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VA Unveils New Loan Limits for 2016, Increases

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navycmdr Member Level  Tuesday, 12/22/15 01:15:47 PM
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VA Unveils New Loan Limits for 2016, Increases for 39 Counties

By George Brooks gbrooks@imfpubs.com

The Department of Veterans Affairs has announced its loan limits for 2016, which are the same as the Federal Housing Finance Agency's limits for next year.
Currently, VAs maximum guaranty amounts are statutorily indexed to the FHFA loan limits, which currently range from a base of $417,000 to a high-cost area limit of $625,000.

The FHFA conforming loan limits will remain unchanged at $417,000 for single-family homes, effective Jan. 1, 2014, to Dec. 31, 2016. However, in 39 counties deemed high cost, the conforming loan limits will rise next year.
There will be no decrease in the VA county loan limits in 2016.

The VA county loan limits do not apply to Interest Rate Reduction Refinancing Loans (IRRRLs). VA will guarantee 25 percent of the loan amount of an IRRRL, regardless of whether the loan exceeds the limit for the particular county. For more details, see the next edition of Inside FHA/VA Lending.

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