Pinned map representing VA loan limits banner banner

2018
VA loan limits

Check Your 2018 VA Loan Limits

2018 VA Loan Limits Increase to $453,100

 

Buying a home in 2018? You’ll want to know your VA loan limits. Check the reference here to find the maximum loan the VA will guarantee without a down payment in your area.

VA Loan Limit Basics

 

New 2018 VA loan limits are effective January 1 – December 31. The baseline limit has increased for 2018, up to $453,100 from $424,100 in most areas. In some places where homes are more expensive, limits are higher.

First, let’s clarify what loan limits are not. VA loan limits are not a cap on the amount you can borrow with a VA loan. A limit is simply a cap on the amount the VA is willing to guarantee. Qualified Veterans can use their home loan benefits to buy a home even if it exceeds the limit, a fact that is discussed further below.

Generally, the VA is willing to back up to 25 percent of a VA loan within the limit. This is known as the VA Guaranty. The guaranty secures enough of the loan for approved lenders to offer terms with no down payment and no monthly mortgage insurance premium (MMIP). The VA does charge most borrowers a funding fee to offset the cost of its guaranty. Regardless, the lack of down payment and MMIP can save significant cash out-of-pocket compared to other loan programs.

High-Cost Ceiling Raised to $679,650

 

Some areas of the U.S. have expensive housing markets, and to accommodate this, limits in certain places are higher than the baseline limit of $453,100. By FHFA’s definition, these high-cost housing areas are ones in which 115% of the local median home value is above the baseline loan limit. In other words, these are areas where the average home is notably more expensive. Limits in these areas are set at the median home value.

In the 48 contiguous states, the high-cost ceiling is $679,650, which is 150% of the baseline of $453,100. Special legislation exists for Alaska, Hawaii, Guam, and the U.S. Virgin Islands where loan limits can exceed $679,650. For example, Honolulu, HI has a loan limit of $721,050.

Places like Key West, FL, Virginia Beach, VA, and Los Angeles, CA, have homes priced well over the limit in many popular neighborhoods. Limits are specific to each county. It’s common to find homes exceeding the limit in some of the most expensive housing communities.

VA Loan Over County Limits

 

In San Francisco, it costs $1,100,000 for an average home. This is $420,350 over the ceiling. So, if you can qualify, and want a VA loan that exceeds the county limit, you’ll need to make a down payment.

Even in a case such as this, these loan benefits can be a significant advantage to a Veteran. The down payments for loans over the limit are factored only on the portion over the limit – a small fraction of what could be required for a conventional loan. If you do make a down payment on a VA loan, you can expect it to be 25% of only the amount above the loan limit. The money saved on down payments for eligible borrowers can amount to tens of thousands.

What Determines Loan Limits?

 

To get an idea how loan limits might change each year, home prices can provide a clue. The Federal Housing Finance Agency (FHFA) publishes a Home Price Index (HPI) each year. This federal agency uses the HPI and the HERA formula, which stands for Housing and Economic Recovery Act of 2008, to calculate loan limits.

The average home price in third quarter of 2016 was 1.7 percent above the value for the third quarter of 2007 (pre-crisis), per the FHFA report. It’s no coincidence that for 2017, the baseline loan limit was increased by the same amount. And another baseline increase in 2018 shows that home prices are on a healthy uphill climb.

More About Home Prices

 

Home prices have been on a steady rise since the housing crash in 2008, according to the FHFA. In the third quarter of 2017, all 50 states saw home prices increase from a year ago. In fact, home prices increased an average 6.5% nationally. Here are some other findings according to the 2017 Q3 HPI:

  •   All 100 major metro areas saw home prices up from a year ago.
  •   Top increases were: 1) District of Columbia 11.6%; 2) Washington 11.5%; 3) Hawaii 10.0%; 4) Arizona 10.0%; and 5) Nevada 9.6%.
  •   The strongest metro area was Seattle-Bellevue-Everett, WA, up 14.6%.
  •   The weakest metro area was Camden, NJ, up just 0.5%.
  •   The strongest region was the Pacific, up 8.9% from last year.
  •   The weakest region was the Middle Atlantic, up 4.8% since Q3 2016.

