• CMG MORTGAGE, INC. NMLS #1820

VA Thought of the Week: What is the maximum VA loan amount in your area?

  • May 13, 2019

What is the maximum VA loan amount in your area?  $484,350… $690,000… $726,525? 

One of the biggest myths in the industry is that VA has loan caps on the maximum loan based on what county the property is located. 

This is not true… the VA establishes a maximum guaranty based on the county the property is located, not a maximum loan.  The Federal Housing Finance Agency (FHFA) provides an annual report each year that establishes the new conforming loan limits for each county in the United States.  View that report here.  

A Veteran can buy a home at any loan amount; however, if the purchase price is above the FHFA county conforming limit, then the Veteran will need a down payment. 

How much will they need for the down payment? 25% of the amount over the VA limit. 

For example, if the Veteran is buying a home in Florida for $584,350 then subtract the conforming FHFA limit from the purchase price and multiply by .25. 

$584,350 - $84,350 = $100,000 * .25 = $25,000   

What other program in the US can you buy a nearly $600,000 with just $25,000 down payment?  What an amazing program for Veterans!

Serve those that serve us!  Support Veterans

Christopher Terry
Loan Officer
NMLS # 1166673
Branch NMLS # 1711540

Christopher Terry

PHONE: (916) 412-7528
cterry@cmgfi.com

APPLY NOW
CMG Image
© CMG Financial, All Rights Reserved. CMG Financial is a registered trade name of CMG Mortgage, Inc., NMLS ID #1820 in most, but not all states. CMG Mortgage, Inc. is an equal opportunity lender with corporate office located at 3160 Crow Canyon Road, Suite 400, San Ramon, CA 94583 888-264-4663. Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act No. 4150025; AK #AK1820; AZ #0903132; Colorado regulated by the Division of Real Estate; Georgia Residential Mortgage Licensee #15438; Illinois Residential Mortgage Licensee; Kansas Licensed Mortgage Company #MC.0001160; Massachusetts Mortgage Lender License #MC1820 and Mortgage Broker License #MC1820; Mississippi Licensed Mortgage Company Licensed by the Mississippi Department of Banking and Consumer Finance; Licensed by the New Hampshire Banking Department; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker – NYS Department of Financial Services; Ohio Mortgage Broker Act Mortgage Banker Exemption #MBMB.850204.000; Licensed by the Oregon Division of Financial Regulation #ML-3000; Rhode Island Licensed Lender #20142986LL; and Licensed by the Virginia State Corporation Commission #MC-5521. CMG Mortgage, Inc. is licensed in all 50 states and the District of Columbia. Offer of credit is subject to credit approval. For information about our company, please visit us at www.cmgfi.com. To verify our complete list of state licenses, please visit www.cmgfi.com/corporate/licensing and NMLS Consumer Access (www.nmlsconsumeraccess.org).