Monday, June 23, 2014 - Article by: Sean Young - New American Funding -
2014 Colorado VA County Loan Limits
These limits apply to all loans closed February 28, 2014, through December 31, 2014
Forall Colorado counties other than those listed below, the limit is$417,000.
Clear Creek County:$425,000
San Miguel County:$625,500
VA Jumbo will allow you to lend over the above limits, but you will be responsible for paying 25% of the difference between the loan limit and the purchase price.
The Department of Veterans Affairs (VA) Loan Guaranty program does not set a maximum amount that an eligible Veteran may borrow using a VA-guaranteed loan. Lenders may make loans to Veterans over the calculated maximum loan limit; however, lenders may require Veterans to make a down payment in these types of transactions.
The following loan limits must be used to calculate VAs maximum guaranty amount. These limits apply to all loans closed February 28, 2014, through December 31, 2014.
VA loan limits are based off median home values estimated by the Federal Housing Administration (FHA). These values are the basis for which VA calculates limits for our program. For 2014, some limits increased, some stayed the same, and a few decreased.
The maximum guaranty amount (available for loans over $144,000) is 25 percent of the 2014 VA loan limit shown below. Therefore, a Veteran with full entitlement available may borrow up to the 2014 VA loan limit shown below and VA will guarantee 25 percent of the loan amount.
If a Veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that Veteran must be reduced accordingly.
Lenders should check their own investor requirements regarding guaranty amounts and down payments. Questions about VA loans in a particular may be directed to the VA Regional Loan Center of jurisdiction.
Information obtained from:
Sean Young is a Mortgage Loan Officer in the great State of Colorado for the last 18 years who takes the time to review each individual loan to ensure each client is given the care and expertise they deserve with a 100% drive to provide an on time, well thought out affordable home loan that fits the clients needs. Sean surrounds himself with a team of experts who strive to offer his clients the best service possible with the best programs available.
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