit is what a qualified veteran could possibly be able to borrow without having to make a down payment. All of this results into more homes filled with happier customers in more markets!
New Limits for High-Cost Areas
*** In most high-cost areas the new ceiling loan limit will be equal to 150% of the new $484,350 limit for other areas for one-unit properties, meaning that it will be $726,525. ***
For more info visit the Federal Housing Financing Agency’s website.
Source: Vincent Chiarell with Caliber Home Loans