New 2023 VA loan limits could boost Veterans’ entitlements

By Gerry Ringwald on 12/16/2022

Tags: market update industry news

Veterans’ Entitlements Boosted by New 2023 VA Loan Limits

Did you know that you now may be eligible for more than one VA loan?

The United States Department of Veterans Affairs (VA) recently announced plans to boost purchase loan limits in 2023. In response to rising property values across the US, the VA will increase the baseline for single-unit home mortgages to $720,200 and $1,089,300* in most of the country. A higher VA loan baseline creates more opportunities for buyers, such as possible improvements in their rate, more loan product choices, lower down payment and reserve options.

These new higher 2023 VA loan limits also mean that you could be eligible for higher entitlement compensation. For example, Bob can now purchase a home with a base price of $820,000 where the county loan limit is $1,089,300 for zero down, while receiving the full VA entitlement. That’s right. You can own a home with a zero down payment and receive the full VA entitlement that you qualify for.

If you have any questions about your maximum VA loan eligibility, feel free to contact us.

*https://www.fhfa.gov/DataTools/Downloads/Pages/Conforming-Loan-Limit.aspx

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Subject to credit approval. Rate is not affiliated with the U.S. Dept. of Veterans Affairs.

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