VA Loan Limit Table

 

Are you curious about your loan limits? Look yours up using the VA loan limit table below. If you don’t see your county, you can assume your loan limit is the baseline $453,100. The loan limit table lists only high-cost places where limits are over the baseline.

If you have questions, speak to one of our VA specialists at 800-217-1596.

State County or Area 2017 VA Limit 2018 VA Limit Percent Change Regional Loan Ctr
Alaska Aleutians East $636,150 $679,650 6.8% Denver
Alaska Aleutians West $636,150 $679,650 6.8% Denver
Alaska Anchorage $636,150 $679,650 6.8% Denver
Alaska Bethel $636,150 $679,650 6.8% Denver
Alaska Bristol Bay $636,150 $679,650 6.8% Denver
Alaska Denali $636,150 $679,650 6.8% Denver
Alaska Dillingham $636,150 $679,650 6.8% Denver
Alaska Fairbanks North $636,150 $679,650 6.8% Denver
Alaska Haines $636,150 $679,650 6.8% Denver
Alaska Hoonah-Angoonÿ $636,150 $679,650 6.8% Denver
Alaska Juneau $636,150 $679,650 6.8% Denver
Alaska Kenai Peninsula $636,150 $679,650 6.8% Denver
Alaska Ketchikan Gateway $636,150 $679,650 6.8% Denver
Alaska Kodiak Island $636,150 $679,650 6.8% Denver
Alaska Kusilvak Census Area $636,150 $679,650 6.8% Denver
Alaska Lake and Peninsula $636,150 $679,650 6.8% Denver
Alaska Matanuska-Susitna $636,150 $679,650 6.8% Denver
Alaska Nome $636,150 $679,650 6.8% Denver
Alaska North Slope $636,150 $679,650 6.8% Denver
Alaska Northwest Arctic $636,150 $679,650 6.8% Denver
Alaska Petersburg Census $636,150 $679,650 6.8% Denver
Alaska Prince of Wales $636,150 $679,650 6.8% Denver
Alaska Sitka $636,150 $679,650 6.8% Denver
Alaska Skagway $636,150 $679,650 6.8% Denver
Alaska Southeast Fairbanks $636,150 $679,650 6.8% Denver
Alaska Valdez-Cordova $636,150 $679,650 6.8% Denver
Alaska Wrangell City Area $636,150 $679,650 6.8% Denver
Alaska Yakutat City $636,150 $679,650 6.8% Denver
Alaska Yukon-Koyukuk $636,150 $679,650 6.8% Denver
California Alameda $636,150 $679,650 6.8% Phoenix
California Alpine $463,450 $463,450 0% Phoenix
California Contra Costa $636,150 $679,650 6.8% Phoenix
California El Dorado $488,750 $517,500 5.9% Phoenix
California Los Angeles $636,150 $679,650 6.8% Phoenix
California Marin $636,150 $679,650 6.8% Phoenix
California Mono $529,000 $529,000 0% Phoenix
California Monterey $575,000 $615,250 7.0% Phoenix
California Napa $636,150 $679,650 6.8% Phoenix
California Nevada $477,250 $477,250 0% Phoenix
California Orange $636,150 $679,650 6.8% Phoenix
California Placer $488,750 $517,500 5.9% Phoenix
California Sacramento $488,750 $517,500 5.9% Phoenix
California San Benito $636,150 $679,650 6.8% Phoenix
California San Diego $612,950 $649,750 6.0% Phoenix
California San Francisco $636,150 $679,650 6.8% Phoenix
California San Luis Obispo $586,500 $615,250 4.9% Phoenix
California San Mateo $636,150 $679,650 6.8% Phoenix
