VA loan lending limits
What You Can Borrow for a Home in Your State
Effective January 1, 2006, changes in the loan guaranty limits will mean veterans are able to get no-down payment loans up to $417,000. The previous ceiling was $359,650.
The Veterans Benefits Improvement Act of 2004 tied increases in the VA guaranty to increases in the Federal Home Loan Mortgage Corporation's conforming loan limit. When this limit increases, VA guaranty limits also go up, allowing VA to keep pace with rising home values.
Although the VA has no limit on the amount of loan, lenders set the limits of the amount of the loan. Lenders use the GNMA (Ginne Mae) conforming loan amount which is $417,000 for most loans. Loans that are over that amount are considered to be a Jumbo VA Loan.
Jumbo VA Loan limits for Texas
Jumbo VA loans for all Texas Counties currently have a Max Guaranty of up to $1,000,000 for a term of up to 30 years, and they are fixed loans also.
VA-guaranteed home loans are made by banks and mortgage companies to veterans, service members and reservists. With VA guaranteeing a portion of the loan, veterans can receive a competitive interest rate without making a down payment, making it easier to buy a home.
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Links of Interest:
Grove Mortgage - Jumbo Loans
Mortgage Rate Notice
Texas Vet Loans
Texas VA Loans
