Congress Restores Higher VA Loan Limits

Posted on Aug 01, 2012

The Senate approved the bill (H.R. 1627) last week and the House passed it on July 31st, by a voice vote. The measure is now headed to the White House for President Obama’s signature.

Congress lowered the VA loan limit to drop down to $625,500 on Jan. 1, following lawmakers’ decision to reduce the maximum loan limit on Fannie Mae/Freddie Mac loans to $625,500 from $729,750.

To ensure some access to government-backed jumbo loans, Congress left the maximum loan limit for Federal Housing Administration-insured loans at $729,750.

As a result, veterans in high-cost areas had to rely on the FHA loans instead of the Department of Veterans Affairs program.

The VA benefits bill extends the $729,750 loan limit through yearend 2014.

VA does not have a maximum loan limit—rather, it has a maximum guarantee amount, which is 25% of the published VA loan limit.

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