California Santa Barbara $625,500 $625,500 0% Phoenix
California Santa Clara $636,150 $679,650 6.8% Phoenix
California Santa Cruz $636,150 $679,650 6.8% Phoenix
California Solano $431,250 $460,000 6.7% Phoenix
California Sonoma $595,700 $648,600 8.9% Phoenix
California Ventura $636,150 $672,750 5.8% Phoenix
California Yolo $488,750 $517,500 5.9% Phoenix
Colorado Adams $493,350 $529,000 7.2% Denver
Colorado Arapahoe $493,350 $529,000 7.2% Denver
Colorado Boulder $529,000 $578,450 9.3% Denver
Colorado Broomfield $493,350 $529,000 7.2% Denver
Colorado Clear Creek $493,350 $529,000 7.2% Denver
Colorado Denver $493,350 $529,000 7.2% Denver
Colorado Douglas $493,350 $529,000 7.2% Denver
Colorado Eagle $636,150 $636,150 0% Denver
Colorado Elbert $493,350 $529,000 7.2% Denver
Colorado Garfield $636,150 $679,650 6.8% Denver
Colorado Gilpin $493,350 $529,000 7.2% Denver
Colorado Jefferson $493,350 $529,000 7.2% Denver
Colorado Lake $625,500 $625,500 0% Denver
Colorado Park $493,350 $529,000 7.2% Denver
Colorado Pitkin $636,150 $679,650 6.8% Denver
Colorado Routt $625,500 $625,500 0% Denver
Colorado San Miguel $625,500 $625,500 0% Denver
Colorado Summit $625,500 $625,500 0% Denver
Connecticut Fairfield $601,450 $601,450 0% Cleveland
District of Columbia District of Columbia $636,150 $679,650 6.8% Roanoke
Florida Monroe $529,000 $529,000 0% St. Petersburg
Georgia Greene $515,200 $515,200 0% Atlanta
Guam Guam $636,150 $679,650 6.8% Honolulu
Hawaii Hawaii $636,150 $679,650 6.8% Honolulu
Hawaii Honolulu $721,050 $721,050 0% Honolulu
Hawaii Kalawao $657,800 $679,650 3.3% Honolulu
Hawaii Kauai $713,000 $713,000 0% Honolulu
Hawaii Maui $657,800 $679,650 3.3% Honolulu
Idaho Blaine $625,500 $625,500 0% Denver
Idaho Camas $625,500 $625,500 0% Denver
Idaho Lincoln $625,500 $625,500 0% Denver
Idaho Teton $636,150 $679,650 6.8% Denver
Maryland Anne Arundel $517,500 $517,500 0% Roanoke
Maryland Baltimore $517,500 $517,500 0% Roanoke
Maryland Baltimore City $517,500 $517,500 0% Roanoke
Maryland Calvert $636,150 $679,650 6.8% Roanoke
Maryland Carroll $517,500 $517,500 0% Roanoke
Maryland Charles $636,150 $679,650 6.8% Roanoke
Maryland Frederick $636,150 $679,650 6.8% Roanoke
Maryland Harford $517,500 $517,500 0% Roanoke
Maryland Howard $517,500 $517,500 0% Roanoke
Maryland Montgomery $636,150 $679,650 6.8% Roanoke
Maryland Prince George's $636,150 $679,650 6.8% Roanoke
Maryland Queen Anne's $517,500 $517,500 0% Roanoke
Massachusetts Dukes $636,150 $679,650 6.8% Cleveland
Massachusetts Essex $598,000 $603,750 1.0% Cleveland
Massachusetts Middlesex $598,000 $603,750 1.0% Cleveland
Massachusetts Nantucket $636,150 $679,650 6.8% Cleveland
Massachusetts Norfolk $598,000 $603,750 1.0% Cleveland
Massachusetts Plymouth $598,000 $603,750 1.0% Cleveland
Massachusetts Suffolk $598,000 $603,750 1.0% Cleveland
MP Northern Island $524,400 $524,400 0% Honolulu
