2015 VA Colorado Loan Limits
As of January 1st, 2015 VA loan limits will be the same as Conforming loan limits based on the median home values for a particular area per the Federal Housing Finance Agency (FHFA).
VA allows loans on one-unit to four-unit properties, but the one-unit max loan limit applies to all properties regardless if it is one to four-units.
For 2015 most of the loan limits in Colorado have stayed the same, but 12 counties have been reduced and only Boulder County increased from 2014.
In a county where the loan limit decreased, VA will honor the previous higher limit on a purchase as long as the sales contract was signed by all parties and the buyers loan application were all done prior to Jan 1st, 2015.
In the 2015 Colorado VA County Loan Limit chart below you will see all loan limits for every county in Colorado. Plus the loan limit differences from 2014 to 2015.
The max loan limit can be a bit deceiving because VA does not have an actual maximum loan amount. The max loan limit does represent the max VA loan you can receive with a zero down payment depending on your remaining VA entitlement.
Since VA does not have a max loan amount, you can get a loan above the max county loan limit. However, you have to put down a minimum down payment for 25% of the difference between the county limit and the purchase price.
Let’s say you’re purchasing a home for $450,000 in Weld County where the loan limit is $417,000.
With enough available entitlement VA will guarantee a loan up to 25% of the max county loan limit, enough to get a $417,000 loan at 100% financing.
The difference between $450,000 and $417,000 is $33,000.
The buyer would have to bring in 25% of the $33,000 for $8,250.
*Keep in mind if there is a VA funding fee attached to the loan, the buyer would have to bring in 25% of that funding fee as well since it is added to the mortgage balance.
If a Veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that Veteran must be reduced accordingly.
In the below 2015 VA Colorado Loan Limit chart you will see a list of all the high-cost areas and their max loan limits.
The VA loan guarantee is never guarantee to lend. It is only to offset the lenders risk in case of default. All borrowers still have to qualify for all VA home loans.