VA Loan Limits Whiteman
In this blog post we’re going to be covering the loan limits for the VA Mortgage. If you're interested in getting a VA Home Loan you can get pre-approved here. But before we get into the meat and potatoes of the loan limit and their information we want you to know why the VA even has them. The VA wants to keep our military living in housing that is similar to the area that they live in, So if an active duty service man or woman wants a home in Warrensburg, they should be able to purchase a home in the average price range, but price ranges differ widely from Warrensburg, MO to San Diego, CA so the VA changes the limits so our military can live in affordable housing.
S, depending on where you’re purchasing a home that limit can be different. For example if you're purchasing a home in the Midwest, let say around Whiteman Air Force Base then the VA loan limit is $417,000. If you’re looking at purchasing in a high-cost area, like Langley AFB area in Virginia then the loan limit is $843,000.
Here's another important fact the VA will let you go over the limit for the 100% financing and you simply have to cover 25% of the overage from the maximum limit in your area. So that means if you want to buy a $517,000 home in Warrensburg, MO and the VA Loan Limit is $417,000...you need to pay $25,000 of the $100, 000 overage.
If you are actuve duty military and want to start the VA loan process, you can start here by getting pre-approved. If you have any questions on how much you qualify for and the loan limit in your area give us a call and we look forward to working with you!
VA Loan Limits Whiteman
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