MP Saipan $529,000 $529,000 0% Honolulu
MP Tinian $532,450 $532,450 0% Honolulu
New Hampshire Rockingham $598,000 $603,750 1.0% Cleveland
New Hampshire Strafford $598,000 $603,750 1.0% Cleveland
New Jersey Bergen $636,150 $679,650 6.8% Cleveland
New Jersey Essex $636,150 $679,650 6.8% Cleveland
New Jersey Hudson $636,150 $679,650 6.8% Cleveland
New Jersey Hunterdon $636,150 $679,650 6.8% Cleveland
New Jersey Middlesex $636,150 $679,650 6.8% Cleveland
New Jersey Monmouth $636,150 $679,650 6.8% Cleveland
New Jersey Morris $636,150 $679,650 6.8% Cleveland
New Jersey Ocean $636,150 $679,650 6.8% Cleveland
New Jersey Passaic $636,150 $679,650 6.8% Cleveland
New Jersey Somerset $636,150 $679,650 6.8% Cleveland
New Jersey Sussex $636,150 $679,650 6.8% Cleveland
New Jersey Union $636,150 $679,650 6.8% Cleveland
New York Bronx $636,150 $679,650 6.8% Cleveland
New York Dutchess $636,150 $679,650 6.8% Cleveland
New York Kings $636,150 $679,650 6.8% Cleveland
New York Nassau $636,150 $679,650 6.8% Cleveland
New York New York $636,150 $679,650 6.8% Cleveland
New York Orange $636,150 $679,650 6.8% Cleveland
New York Putnam $636,150 $679,650 6.8% Cleveland
New York Queens $636,150 $679,650 6.8% Cleveland
New York Richmond $636,150 $679,650 6.8% Cleveland
New York Rockland $636,150 $679,650 6.8% Cleveland
New York Suffolk $636,150 $679,650 6.8% Cleveland
New York Westchester $636,150 $679,650 6.8% Cleveland
North Carolina Camden $625,500 $625,500 0% Atlanta
North Carolina Currituck $458,850 $458,850 0% Atlanta
North Carolina Gates $458,850 $458,850 0% Atlanta
North Carolina Hyde $483,000 $483,000 0% Atlanta
North Carolina Pasquotank $625,500 $625,500 0% Atlanta
North Carolina Perquimans $625,500 $625,500 0% Atlanta
Pennsylvania Pike $636,150 $679,650 6.8% Cleveland
Tennessee Cannon $466,900 $494,500 5.9% Atlanta
Tennessee Cheatham $466,900 $494,500 5.9% Atlanta
Tennessee Davidson $466,900 $494,500 5.9% Atlanta
Tennessee Dickson $466,900 $494,500 5.9% Atlanta
Tennessee Hickman $466,900 $494,500 5.9% Atlanta
Tennessee Macon $466,900 $494,500 5.9% Atlanta
Tennessee Maury $466,900 $494,500 5.9% Atlanta
Tennessee Robertson $466,900 $494,500 5.9% Atlanta
Tennessee Rutherford $466,900 $494,500 5.9% Atlanta
Tennessee Smith $466,900 $494,500 5.9% Atlanta
Tennessee Sumner $466,900 $494,500 5.9% Atlanta
Tennessee Trousdale $466,900 $494,500 5.9% Atlanta
Tennessee Williamson $466,900 $494,500 5.9% Atlanta
Tennessee Wilson $466,900 $494,500 5.9% Atlanta
Utah Salt Lake $600,300 $600,300 0% Denver
Utah Summit $636,150 $679,650 6.8% Denver
Utah Tooele $600,300 $600,300 0% Denver
Virgin Islands St. Croix $636,150 $679,650 6.8% St. Petersburg
Virgin Islands St. John, VI $636,150 $679,650 6.8% St. Petersburg
Virgin Islands St. Thomas $636,150 $679,650 6.8% St. Petersburg
Virginia Alexandria City $636,150 $679,650 6.8% Roanoke
