Q: We want to buy a house in 2013 with our VA home loan benefits. Will the loan limits change next year?
A: If you’re looking to purchase a home in the New Year, you may notice a change in your VA loan limits from 2012.
New VA loan limits for 2013 go into effect on New Year’s Day. Depending on where you live, you can expect differences from 0% to 9% from last year. Most areas of the country will keep their conforming loan limits of $417,000. However, pay close attention if you’re in a high-cost area, as your loan limits may have increased or decreased.
The table below shows only locations with limits that exceed $417,000 for 2012 or 2013.
VA loan limits are calculated based on the Federal Housing Finance Administration (FHFA) house price index. The Q3 2012 report shows that home prices rose by 4.04% in home prices from this time last year. Home prices are down about 15% nationally since the 2006 spike, but a consistent increase reported by the FHFA each quarter in 2012 may indicate an improving market.
Use this table to see if your VA loan limits will change in 2013:
|
State |
County or Area |
2012 Limit |
2013 Limit |
Percent Change |
Regional Loan Center |
| Alaska | Aleutian East | $625,500 | $625,500 | 0% | Denver |
| Alaska | Aleutians West | $625,500 | $625,500 | 0% | Denver |
| Alaska | Anchorage | $625,500 | $625,500 | 0% | Denver |
| Alaska | Bethel | $625,500 | $625,500 | 0% | Denver |
| Alaska | Bristol Bay | $625,500 | $625,500 | 0% | Denver |
| Alaska | Denali | $625,500 | $625,500 | 0% | Denver |
| Alaska | Dillingham | $625,500 | $625,500 | 0% | Denver |
| Alaska | Fairbanks North | $625,500 | $625,500 | 0% | Denver |
| Alaska | Haines | $625,500 | $625,500 | 0% | Denver |
| Alaska | Hoonah-Angoon Census Area | $625,500 | $625,500 | 0% | Denver |
| Alaska | Juneau | $625,500 | $625,500 | 0% | Denver |
| Alaska | Kenai Peninsula | $625,500 | $625,500 | 0% | Denver |
| Alaska | Ketchikan Gateway | $625,500 | $625,500 | 0% | Denver |
| Alaska | Kodiak Island | $625,500 | $625,500 | 0% | Denver |
| Alaska | Lake and Peninsula | $625,500 | $625,500 | 0% | Denver |
| Alaska | Matanuska-Susitna | $625,500 | $625,500 | 0% | Denver |
| Alaska | Nome | $625,500 | $625,500 | 0% | Denver |
| Alaska | North Slope | $625,500 | $625,500 | 0% | Denver |
| Alaska | Northwest Arctic | $625,500 | $625,500 | 0% | Denver |
| Alaska | Petersburg Census | $625,500 | $625,500 | 0% | Denver |
| Alaska | Prince of Wales | $625,500 | $625,500 | 0% | Denver |
| Alaska | Sitka | $625,500 | $625,500 | 0% | Denver |
| Alaska | Skagway Municipality | $625,500 | $625,500 | 0% | Denver |
| Alaska | Southeast Fairbanks | $625,500 | $625,500 | 0% | Denver |
| Alaska | Valdez-Cordova | $625,500 | $625,500 | 0% | Denver |
| Alaska | Wade Hampton | $625,500 | $625,500 | 0% | Denver |
| Alaska | Wrangell City Area | $625,500 | $625,500 | 0% | Denver |
| Alaska | Yakutat City | $625,500 | $625,500 | 0% | Denver |
| Alaska | Yukon-Koyukuk | $625,500 | $625,500 | 0% | Denver |
| California | Alameda | $1,000,000 | $987,500 | -1% | Phoenix |
| California | Contra Costa | $1,000,000 | $987,500 | -1% | Phoenix |
| California | Los Angeles | $675,000 | $668,750 | -1% | Phoenix |
| California | Marin | $1,000,000 | $987,500 | -1% | Phoenix |
| California | Mono | $417,000 | $437,500 | 5% | Phoenix |
| California | Monterey | $436,250 | $425,000 | -3% | Phoenix |
| California | Napa | $500,000 | $521,250 | 4% | Phoenix |
| California | Orange | $675,000 | $668,750 | -1% | Phoenix |
| California | San Benito | $831,250 | $823,750 | -1% | Phoenix |
| California | San Diego | $518,750 | $500,000 | -4% | Phoenix |
| California | San Francisco | $1,000,000 | $987,500 | -1% | Phoenix |
| California | San Luis Obispo | $497,500 | $481,250 | -3% | Phoenix |
| California | San Mateo | $1,000,000 | $987,500 | -1% | Phoenix |
| California | Santa Barbara | $650,000 | $593,750 | -9% | Phoenix |
| California | Santa Clara | $831,250 | $823,750 | -1% | Phoenix |
| California | Santa Cruz | $663,750 | $668,750 | 1% | Phoenix |
| California | Sonoma | $456,250 | $448,750 | -2% | Phoenix |
| California | Ventura | $563,750 | $546,250 | -3% | Phoenix |
| Colorado | Boulder | $440,000 | $443,750 | 1% | Denver |
| Colorado | Eagle | $781,250 | $712,500 | -9% | Denver |
