Good news for all the honorable veterans anticipating a move this year and looking to secure a zero down payment VA home mortgage. The US Department of Veteran Affairs recently updated its loan limits (effective February 28, 2014) to reflect changes in the Federal Housing Finance Agency (FHFA) home price index.
Each year with the adjustment of home values, the US Department of Veteran Affairs updates limits, which vary from county to county, to account for changes in home values in the US. This year, most county limits remain the same at the $417,000 limit, but higher priced counties reflect 2013’s 8.4% increase from the previous year, and have higher limits than that.
California, New York, and New Jersey represent the states with the highest limit increases for 2014, where caps were raised as much as $250,000 or more. Not all states saw an increase though, as some Virginia counties saw high value county VA Loan limits decrease to the tune of $150,000.
Residents of the Sacramento area looking to secure a VA loan for a new home in, say, Crowne Point in Rocklin or Vista Ridge in Roseville, could take advantage of the $57,950 limit increase in Placer County, bringing the loan limit up to $474,950, to purchase a beautiful new home from Tim Lewis Communities.
With industry sources predicting increased prices and continued growth in 2014, it’s still a great time to buy, and the new VA Loan limits have made it just that much easier to get into a new home fast.
For more information on the new homes available in Crowne Point, contact our sales office at 916-625-9300. Feel free to connect with our lender partner for more information here. To contact the Vista Ridge sales office, call 916-788-0120. We look forward to introducing you to the home of your dreams!