VA loans continue increasing with conforming loan limits! The current base limit for conforming VA loans is now $766,550 for the 2024 calendar year. The maximum for high cost counties is now $1,149,825!
What does this mean for our Veterans?
Thanks to the conforming loan limit increase, you can now request a Purchase loan, Cash Out Refinance, or an Interest Rate Reduction Refinance Loan based on the county limit for your state and county, and still qualify for a low interest rate.
What is a conforming loan limit?
Put simply, each year the Federal Housing Financing Administration (FHFA) reviews the average home sales in each county in the US, often called an MSA, and sets a ceiling that determines what the conforming loan amount is considered for that county. Loans that go over this limit usually receive higher interest rates than loan amounts below this set limit.
In other words, a higher conforming loan limit means you can qualify for a low interest rate on a larger loan!
Give us a call today to see how this increase can benefit you!
1-484-838-5626 (VETLOAN)
