VA Loan Limits May Increase Soon

Much like the temporary increase that was granted for the FHA loan program last month, some amended legislation is on the fast track in Congress currently that would raise the VA Loan limit in some areas to $730,000 temporarily. This comes in response to an admitted ‘oversight’ of Veterans and service members with the FHA expansion.

Additionally, the bill — which passed the Senate on Thursday by an 84-12 vote — expands two veterans’ home programs and would allow the cap on veterans’ home loans, now set at $417,000, to temporarily rise as high as $730,000 by matching the caps of the Federal Home Loan Mortgage Corporation. Loans at the higher limit would be available through the end of the calendar year.

Track HR 3221 as it moves to the House, and read the full story at NavyTimes.com.

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