VA Loan Limits For October Through December 31st 2011
Every year, the Department of Veterans Affairs official site posts a list of updated VA loan limits broken down by state and county.
These loan limit dollar amounts are determined by taking into consideration factors unique to each area where VA loan limits are not standard.
Some high-cost counties have much different rates than a typical housing market, and the VA loan limits in these areas sometimes exceed one million dollars.
In 2011, VA loan applicants may have noticed something different about the posted VA loan limits by county. The VA official site posted a notice accompanying the 2011 limits. “Please note the limits apply for loans closed January 1, 2011 through September 30, 2011.”
On August 3, 2011, the Department of Veterans Affairs announced an update to the VA loan limits for the remainder of the year. According to the VA, “The maximum guaranty for VA guaranteed loans closed October 1, 2011 through December 31, 2011 will remain unchanged. The Veterans’ Benefits Improvement Act of 2008 provided a temporary increase in VA loan limits for loans closed January 1, 2009 through December 31, 2011. Because of this legislation, VA loan limits will remain the same for the remainder of the calendar year.”
As usual, the VA will post the new loan limits for the upcoming year sometime before the loan limits are scheduled to go into effect for 2012. What will happen to those limits as a result of the expiration of the temporarily higher limits as established by the Veterans’ Benefits Improvement Act of 2008 remains to be seen.