VA Loan Limits

Military service includes a long list of benefits, perhaps none more useful than the ability to secure a VA home loan. With the elimination in 2020 of limits on VA loans, the perk got even better: qualified buyers now enjoy the benefits of VA loans without having to worry about a down payment. But there are eligibility requirements to secure a VA loan without limits, and not all will qualify.

What Are VA Loan Limits?

VA Loan Limits are the highest-value guaranteed loans offered  by the Department of Veterans Affairs without requiring a down payment. Changes enacted as part of the Blue Water Navy Vietnam Veterans Act of 2019, a law that came into effect on Jan. 1, 2020, eliminate the limits for borrowers with full entitlement to VA loans. This means a qualified borrower with full entitlement can purchase a home above the VA loan limit of $766,550. This is a significant and positive change for buyers, particularly those searching for property in an expensive part of the country. However, you still have to qualify for the loan.

For borrowers without full entitlement to a VA loan, the limits would still apply and a borrower may need to make a down payment in order to secure the loan. The good news, however, is that the VA loan limit has increased significantly in recent years, climbing from $647,200 in 2022 to $766,550 in 2024. In some high-cost counties, the limit has jumped to $1,149,825.

When Do VA Loan Limits Still Apply?

You probably have full entitlement if you’ve never used your VA home loan benefits, have paid off a prior VA loan and sold the property it was attached to, or had a foreclosure on a prior VA loan but paid it off in full.

Borrowers without full entitlement to a VA loan will still be subject to VA loan limits. Some examples of less-than-full entitlement include borrowers with an existing VA loan that is still being repaid, sale of a home as part of a short sale or deed in lieu of foreclosure, or a foreclosure on a previous VA loan that hasn’t been paid in full. If you have questions about your eligibility, then you should request a Certificate of Eligibility through the VA.

VA Loan Limits By County (2024)

For borrowers who are less than fully eligible for a VA loan and therefore face limits on the amount they can borrow, VA loans are available for up to $766,550 in most areas but can exceed $1,000,000 in some high-cost counties. To learn the conforming loan limit for your county, check your eligibility in the spreadsheet here FHFA Loan Limits.

How VA Entitlement Affects VA Loans

Again, your loan and the amount you are able to borrow without a down payment may be subject to VA loan limits if you don’t have full entitlement. Borrowers with their full entitlement can get as much as a lender is willing to lend them without requiring a down payment.

You probably have full entitlement to your VA loan and wouldn’t be subject to VA loan limits if you meet one of the following criteria:

• You have never used you VA home loan benefits.
• You have used your VA home loan benefits but have paid off the prior loan and sold the property.
• You had a foreclosure on a prior VA loan but have since paid it in full.

Do VA Loan Limits Restrict How Much You Can Borrow?

If you’re a borrower with less-than-full eligibility, you could still secure a VA loan for an amount above your county’s VA loan limit. As a borrower who’s subject to VA loan limits, you could simply supplement your VA loan with a down payment in order to qualify for the loan. The amount required for the down payment would be subject to a formula based on your entitlement and the price of the home.