December 16, 2014
The Department of Veterans Affairs (VA) announced the 2015 VA county loan limits in VA Circular
26-14-39 issued December 9, 2014. The VA county limits are used to calculate the maximum guaranty amount.
VA loan limits for 2015 will match conventional loan limit levels (see below) as set by the Federal Housing Finance Agency (FHFA). Due to this change the maximum loan limit will decrease for 84 counties in 14 states; however the loan limit increase announced by the FHFA for conventional transactions will also apply to VA loans.
In the event the 2015 county limit is lower than the 2014 limit, VA will honor the 2014 limit for loans in process subject to the following:
- Purchase Transactions: The sales contract was signed by the property seller(s) and buyer(s) and the loan application was signed by the borrower/buyer and broker prior to January 1, 2015.
- Refinance Transactions (non-IRRRL): The loan application was signed by the borrower and broker prior to January 1, 2015.
- IRRRL Transactions: County limits do not apply to IRRRL transactions.
As a reminder, VA does not have a maximum loan amount; loans can be made in excess of the county limit, however any loan amount exceeding the county limit will require a down payment from the borrower.
The 2015 maximum loan limits by county may be viewed at VA Loan Limits and selecting “2015 Loan Limits”.
The counties with an increase are provided on the attached Exhibit A; a list of the counties with a decrease in the maximum loan limit was not provided by VA.
If you have any questions, please contact your Account Executive.