2022 VA Loan Limits have increased

The Department of Veterans Affairs (VA) increased 2022 loan limits for potential VA homebuyers across the country! This means that active and retired military service members and their families now have even more purchasing power when shopping for their dream home. In some cases, buyers will see an increase to $822,375 or more. This boost adds to the already substantial features of the VA loan program.


What are the benefits of a VA loan?

The VA loan program was created to support the military members. It provides them with home financing backed by the Department of Veterans Affairs and comes with several benefits compared to conventional loans or many other mortgage products. Some of those benefits include:

  • Zero down payment is required, up to the county limit.
  • Flexible credit guidelines, with some minimums between 580-620.
  • No private mortgage insurance.*
  • Can be transferred to a new eligible borrower.
  • A non-military spouse’s income can be used on a VA Loan.
  • Allow for a higher debt to income ratio (DTI).
  • Can be used for jumbo purchases when you put down 25% over the local zero-down limit.

The list goes on, but you can find a more comprehensive outline of VA loan benefits here.

Since Reservists and National Guard personnel were granted eligibility, the qualifications have also been expanded. That means most service members are eligible to participate in the VA loan program. However, if you are unsure, you can refer to the Veterans Affairs website or speak directly with a VA-approved lender, such as a Homebridge Mortgage Loan Originator.

* Most VA loans will require a funding fee.


New 2022 VA loan limits

The new VA loan limits vary depending on each home’s county and the number of units in the house you’re interested in purchasing. If you’re interested in a one-unit home with a loan over $144,000, you may see an increase to $822,375 or more. The exact amount depends on whether or not you have full eligibility. It also depends on your FICO score.

Loans of $144,000 and less, or where the Veteran does not have full eligibility, will follow the Freddie Mac conforming loan limits, where a 1-unit property increased to $647,200.

If you serve or have served this country as a military service member, this increase will give you the purchasing power to buy the home you’ve always wanted – for less!


Contact a Homebridge Mortgage Loan Originator in your area for more information.

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