2015 VA Loan Limits Map Provides Military with Easy Access to Information

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Leading VA mortgage lender iFreedom Direct® offers the military community a simple, visual way to find their 2015 VA loan limits in the area where they want to own a home in the New Year

2015 VA Loan Limits Map by iFreedom Direct
"We're offering the military community tools to make educated choices when it comes to using their home loan benefits."

iFreedom Direct®, a top-ranked VA specialty lender, will be offering VA loans based on the new 2015 VA loan limits starting January 1, 2015. New this year is that VA loan limits are set to be the same as the Federal Housing Finance Agency (FHFA) conforming loan limits, as announced by the Department of Veterans Affairs on 12/9/14.

In recent years, VA limits have been higher due to authority granted in 2008. Authority was extended in 2012, but runs out on the last day of 2014. Thereafter, and unless other action is taken, the VA’s limits will match FHFA conforming loan limits. Congress may choose to reinstate the higher VA loan limit authority, but that is uncertain. Veterans can still use VA loans to buy homes in high-cost areas. However, loans over the limit will require a down payment.

To help borrowers find 2015 loan limits where they want to own a home, the mortgage company has released a color-coded map with an accompanying article on its corporate website. The infographic allows individuals to easily pinpoint the highest $0 down payment VA purchase loan possible by county, region or territory.

“An educated borrower is a more confident borrower,” shares iFreedom Direct® Special Projects Director, Tim Lewis.” We’re offering the military community tools to make educated choices when it comes to using their home loan benefits.”

In addition to providing the limits in an easy-to-understand format, iFreedom Direct’s corresponding article may help borrowers better grasp the basics of the Department of Veterans Affairs’ VA Loan Guaranty Program. The government agency provides VA-approved lenders like iFreedom Direct® and others with backing on loans made to eligible and qualified borrowers. Typically, the VA is willing to guarantee up to 25 percent of the loan limit.

Each December, the VA puts out new limits for the coming year based on median home prices for each area. “Limit” refers to the maximum amount of money that may be borrowed with zero down payment. It’s based on the amount the VA is willing to guarantee for a loan in a given area. While the loan limit is $417,000 in most areas, it can be up to $625,500 in higher-priced housing markets like Nantucket, MA and San Francisco, CA. Due to a special piece of legislation for Hawaii, loan limits have remained the same as 2014.

Regardless of loan limits, each borrower must show the ability to pay for his or her loan. Potential loan applicants should be prepared to present credit, income and other documentation to meet a VA-approved lender’s qualification standards.

While an overview of the VA loan limits can be found in iFreedom Direct’s article, key takeaways of the 2015 VA Loan Limits include:

  •     VA limits are down in 84 counties in 14 states
  •     San Francisco County, CA limits dropped 40.4% even though the FHFA home price index increased by 5.14% in one year in that metro area.
  •     In Hawaii, the Big Island stays at $625.500 while Honolulu remains at $721,050 for 2015.
  •     Limits in some high-cost Virginia counties like Arlington and Prince William dropped by as much as 9.7%.

To learn more about VA loans and conforming limits visit http://www.ifreedomdirect.com or call 1-800-218-0084.

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Valery Behr
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