VA aligns with FNMA/FHLMC
Although some county limits have increased to $417,000 due to this alignment, some have been reduced to $625,500. In instances where a county loan amount has decreased, VA will honor the higher loan limit on purchase loan transactions provided the sales contract has been ratified by all parties AND the URLA (loan application) is signed by both the borrowers and the loan officer prior to January 1, 2015. The lender is required to provide VA a printed time stamp to substantiate the date the loan application was printed and signed.
The new county limits do not apply to VA IRRRL’s.
The VA circular, loan amount chart AND the VA loan amount calculator are attached to this announcement and are also posted in the Essex Coop.
Should you have additional questions, please contact your department manager