VA Home Loans Up to $1.5 million: Dispelling VA loan Myths, Pt 1

There are several myths regarding The Department of Veterans Affairs (VA) mortgages.  One of the biggest myths is that the maximum VA loan is $417,000.   In fact veterans can obtain a VA mortgage up to $1,500,000.  VA does not set a maximum amount that an eligible Veteran may borrow using a VA mortgage.  They do however set the maximum a veteran can borrower without a down payment based on median home prices reported by the Federal Housing Administration for a particular county. 

These VA loan limits range from a low of $417,000, to as much as $1,050,000 per county, without requiring any down payment.  However the veteran can still obtain a VA loan that exceeds his/her particular county limit up to $1,500,000 with a small down payment.

Almost all of Pennsylvania counties have loan limits of $417,000.  Pike County is the only Pennsylvania county with a higher loan limit of $978,750 without requiring any down payment.   However, any VA loan that exceeds the standard county limits of $417,000 would only require a small down payment.  Therefore, veterans can still get a VA loan up to $1,500,000 with a smaller down payment than traditional jumbo financing (conventional loans exceeding $417,000.)

The advantages of obtaining VA loans that exceed $417,000 versus acquiring a jumbo loan or an FHA loan that exceeds $417,000 (allowed in some high cost area):

  • There is no down payment or a small down payment required instead of a much larger down payment with jumbo loans.
  • Lower rates than jumbo loans.
  • No mortgage insurance is required regardless of the amount borrowed.
  • Regardless of the amount borrowed, all VA qualifying criteria still apply which are far less stringent than jumbo financing.

For more information regarding VA loans up to $1.5 million, VA county loan limits, or how to calculate if a small down payment would be required, call 1st Mariner Bank at 877-733-4411.

If you’re searching for a home to purchase in any the Delaware Valley, search all the homes listed for sale at www.montgomerycountypaproperties.com .

This post is contributed by a community member. The views expressed in this blog are those of the author and do not necessarily reflect those of Patch Media Corporation. Everyone is welcome to submit a post to Patch. If you'd like to post a blog, go here to get started.


More »
Got a question? Something on your mind? Talk to your community, directly.
Note Article
Just a short thought to get the word out quickly about anything in your neighborhood.
Share something with your neighbors.What's on your mind?What's on your mind?Make an announcement, speak your mind, or sell somethingPost something
See more »