| Colorado | Lake | $781,250 | $712,500 | -9% | Denver |
| Colorado | Pitkin | $1,094,625 | $1,094,625 | 0% | Denver |
| Colorado | Routt | $568,750 | $550,000 | -3% | Denver |
| Colorado | San Miguel | $1,000,000 | $1,094,625 | 9% | Denver |
| Colorado | Summit | $675,000 | $667,500 | -1% | Denver |
| Connecticut | Fairfield | $653,750 | $612,500 | -6% | Cleveland |
| District of Columbia | District of Columbia | $838,750 | $843,750 | 1% | Roanoke |
| Guam | Guam | $625,500 | $625,500 | 0% | Honolulu |
| Hawaii | Hawaii | $625,500 | $625,500 | 0% | Honolulu |
| Hawaii | Honolulu | $756,250 | $750,000 | -1% | Honolulu |
| Hawaii | Kalawao | $625,500 | $625,500 | 0% | Honolulu |
| Hawaii | Kauai | $625,500 | $625,500 | 0% | Honolulu |
| Hawaii | Maui | $625,500 | $625,500 | 0% | Honolulu |
| Idaho | Blaine | $435,000 | $417,000 | -4% | Denver |
| Idaho | Teton | $652,500 | $635,000 | -3% | Denver |
| Massachusetts | Bristol | $418,750 | $417,000 | 0% | Cleveland |
| Massachusetts | Dukes | $748,750 | $723,750 | -3% | Cleveland |
| Massachusetts | Essex | $500,000 | $500,000 | 0% | Cleveland |
| Massachusetts | Middlesex | $500,000 | $500,000 | 0% | Cleveland |
| Massachusetts | Nantucket | $1,094,625 | $1,094,625 | 0% | Cleveland |
| Massachusetts | Norfolk | $500,000 | $500,000 | 0% | Cleveland |
| Massachusetts | Plymouth | $500,000 | $500,000 | 0% | Cleveland |
| Massachusetts | Suffolk | $500,000 | $500,000 | 0% | Cleveland |
| Maryland | Anne Arundel | $520,000 | $500,000 | -4% | Roanoke |
| Maryland | Baltimore | $520,000 | $500,000 | -4% | Roanoke |
| Maryland | Baltimore City | $520,000 | $500,000 | -4% | Roanoke |
| Maryland | Calvert | $838,750 | $843,750 | 1% | Roanoke |
| Maryland | Carroll | $520,000 | $500,000 | -4% | Roanoke |
| Maryland | Charles | $838,750 | $843,750 | 1% | Roanoke |
| Maryland | Frederick | $838,750 | $843,750 | 1% | Roanoke |
| Maryland | Harford | $520,000 | $500,000 | -4% | Roanoke |
| Maryland | Howard | $520,000 | $500,000 | -4% | Roanoke |
| Maryland | Montgomery | $838,750 | $843,750 | 1% | Roanoke |
| Maryland | Prince George’s | $838,750 | $843,750 | 1% | Roanoke |
| Maryland | Queen Anne’s | $520,000 | $500,000 | -4% | Roanoke |
| New Hampshire | Rockingham | $500,000 | $500,000 | 0% | Cleveland |
| New Hampshire | Strafford | $500,000 | $500,000 | 0% | Cleveland |
| New Jersey | Bergen | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Essex | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Hudson | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Hunterdon | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Middlesex | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Monmouth | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Morris | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Ocean | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Passaic | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Somerset | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Sussex | $777,500 | $722,500 | -7% | Cleveland |
| New Jersey | Union | $777,500 | $722,500 | -7% | Cleveland |
| New York | Bronx | $777,500 | $722,500 | -7% | Cleveland |
| New York | Kings | $777,500 | $722,500 | -7% | Cleveland |
| New York | Nassau | $777,500 | $722,500 | -7% | Cleveland |
| New York | New York | $777,500 | $722,500 | -7% | Cleveland |
| New York | Putnam | $777,500 | $722,500 | -7% | Cleveland |
| New York | Queens | $777,500 | $722,500 | -7% | Cleveland |
| New York | Richmond | $777,500 | $722,500 | -7% | Cleveland |
| New York | Rockland | $777,500 | $722,500 | -7% | Cleveland |
| New York | Suffolk | $777,500 | $722,500 | -7% | Cleveland |
| New York | Westchester | $777,500 | $722,500 | -7% | Cleveland |
| Pennsylvania | Pike | $777,500 | $722,500 | -7% | Cleveland |
| Rhode Island | Bristol | $418,750 | $417,000 | 0% | Cleveland |
| Rhode Island | Kent | $418,750 | $417,000 | 0% | Cleveland |
| Rhode Island | Newport | $418,750 | $417,000 | 0% | Cleveland |
| Rhode Island | Providence | $418,750 | $417,000 | 0% | Cleveland |
| Rhode Island | Washington | $418,750 | $417,000 | 0% | Cleveland |
| Utah | Salt Lake | $646,250 | $650,000 | 1% | Denver |
| Utah | Summit | $646,250 | $650,000 | 1% | Denver |
| Utah | Tooele | $646,250 | $650,000 | 1% | Denver |
