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VA loan limits were eliminated in 2020. That means VA loan borrowers with full entitlement can borrow the maximum allowed by their lender. The VA loan limits still apply, however, to borrowers without full entitlement.
What are VA loan limits?
VA loan limits are the maximum mortgage amount the U.S. Department of Veterans Affairs (VA) guarantees to lenders for VA loans. If you borrow a VA loan and stop paying it — known as defaulting — the VA guarantees it’ll pay the lender for the loss, up to a certain amount.The limits work like this:
- For borrowers with full entitlement: No limit for mortgages over $144,000; the VA guarantees up to 25 percent of the loan amount for mortgages over $144,000, or up to $36,000 for loans under $144,000
- For borrowers without full entitlement: Limit based on county loan limits; the VA guarantees up to 25 percent of the county loan limit
If you fall into the latter and don’t have full entitlement, most lenders cap the loan at four times the amount of remaining entitlement.
When do VA loan limits apply?
VA loan limits apply if you have remaining entitlement, meaning that part of the VA-guaranteed dollar amount you’re eligible for has already been tapped. According to the VA, you could fall under this category if:
- You have an active VA loan
- You’ve paid a previous VA loan in full and still own the property
- You refinanced your VA loan into a non-VA loan and still own the property
- You had a short sale, deed in lieu of foreclosure or foreclosure and didn’t repay the loan in full
The loan limit for VA borrowers with remaining entitlement is based on the county where the borrower lives. If the borrower defaults, the VA will only guarantee the lender up to 25 percent of the county limit minus the entitlement already used.
VA loan limits in 2024
In 2020, the Department of Veterans Affairs (VA) eliminated VA loan limits for eligible veterans, service members and surviving spouses who have full entitlement. You have full entitlement — meaning the entirety of your entitlement is available for use — if you meet at least one of the following criteria, according to the VA:
- You’ve never used the VA home loan benefit
- You’ve paid a previous VA loan in full and sold the property
- You’ve used the VA home loan benefit, but had a foreclosure or short sale and repaid the VA in full
Borrowers with this level of entitlement do not have to make a down payment, and the VA will guarantee the mortgage lender up to 25 percent of the VA loan if the borrower defaults.
While VA borrowers with full entitlement aren’t subject to loan limits, there are limits for borrowers who have remaining entitlement, which could include those who have defaulted on a VA loan or those who already have an active VA loan.
VA loan limits by county
For borrowers with remaining entitlement, the VA loan limits vary by county, and are the same as the Federal Housing Finance Agency’s (FHFA) conforming loan limits. The limits are based on the median home values in each county. Adjusted annually, each state’s loan limits are detailed county by county and apply to one-unit (single-family) through four-unit homes.
$766,550
The 2024 conforming loan limit in most places around the continental U.S.
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- Alameda, Contra Costa, Los Angeles, Marin, Orange, San Benito, San Francisco, San Mateo, Santa Clara and Santa Cruz counties: $1,149,825
- Napa County: $1,017,750
- San Diego County: $1,006,250
- Ventura County: $954,500
- San Luis Obispo County: $929,200
- Monterey County: $920,000
- Sonoma County: $877,450
- Santa Barbara County: $838,350
- All other counties: $766,550
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- Eagle, Garfield and Pitkin counties: $1,149,825
- Routt County: $1,012,000
- Summit County: $1,006,250
- San Miguel County: $994,750
- Boulder County: $856,750
- Adams, Broomfield, Clear Creek, Denver, Douglas, El Paso, Gilpin, Jefferson and Park counties: $816,500
- All other counties: $766,550
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- Monroe County: $929,200
- All other counties: $766,550
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- Teton County: $1,149,825
- Blaine and Camas counties: $740,600
- All other counties: $766,550
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- Calvert, Charles, Frederick, Montgomery and Prince George’s counties: $1,149,825
- All other counties: $766,550
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- Dukes and Nantucket counties: $1,149,825
- Essex, Middlesex, Norfolk, Plymouth and Suffolk counties: $862,500
- All other counties: $766,550
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- Rockingham and Strafford counties: $862,500
- All other counties: $766,550
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- Bergen, Essex, Hudson, Hunterdon, Middlesex, Monmouth, Morris, Ocean, Passaic, Somerset, Sussex and Union counties: $1,149,825
- All other counties: $766,550
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- Bronx, Kings, Nassau, New York, Putnam, Queens, Richmond, Rockland, Suffolk and Westchester counties: $1,149,825
- All other counties: $766,550
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- Pike County: $1,149,825
- All other counties: $766,550
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- Cannon, Cheatham, Davidson, Dickson, Macon, Maury, Robertson, Rutherford, Smith, Sumner, Trousdale, Williamson and Wilson counties: $943,000
- All other counties: $766,550
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- Summit and Wasatch counties: $1,149,825
- Wayne County: $997,050
- All other counties: $766,550
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- Alexandria City, Arlington, Clarke, Culpeper, Fairfax, Fairfax City, Falls Church City, Fauquier, Fredericksburg City, Loudoun, Madison, Manassas City, Manassas Park City, Prince William, Rappahannock, Spotsylvania, Stafford and Warren counties: $1,149,825
- All other counties: $766,550
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- Pierce and Snohomish counties: $977,500
- All other counties: $766,550
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- Jefferson County: $1,149,825
- All other counties: $766,550
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- Teton County: $1,149,825
- All other counties: $766,550
VA loan limits example
Say you’re buying a home in a county with a $766,550 loan limit, and you’re already using $50,000 of your entitlement.
Remember, the VA guarantees up to 25 percent of the county loan limit — in this case, $191,638. You’ll need to take the difference between the entitlement you’re using ($50,000) and the 25 percent guarantee ($191,638). This equals $141,638.
From there, most lenders limit you to no more than four times that amount. In this example, the maximum you could borrow with no down payment would be $566,552, or $141,6348 multiplied by four. If you’d like to borrow more, you’ll need to make a down payment.
What VA loan limits mean for you
VA loan limits don’t necessarily limit how much you can borrow to finance a home — that’s up to your mortgage lender, which will qualify you within the parameters of the VA and its own business.Rather, the VA loan limit describes how much the VA will guarantee for the lender. If you’re approved for a bigger mortgage (more than $144,000), you’re free to borrow beyond these limits, but without full entitlement, you might need to make a down payment to do so.
Now that VA loans no longer have limits for borrowers with full entitlement, first-time borrowers have no cap on the size of a zero-down payment VA loan. The VA funding fees, which most borrowers have to pay to obtain a VA loan, remain in place, however.Remember, even if you have full entitlement and aren’t subject to loan limits, that doesn’t necessarily mean you can get any size VA loan you want. Your lender will still need to evaluate your credit history, income and assets to approve you for a loan, and for a specific amount.
Frequently asked questions
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It depends on your needs. The biggest advantage of VA loans is that there’s no requirement for a down payment or mortgage insurance. They also tend to have lower mortgage rates. The drawbacks include that they’re only allowed to be used for primary residences and the requirement to pay a funding fee.
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Yes, you can have more than one VA loan at the same time, provided you have enough entitlement.
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You can determine if you have full entitlement by reviewing your Certificate of Eligibility (COE), which proves you meet the requirements to be eligible for a VA loan. You can apply for this certificate after meeting specific service requirements.
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