2014 VA Loan Limits

2014 VA Loan Limits

The VA has updated the VA Loan Limits for all Cities, Counties, and States as of 12-20-2013.  Go here for 2014 California VA Loan Limits.  More info to follow on this blog soon.

Each year, the VA resets each counties' VA Loan Limits based on formulas created by Congressional Legislation.   The basic recipe starts with the FHFA median home price data, combined with the Freddie Mac Loan Limits for each county, then the VA adds in a little spice to reach the VA county Loan Limit.

The FHFA is an acronym for the Federal Housing Finance Agency,  they oversee the Federal Home Loan Banks and also Fannie Mae and Freddie Mac under their conservatorship.  

Our prediction was correct that the base VA Loan Limit in most counties accross the nation will remain at $417K for 2014, the same as the Freddie Mac and Fannie Mae base loan limit.   Many higher cost counties increased for 2014, with some Bay Area California counties going as high as $1,050,000. A few counties saw a decrease, especially in lower volume areas that are more susceptible to average home price deviation based on which tier of the market had the most activitiy - ie if only the low end tier is moving,  the Median value goes down - as too few high end home sales may exist to offset the lower priced homes. 

For more info on how to utilize the 2014 VA Loan Limits and your VA Home Loan Benefit to purchase or refinance your home,  give us a call at 760-752-4480 to discuss your question direct, we are glad to help. 

We are a VA Direct Lender serving CA, GA, IN, MA, MI, VA, WA, & WY with a full selection of VA and VA Jumbo Loans.