VA Loan Limits in 2024

The VA Lets You Borrow More with No Down Payment on a VA Loan

VA loans allow qualified Veterans, active-duty personnel, and surviving spouses to buy homes without a down payment. The Department of Veterans Affairs (VA) does not limit how much you may borrow for your home loan. In the past, however, the VA has limited its loan guaranty amount, which, effectively, limited the mortgage loan amount you could get if you made a 0% down payment on your VA loan. The VA has now eliminated the guaranty amount limits when you have your full VA home loan entitlement!

VA Home Loan Limits in 2024

Veterans who have full entitlement can now get approved for a VA loan with no down payment and no maximum home price. However, lenders may still limit the mortgage amounts they offer you, based on your income, finances, credit score, and other factors. The VA loan limit rules do not guarantee that you will be approved for a larger mortgage. They simply removed the old guaranty limits for full VA home loan entitlements.

What Does “Full Entitlement” to a VA Loan Mean?

"Full entitlement" means that if you do not have an active VA loan, you can use your full benefits when applying for a mortgage. You can have full entitlement if you've never used your loan benefit before, if you've paid off a previous VA loan and sold the house, or if you've repaid the VA, in full, after a foreclosure or short sale.

When you have your full entitlement, your Certificate of Eligibility (COE) will say, "This Veteran's basic entitlement is $36,000." When you have used your full entitlement, your COE will say, "This Veteran's basic entitlement is $0."

What Are VA Home Loan Limits for “Remaining Entitlement”?

In some cases, you may have a "remaining entitlement" that you can use on a second VA loan. These cases can include having an active VA loan you are still paying back or having fully paid off a previous VA loan for a home that you still own.

Loan limits often apply when you would like to get a VA loan using your remaining entitlement. These VA home loan limits are based on county loan limits, published by the Federal Housing Finance Agency. You may also need to make a down payment when you are buying a home with your remaining entitlement. See the VA website for more information.

What Are the Maximum Loan Amounts for IRRRL Refinances?

When you use a VA IRRRL to refinance your home, you will be limited to your existing VA loan balance, plus fees that can be rolled into your new loan amount. These can include up to two discount points and the VA funding fee, which, for IRRRL refinances, is currently set at 0.5%.

Freedom Mortgage is a top VA lender in the United States, according to Inside Mortgage Finance, Jan.–Jun., 2024.

Last reviewed and updated June 2024 by Freedom Mortgage.