The Department of Veterans Affairs Loan Guaranty Program recently published county “limits” to be used for VA Loans closing between January 1, 2011 through September 30, 2011. The limits for Fiscal Year 2012 have not yet been released.
Please note, these limits do not reflect a maximum amount that an eligible veteran is permitted to borrow, but rather, reflects the VA’s maximum guaranty amount for a particular county. The maximum VA guaranty amount for loans over $144,000 is 25% of the 2011 VA limit. For example, an eligible veteran may borrow up to $818,750 to purchase a property in Washington, DC (2011 VA limit), with the VA guaranteeing 25% of the loan amount, or approximately $204,687.50.The limits listed below are for some counties in Maryland and Virginia, as well as for the District of Columbia. View a complete list of the county limits for 2011. [Please note, if your county is not listed on the county limits chart on the VA website, the 2011 limit is $417,000.]| STATE | COUNTY | 2011 VA LIMIT |
| DC | District of Columbia | $818,750 |
| MD | Anne Arundel | $500,000 |
| MD | Frederick | $818,750 |
| MD | Howard | $500,000 |
| MD | Montgomery | $818,750 |
| MD | Prince George's | $818,750 |
| VA | Alexandria | $818,750 |
| VA | Arlington | $818,750 |
| VA | Fairfax | $818,750 |
| VA | Falls Church | $818,750 |
| VA | Fauquier | $818,750 |
| VA | Loudon | $818,750 |
| VA | Manassas | $818,750 |
| VA | Prince William | $818,750 |
Posts
No comments:
Post a Comment
Now Playing: Closing Costs Explained Visually