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Virginia Beach and Hampton Roads VA (Veterans) Real Estate Loan Limits Raised

filed under: Buyers posted on January 5th, 2009

2009 VA County Loan Limits for High-Cost Counties of Virginia Beach, Chesapeake, Norfolk, Suffolk, Portsmouth, and Hampton Roads have been raised.

Virginia Beach and Hampton Roads Veteran real estate owners considering refinancing should benefit from this change.

Those veteran real estate buyers looking to find great deals will benefit from the raised VA loan limits and 100% financing.  See home loan increase below:

2009 VA home loan limit for Virginia Beach, Chesapeake, Suffolk, Norfolk, Portsmouth, and Hampton Roads is now $498,750 up from $417,000.

VA Home Mortgage Loan Limits provided by VA-Home-Loans-Today.com

The Department of Veterans Affairs’ Loan Guaranty program does not impose a maximum amount that an eligible veteran may borrow using a VA-guaranteed loan. However, the following county “limits” must be used to calculate VA’s maximum guaranty amount for a particular county.

Read more about Financing, credit scores, and buyer tips.

For mortgage advice see our loan center.

These limits apply to all loans closed January 1, 2009 through December 31, 2009. Those military personnel whether active, veterans, disabled vets, or surviving spouses will benefit further by using the Military Movers Plus Program.

2010 county loan limits will be made available as soon as possible.

The maximum guaranty amount (available for loans over $144,000) is 25 percent of the 2009 VA Limit shown below. Therefore, a veteran with full entitlement available may borrow up to the 2009VA Limit shown below and VA will guarantee 25 percent of the loan amount.

If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran must be reduced accordingly. Lenders should check their own investor requirements regarding guaranty amounts and down payments.

Questions about VA loans in a particular county may be directed to the VA Regional Loan Center (RLC) listed for that county.

NOTE: For all counties other than those listed below, the 2009 Limit is $417,000.

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posted by Dennis Blackmore

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