| Virginia | Alexandria | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Arlington | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Clarke | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Fairfax | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Fairfax Independent | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Falls Church | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Fauquier | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Fredericksburg | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Lancaster | $418,750 | $417,000 | 0% | Roanoke |
| Virginia | Loudoun | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Manassas | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Manassas Park | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Prince William | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Spotsylvania | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Stafford | $838,750 | $843,750 | 1% | Roanoke |
| Virginia | Warren | $838,750 | $843,750 | 1% | Roanoke |
| Virgin Islands | St. Croix | $625,500 | $625,500 | 0% | St. Petersburg |
| Virgin Islands | St. John, VI | $625,500 | $630,000 | 1% | St. Petersburg |
| Virgin Islands | St. Thomas | $625,500 | $625,500 | 0% | St. Petersburg |
| Washington | King | $498,750 | $500,000 | 0% | Denver |
| Washington | Piece | $498,750 | $500,000 | 0% | Denver |
| Washington | San Juan | $470,000 | $468,750 | 0% | Denver |
| Washington | Snohomish | $498,750 | $500,000 | 0% | Denver |
| Washington | Jefferson | $838,750 | $843,750 | 1% | Roanoke |
| Wyoming | Teton | $652,500 | $635,000 | -3% | Denver |
Tim Lewis is a retired U.S. Army Major with 22 years of service, including active duty in both Operation Desert Storm and Operation Iraqi Freedom. Major Lewis is an iFreedom Direct® Veterans Services Department team leader in the purchase loan division. Lewis’s vast experience with the VA Home Loan Guaranty Program and his deep understanding of military clients’ needs helps to ensure iFreedom Direct®’s clients have an experience that exceeds their expectations.
I was wondering. is it even heard of to get a va home loan for the amount thats being backed by the va? this is my story. im a veteran in an apartment in ca. 2 bd over 1,400 a month. i have a son. ive been trying to find something different. im thinking about moving into a 1 bd apartment for 950 a month. then ive noticed some mobile homes being resold from 20,000 to 30,000. ive never looked into va home loans before because my credit is real bad. the space rent of the mobile homes ive been looking at range from 900 to 1000. all 2 and 3 bedrooms. i looked up my entitlement thats good for up to 36,000. is it heard of for a veteran to ask for a home loan of up to what they are entitled? if so, is it successful?
Hi Lily! Entitlement is one of the trickiest concepts to grasp, and you are smart to ask an expert. The $36,000 amount you are referring to is your basic entitlement. You may be surprised to know that this amount does not indicate how much you can borrow, rather it is the amount you have in the form of a VA guaranty. The VA will guaranty 25% of every eligible veterans' loan. That said, $36,000 in basic entitlement is enough government backing for a loan of up $144,000. The news gets better! If you've never used your home loan benefits before, then you likely have full entitlement which won't show up on your Certificate of Eligibility at all. Full entitlement will have to be calculated by an experienced VA loan officer. I'd be willing to bet that you have enough entitlement for a loan of up to $417,000. And, if you live in California, it could be more. Regardless of how much entitlement you have, you'll still have to qualify with credit and income. If your credit is below 620, you may have a challenge initially. Your best bet is to contact an approved lender and get an idea of what your credit and income look like. This will give you a really good idea of how much house you can afford. Sometimes there are relatively quick ways to improve bad credit so that you can qualify later. Owning is cheaper than renting in most U.S. cities, and you and your son deserve a nice place to live. Good luck and let us know if you need any further assistance.