Current VA Loan Limits and Veterans Benefits By State (2024)

FAQs

What is the current VA limit? ›

Starting in 2020, VA loan limits were eliminated for active-duty military and veterans who have full VA loan entitlement. However, loan limits still apply to mortgage applicants who have defaulted on a VA loan or have other active VA loans.

80% of the country's veteran population are homeowners–compared with just 60% of non-veterans. This means that more veterans own homes than do non-veterans–and yet only 13% of veterans in the U.S. have ever utilized their VA loan benefit.

The VA has guidelines for the types of fees lenders can charge VA loan borrowers. VA non-allowable fee amounts are determined by the following: The 1% rule: Lenders may charge a flat fee of 1% for closing costs, which covers expenses to originate and process the loan.

Ultimately, the VA does not award disability ratings higher than 100 percent. Once veterans reach an 100 percent rating, the VA will pay them the highest compensation level regardless of additional disability ratings unless the qualify for SMC.

VA loan limits received a massive increase in 2024. The standard VA loan limit in 2024 is $766,550 for most U.S. counties, increasing from $726,200 in 2023. VA loan limits also increased for high-cost counties, topping out at $1,149,825 for a single-family home. VA loan limits do not represent a cap or max loan amount.

VA borrowers in San Francisco, California, and Washington, D.C., for example, will find that zero-down-payment VA loans of one million dollars or more are indeed possible. The graphic below shows states/territories with average home prices higher than the national average.

A VA-backed purchase loan often offers:

The ability to borrow up to the Fannie Mae/Freddie Mac conforming loan limit on a no-down-payment loan in most areas—and more in some high-cost counties. You can borrow more than this amount if you want to make a down payment.

Under the PACT Act, all toxic exposed Veterans were supposed to become eligible for VA care – in increments – between now and 2032. VA eliminated the phased-in approach – meaning that three new cohorts of Veterans are now eligible to enroll in VA health care as of March 5, 2024.

What are the disadvantages of a VA loan? ›

VA loans offer many benefits such as no down payment or mortgage insurance, easier qualifications and lower interest rates. However, they also have drawbacks such as a required funding fee, property restrictions and potentially less equity to start.

Some Veterans are eligible for VA health care no matter their income. You may be eligible based on your VA disability rating, service history, or other factors. If you think you may be eligible, we encourage you to apply anytime.

What is the VA Disability 100% Rule? The VA disability 100 percent rule states that if a veteran is assigned a 100 percent rating, the rating cannot be reduced unless material evidence indicates that the veteran's service-connected condition has significantly improved.

The 55 Years Old Rule simply states that once a veteran reaches the age of 55, they are protected from such periodic C&P examinations and any reduction to their current disability ratings.

The VA 5-year rule protects your disability claim by not allowing the VA to reduce your disability rating unless your condition has significantly improved over time. This rule pertains to a rating that has been in effect for five years or longer. After a five-year period, the rating is considered a stabilized rating.

The standard VA loan limit in 2024 is $766,550 for most U.S. counties, increasing from $726,200 in 2023. VA loan limits also increased for high-cost counties, topping out at $1,149,825 for a single-family home. VA loan limits do not represent a cap or max loan amount.

VA loan entitlement is the dollar amount the Department of Veterans Affairs will guarantee on each VA home loan and helps determine how much a veteran can borrow before needing a down payment. VA loan entitlement is typically either $36,000 or 25% of the loan amount up to the conforming loan limit.

We use a method called the “whole person theory” to determine what we call your combined disability rating. We do this to make sure that your total VA disability rating doesn't add up to more than 100%. That's because a person can't be more than 100% able-bodied.

VA rates disability from 0% to 100% in 10% increments (e.g. 10%, 20%, 30% etc.). See the Combined Ratings section below for information about how VA calculates disability percentage for multiple disabilities.