Actually, there is no any special limit on the amount of loan determined by VA Department. However, the institution sets the cap on the amount of liability it is able to accept. The credit cap is the amount, which can be borrowed as a VA home loan to the fully eligible veteran without down payment. This sum is varied in different states as the cost of the house is determined by its location.
The average entitlement possible to get by every eligible borrower is $36,000. As a rule, the loan providers, lend up to 4 times more without any down payment.
But the applicant should be income and credit qualified and the house evaluated for the price asked for it. Meanwhile, find out what is the minimum VA home loan credit score required.
Generally, eligible veterans or military personnel can get loans up to $417,000 with no money down. But that number can be much higher in certain counties that have a higher cost of living.
Review the list of county limits for VA loans here: VA’s 2016 Loan Limits are the same as the Federal Housing Finance Agency’s limits.