Effective 1/1/2013, The maximum VA loan limit for San Diego County will drop from $518,750.00 to $500,000.00.
Check your county with the link below and make sure you plan for the new limits.
The Department of Veterans Affairs (VA) Loan Guaranty program does not
set a maximum amount that an eligible veteran may borrow using a VAguaranteed
loan. However, the following county “limits” must be used to
calculate VA’s maximum guaranty amount for a particular county. These limits
apply to all loans closed January 1, 2013 through December 31, 2013. VA
loan limits are based off county median home values estimated by the Federal
Housing Administration (FHA). These values are the basis for which VA
calculates limits for our program. For 2013, some limits increased, some stayed
the same and a few decreased.
The maximum guaranty amount (available for loans over $144,000) is 25
percent of the 2013 VA limit shown below. Therefore, a veteran with full
entitlement available may borrow up to the 2013 VA limit shown below and VA
will guarantee 25 percent of the loan amount. If a veteran has previously used
entitlement that has not been restored, the maximum guaranty amount available
to that veteran must be reduced accordingly. Lenders should check their own
investor requirements regarding guaranty amounts and downpayments.
http://www.benefits.va.gov/HOMELOANS/documents/docs/2013_county_loan_limits.pdf
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