VA Loan Limits in Austin Texas
While the Department of Veterans Affairs does not set a maximum loan amount on the VA Loan Program, the VA does, however, impose a limit on the amount they will guarantee, and this number varies by the location in which you decide to purchase your home.
The VA Loan Limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a down payment. These loan limits vary by county. Veterans wanting to use their VA home loan benefit for a Texas Veteran VA mortgage the limit for Texas is $453,100.
The basic entitlement available to each eligible Veteran is $36,000. Lenders will loan up to 4 times a Veteran's available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.
VA Loan Remaining Entitlement
Texas Veterans who had a VA loan before may still have remaining entitlement to use for another VA mortgage. Remaining Entitlement allows Veterans to buy a 2nd home using a VA Loan program.
For example, a qualified Veteran purchased a home for $167,000 using a VA loan, you will have used up $41,750 of your $144,000 home loan guarantee benefit. This would leave and another $62,500 remaining entitlement for a no-down payment loan to buy a property valued at and selling for $250,000.
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.
Texas 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.
Have questions about VA Loans ???
It doesn't matter if the home your looking to purchase or refinance is in Austin, San Antonio, Dallas, Houston, El Paso or Corpus Christi, as long as it is in our great state of Texas, we can help you.
Please give us a call at 210-656-1134, for a No Cost, No Credit Check, and No Obligation consultation and find out how much you qualify for.