VA Loan Limits for 2009 Released
The loan limits for VA Home Loans have been released for the Jan. 1, 2009 – Dec. 31, 2009 year. The amount the Veteran or active-duty member may borrow depends upon the county in which he or she wishes to purchase. This is due to housing costs being much higher in certain counties, and the VA adjusts the limits accordingly. Although the VA itself does not issue VA loans, nor does it impose a maximum loan amount, it does guarantee 25% of the loan to the lender. These limits, as well as whether part of the entitlement has been used but not restored, are calculated when figuring how much of the loan the VA will guarantee.
You can check the VA Web site for specific county loan limits or view our own VA Mortgage Center.com VA Loan Limit Calculator. If you have any questions about the loan limits, the site includes the VA Regional Loan Center for each listed county. For all other counties that are not listed, the 2009 loan limit is $417,000.
James L Campbell
February 8th, 2009 at 1:32 amDear Sir, I’m a peace time service Veteran US Navy, May 1956 – Apr 1960 Duty station was the USS Bausell DD845 from Jan 57 – completion of service. I want to buy a small second home in Surprise AZ to live in during the winter months (Snow Bird) Purchase price is $32,000 and I want to put $10,000 down. What is the current interest rate and payment based upon 15 years ? I have never used my option to buy any home. Is the VA rate expected to drop after the current Stimulation package is passed ? How long does it take to secure a loan through KILA Mortgage Seattle WA. Thank You.
You Served Editorial Staff
February 9th, 2009 at 8:02 amJames,
Please call our main line at 800-405-6682 to speak with one of our officers about your options. We’d be happy to help you.