At a glance: 2017 VA loan limits vary by county and range from $424,100 to $636,150. They are based on median home prices and are consistent for the entire year. Use the links provided below to view VA limits for all counties.
At the end of 2016, the U.S. Department of Veterans Affairs announced that the 2017 VA loan limits would be the same as the ones set by the Federal Housing Finance Agency for conventional conforming loans. These amounts can range from $424,100 – 636,150, depending on the county where the home is located.
Note: The spreadsheet and PDF documents above show loan limits for properties ranging from one-unit to four-unit. That’s because the documents are also used for non-VA loans. For the purposes of determining the VA guaranty, lenders and borrowers should refer to the “One-Unit” column and ignore the other three columns.
The documents above were obtained from FHFA.gov. They apply to conventional as well as VA home loans. You can download these documents to your computer and refer to them as needed.
VA Loan Limits in 2017: Additional Commentary
For most of the country, the 2017 VA loan limit was raised to $424,100 in 2017. This increase was made in response to rising home values during 2016. In certain higher-cost areas, such as San Francisco and New York City, VA loan limits can be as high as $636,150. Those are the “floor” and “ceiling” amounts for VA-guaranteed mortgage loans in 2017.
It’s important to realize that these caps vary by county, since the value of a house depends in part on its location. As a result, home buyers who are considering this program must determine the maximum loan amount for their specific counties. For your convenience, these county limits can be found in the two documents provided at the top of this page.
Borrowing Above These Amounts With a “Jumbo” Loan
According to the Department of Veterans Affairs, the “VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you.”
It’s possible to borrow more than the 2017 loan limit for your county, if the lender decides your income is sufficient. But you’ll probably have to make a down payment in that scenario. As a general rule, VA borrowers who stay within the loan limits can qualify for 100% financing, which eliminates the need for a down payment.
Borrowers who want to borrow above the limit usually have to make a down payment for 25% of the difference.
Not All Borrowers Will Qualify for the Maximum Amount
It’s important to realize that the maximum mortgage amount is largely up to the mortgage lender that originates the loan. The VA does not lend money directly to borrowers. They simply guarantee a portion of the loan, so that the lender has some level of reimbursement if the borrower defaults (stops paying) down the road. So there is no guarantee that a borrower will qualify for the amounts shown above.
Example: The 2017 VA loan limit for Los Angeles County is $636,150, which is higher than most other counties across the U.S. But there is no guarantee that a veteran or servicemember will qualify for this amount. For instance, if the borrower happens to be on the lower end of the military pay scale, he or she probably wouldn’t meet the income requirements needed for a home loan in the $600,000 range.
Mortgage lenders use debt-to-income ratios and other measurement tools to determine how much they are willing to lend to an individual borrower. The numbers shown in the two documents above are merely the maximum amounts that can be guaranteed under the VA’s home loan program.
Disclaimer: The information above was adapted from official sources including, but not limited to, the Department of Veterans Affairs and the Federal Housing Finance Agency. Such information is deemed reliable but not guaranteed. Every lending scenario is different, because every borrower is different. We make no claims or assertions about your ability to qualify for a home loan. To find out if you are qualified for this program, or to learn more about 2017 VA loan limits in your county, visit VA.gov and navigate to the “Home Loans” section.