With a new year comes new rates and limits for the numerous loan programs across the board. In this article we are going to take a closer look at the 2022VA Loan Limits. To begin with, there are two factors that assist in determining the 2017 VA Loan Limits and they are as follows:
2022 VA Loan Limits and VA Loans in general are one of, if not the best mortgage to have if you can qualify for one. With this loan you can purchase a home with no money down and 100% financing. Another great perk of the VA Loan is the max 4% Seller’s Concession you can receive when obtaining one of these loans. Let’s say you get the full 4% concession, you could potentially purchase a home and pay absolutely nothing out of pocket as most costs will be covered by the concession. If you would like to see the perks of VA Loans in a list they are below:
– 100% Financing available meaning no money down
– Max 4% Seller’s Concession available for all VA Loans
– VA Loans have funding fees, and even this can be rolled into the loan
– Unlike other loan programs where you don’t have 20% down/equity, VA Loans don’t have mortgage insurance premiums like FHA and Conventional Loans have
– VA Loans historically have one of or the lowest rates amongst mortgage programs offered
– MUST have served in the United States Military
– Must have separated with an Honorable Discharge
– Must have a valid Certificate of Eligibility from the VA
– There is no minimum credit score required, however most lenders will require a 580 FICO score
– There is no maximum debt-to-income ratio, however most lenders will enforce a DTI ratio of 55% or less.
– No money down and 100% Financing
– 4% Sellers Concession
2022 VA Loan Limits are as follows:
– In mirroring the Conventional Loan limits, it is seen in most areas that the 2022 VA Loan Limits is capped at $417,000 for a single unit single family home with 100% financing.
– Across the United States there are High Cost Counties which are counties that have higher average home prices than the rest of the United States. There are 235 counties identified to be High Cost and VA Loans are capped up to $625,000.
– Unlike other loan programs where you cannot borrow past the loan limits, this is not the case with VA Loans. A little known fact about VA Loans that many don’t know about is you can obtain a loan above the limits as long as you can put 25% down of the amount above the loan limit. For example, if you want to obtain a loan that is $125,000 over the loan limit, you will be required to pay 25% or $31,250 to obtain the mortgage. This means in an area that has a $417,000 max loan amount, you can purchase a home for $542,000 as long as you can put $31,250 down.
If you are looking to deal with some experts when it comes to VA Loans then Loan Consultants is perfect for you. Please inquire on www.loanconsultants.org for more information, call us at 888-900-1020, or email firstname.lastname@example.org and we can get started today!