Understanding VA County Loan Limits in Virginia

A VA loan limit is a cap on how much a homebuyer can borrow without needing a down payment. However, thanks to the Blue Water Navy Vietnam Veterans Act of 2019, VA loan limits do not apply to eligible VA borrowers with full VA loan entitlement.

VA loan limits only apply to those with partial entitlement. Often that could mean the Veteran is buying a second property with a VA loan while they still own another home they originally acquired with a VA loan.

The loan limit is based on county home prices. In most of the U.S., the 2024 maximum conforming loan limit (CLL) for single-unit properties is $766,550. That’s up 5.5% from 2023 ($726,200). In high-cost areas, the loan limit sits at $1,149,825.

If you’re a Virginia veteran looking to buy a home using your VA home loan benefit, it’s important to understand VA county loan limits and how they work. VA loan limits establish the maximum amount the Department of Veterans Affairs will guarantee if you default on your loan. County loan limits vary widely across Virginia, so make sure you know the limit that applies to the county where you want to buy.

In this detailed guide, I’ll explain everything you need to know about VA county loan limits in Virginia, including:

How VA loan limits work
Why loan limits exist
How to find your county’s limit
What to do if your loan amount exceeds the limit
Tips for maximizing your VA loan in Virginia

Let’s get started!

What Are VA County Loan Limits?

The VA doesn’t set a maximum loan amount for VA loans. However, they do limit how much of your loan they’ll guarantee through what’s called the VA county loan limit

Essentially, the VA county loan limit sets the maximum amount the VA will pay your lender if you default on a VA home loan. For loans that exceed the limit, the VA will only guarantee a portion of the amount borrowed.

VA loan limits vary by county because housing costs differ hugely across the state. VA limits align with conventional conforming loan limits set by the Federal Housing Finance Agency (FHFA).

In 2023, the baseline VA loan limit in most parts of Virginia is $647,200. However, limits range from around $420,000 to over $1 million in the highest-cost counties.

Why Do VA Loan Limits Exist?

The VA has to limit how much of each Veteran’s loan they’ll guarantee. Otherwise, the program would take on too much risk and not be sustainable.

By capping the guarantee amount, the VA reduces potential losses. This allows them to extend home loan benefits to as many eligible Veterans as possible.

VA loan limits also incentivize borrowers to be responsible. Veterans still have to qualify and make payments on any loan amount above the limit. This ensures buyers don’t take out mortgages they can’t repay.

How to Find Your VA County Loan Limit in Virginia

It’s essential to look up your specific county’s loan limit before applying for a VA loan. Here are two easy ways to find it:

Use the VA website: The VA provides a lookup tool where you can find your county and see the limit.
Check the FHFA website: As VA limits match FHFA limits, you can also find them on the FHFA Conforming Loan Limits page. Select the right year and look under the 1-Unit column.

VA loan limits change annually, so be sure to check for the current year. Limits usually go up slightly each year.

What If My Loan Amount Exceeds the Limit?

Exceeding your county loan limit isn’t necessarily a bad thing. It just means you won’t get a full VA guarantee on the entire loan amount.

For example, let’s say the loan limit in your county is $600,000. If you want to buy a $650,000 home, the VA will only guarantee the first $600,000.

You have two options in this situation:

Make a down payment to cover the amount over the limit. For the $650,000 home, you’d need around $50,000 down.
Pay a funding fee on the amount over the limit. The funding fee is a one-time charge (usually around 3%) to receive the VA home loan benefit.

As long as you qualify for the full loan amount and can cover the portion over the limit, your lender will approve the loan. Talk to your lender to decide the best approach based on your financial situation.

Tips for Maximizing Your VA Home Loan in Virginia

Here are my top tips for making the most of your VA loan benefit when buying in Virginia:

Shop around for the best rates. Interest rates and fees can vary significantly between lenders. Compare VA loan offers from multiple lenders.
Consider a lower-cost county. VA limits are lower in rural areas. You may be able to buy more house for your money in a county with a lower limit.
Ask about down payment assistance. Many Virginia counties offer grants and low-interest loans to help with down payments and closing costs.
Evaluate your credit. Aim for a credit score over 740 to qualify for the best VA loan rates. Pay down balances and correct errors on your credit reports.
Get pre-approved. Pre-approval from a lender will make your VA loan offers stronger and give you an advantage as a buyer.
Know your budget. Crunching the numbers is vital. Factor in mortgage payments, taxes, insurance, HOA fees, maintenance, and other costs of homeownership.
Work with a knowledgeable loan officer. Get support from a loan officer familiar with VA loans and Virginia’s market. They can guide you through the process.

Calculating Loan Amount With Loan Limits

If VA loan limits apply to you, below is a step-by-step process to figuring out how much your loan can be before putting money down.

Use the chart above to find the VA loan limit for the county where you’re buying. If your county isn’t listed above, the amount is $766,550.
Take the VA loan limit for that county, and multiply it by (.25) to find the maximum VA guarantee for that county.
Figure out how much entitlement you’ve used by taking your original VA loan amount and multiplying it by (.25).
Find your remaining entitlement by taking the maximum guarantee (from Point 2) and subtracting your entitlement used (from Point 3).
Take your remaining entitlement and multiply it by 4. That will show how much you can borrow without a down payment.

Getting A Loan Above the VA Loan Limit

It’s important to remember there is no max VA loan amount. However, as mentioned above, there is a limit to how much you can borrow without a down payment. Any loan above the county-specific limit is known as a VA jumbo loan. VA jumbo loans also have specific guidelines and rules.

Explaining The VA County Loan Limits

FAQ

What is the VA loan limit in Virginia?

As of 2020, loan limits no longer apply to VA loans for over $144,000, if you still have your full entitlement. Basically, this means you can get a loan at any amount a lender is willing to lend you, and the VA will guarantee 25% of it, without having to make a down payment.

What is the VA county limit for 2024?

The standard VA loan limit in 2024 is $766,550 for most U.S. counties, increasing from $726,200 in 2023. VA loan limits also increased for high-cost counties, topping out at $1,149,825 for a single-family home. VA loan limits do not represent a cap or max loan amount.

Is there a limit on how many VA loans you can get?

As long as you’re still eligible for a VA loan and are able to qualify with a lender, there’s no limit to how many of these mortgages you can take out over the course of your life. In fact, it’s even possible to have more than one VA loan at the same time in certain circumstances.

What is the maximum lot size for VA loan?

VA does not limit the number of acres a VA-guaranteed property may have. The appraisal of properties with acreage should not pose a problem, as long as similar properties in the area were recently sold primarily for residential use.

Are there County loan limits for veterans with full VA home loan entitlement?

Effective January 1, 2020, there are no county loan limits for Veterans with full VA home loan entitlement. However, county loan limits still apply to Veterans who have previously used, and not restored, their VA home loan entitlement to purchase, refinance, or construct a home above $144,000.

What is a VA loan limit?

The VA-backed home loan limit refers to the amount we’ll guarantee (the maximum amount we’ll pay to your lender if you default on your loan). We don’t limit how much you can borrow to finance a home. How does my county loan limit affect me?

How much can a VA loan guarantee?

The VA will guarantee the full loan up to $144,000. The maximum guarantee for VA loans over $144,000 is up to 25% of the county loan limit. The lowest county limit is $766,550. The high-cost county limits are listed in the table further down the article.

How do I find a VA home loan limit?

Find the VA home loan limit for the county your property (or future property) is in. VA home loan limits are the same as the Federal Housing Finance Agency (FHFA) limits. These are called conforming loan limits. Check current loan limits on the FHFA website Review the table with past loan limit information.