Wednesday, March 11, 2009

VA Loan Limits Have Been Increased

The loan limits for 100% financing have gone up for VA loans in some areas. Here are the new amounts for Colorado counties:

BOULDER -- $437,500.00
EAGLE -- $887,500.00
GARFIELD -- $450,000.00
HINSDALE -- $460,000.00
LAKE -- $887,500.00
OURAY -- $456,250.00
PITKIN -- $1,094,625.00
ROUTT -- $690,000.00
SAN MIGUEL -- $962,500.00
SUMMIT -- $785,000.00

For all other counties in Colorado, the loan limit for 100% financing remains at $417,000. It is possible to get VA financing for an amount that exceeds the loan limit, but 25% of the amount over the limit must be paid by the borrower at closing.

Just a reminder - VA financing is almost always the best deal for a veteran, or a member of the active military, the Reserves, or the National Guard. 100% financing, no mortgage insurance, low interest rates. If someone tries to talk your buyers out of getting a VA loan, it probably means they are not approved to sell them. That's not how we should treat people who have served our country.

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