Due to the increase of rising home prices, the loan limits for Veterans Affairs are much higher. These limits are put in place because it guarantees a specific amount that a veteran can borrow. It also will come up with a figure that fits both your debt to income ratio as well as your credit score. You can calculate the limit of your loan by writing down the loan amount and multiplying it by 0.25. This will tell you your conforming loan limit.
Key Takeaways:
- The FHFA will be raising the 2022 conforming loan limit by nearly $100,000.
- VA loan limits relate to guarantees, not to the overall amount that can be borrowed.
- VA loan limits don’t apply to those with full entitlement, only to those with reduced entitlements.
“The median U.S home price reached $405,000 for the first-time this past March — an increase of 26.5% over two years — according to data from Realtor.com.”
Read more: https://time.com/nextadvisor/mortgages/va-loan-limits/
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