Virginia Amelia $535,900 $535,900 0% Roanoke
Virginia Arlington $636,150 $679,650 6.8% Roanoke
Virginia Caroline $535,900 $535,900 0% Roanoke
Virginia Charles City $535,900 $535,900 0% Roanoke
Virginia Chesapeake City $458,850 $458,850 0% Roanoke
Virginia Chesterfield $535,900 $535,900 0% Roanoke
Virginia Clarke $636,150 $679,650 6.8% Roanoke
Virginia Colonial Heights $535,900 $535,900 0% Roanoke
Virginia Culpeper $636,150 $679,650 6.8% Roanoke
Virginia Cumberland $535,900 $535,900 0% Roanoke
Virginia Dinwiddie $535,900 $535,900 0% Roanoke
Virginia Fairfax $636,150 $679,650 6.8% Roanoke
Virginia Fairfax Independent $636,150 $679,650 6.8% Roanoke
Virginia Falls Church $636,150 $679,650 6.8% Roanoke
Virginia Fauquier $636,150 $679,650 6.8% Roanoke
Virginia Fredericksburg $636,150 $679,650 6.8% Roanoke
Virginia Gloucester $458,850 $458,850 0% Roanoke
Virginia Goochland $535,900 $535,900 0% Roanoke
Virginia Hampton City $458,850 $458,850 0% Roanoke
Virginia Hanover $535,900 $535,900 0% Roanoke
Virginia Henrico $535,900 $535,900 0% Roanoke
Virginia Hopewell City $535,900 $535,900 0% Roanoke
Virginia Isle of Wight $458,850 $458,850 0% Roanoke
Virginia James City $458,850 $458,850 0% Roanoke
Virginia King and Queen $535,900 $535,900 0% Roanoke
Virginia King William $535,900 $535,900 0% Roanoke
Virginia Loudoun $636,150 $679,650 6.8% Roanoke
Virginia Louisa $535,900 $535,900 0% Roanoke
Virginia Manassas $636,150 $679,650 6.8% Roanoke
Virginia Manassas Park $636,150 $679,650 6.8% Roanoke
Virginia Mathews $458,850 $458,850 0% Roanoke
Virginia New Kent $535,900 $535,900 0% Roanoke
Virginia Newport News $458,850 $458,850 0% Roanoke
Virginia Norfolk City $458,850 $458,850 0% Roanoke
Virginia Petersburg City $535,900 $535,900 0% Roanoke
Virginia Poquoson City $458,850 $458,850 0% Roanoke
Virginia Portsmouth City $458,850 $458,850 0% Roanoke
Virginia Powhatan $535,900 $535,900 0% Roanoke
Virginia Prince George $535,900 $535,900 0% Roanoke
Virginia Prince William $636,150 $679,650 6.8% Roanoke
Virginia Rappahannock $636,150 $679,650 6.8% Roanoke
Virginia Richmond City $535,900 $535,900 0% Roanoke
Virginia Spotsylvania $636,150 $679,650 6.8% Roanoke
Virginia Stafford $636,150 $679,650 6.8% Roanoke
Virginia Suffolk City $458,850 $458,850 0% Roanoke
Virginia Surry $458,850 $458,850 0% Roanoke
Virginia Sussex $535,900 $535,900 0% Roanoke
Virginia Virginia Beach $458,850 $458,850 0% Roanoke
Virginia Warren $636,150 $679,650 6.8% Roanoke
Virginia Williamsburg City $458,850 $458,850 0% Roanoke
Virginia York $458,850 $458,850 0% Roanoke
Washington King $592,250 $667,000 12.6% Denver
Washington Pierce $592,250 $667,000 12.6% Denver
Washington San Juan $483,000 $483,000 0% Denver
Washington Snohomish $592,250 $667,000 12.6% Denver
West Virginia Jefferson $636,150 $679,650 6.8% Roanoke
Wyoming Teton $636,150 $679,650 6.8% Denver