VA Loans for Vets NMLS#184169 5050 North 40th Street, Ste 260 Phoenix, AZ 85018 602-908-5849 Jimmy Vercellino is one of the nation’s top VA Home Loan mortgage originators. A Marine veteran, he and his team work hard to help veterans take advantage of their VA loan benefit and become homeowners. From start to finish, they guide their clients through the process and make it as smooth and stress-free as possible. Visit the site at https://www.valoansforvets.com

1. 2019 VA LOA N LIM ITS
IN ARIZONA

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VA loans are designed to make
it easier for current service
members and military veterans
to qualify for buying a house.

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Since these loans are offered
to anyone who fits the
eligibility requirements, you
get to enjoy benefits such as
being able to skip making a
down payment.

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You can also negotiate the
interest rate on your loan and
avoid paying mortgage
insurance premiums.

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Yet, every good thing comes
with a few stipulations.

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VA loan limits are one area
where we find people tend to
have a lot of questions.

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After all, no one wants to be
told that their dream house
costs more than the VA loan
will cover

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There are also changes this
year to the limits that could
affect your home buying
process.

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Being aware of the current
limits and how the process
works helps you make the best
decisions as you start looking
for a house.

10. H o w A r e L i m i t s D e t e r m i n e d ?

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Contrary to popular belief, the U.S.
Department of Veterans Affairs
does not set the limits for these
types of loans.

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Instead, the loan limits this year are
the same as the conforming
mortgage loan limits that are set by
the Federal Finance Housing Agency.

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You should know, however, that
there are limits on how much
liability the VA will assume for
a loan, and this does have an effect
upon how much money a lender
offers veterans.

14. H o w O f t e n D o t h e L i m i t s
I n c r e a s e ?

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This year is an exciting one for
anyone interested in applying
for a VA loan.

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That’s because 2019 brings
another increase to the
baseline limit.

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While the limits are assessed
every year, it is never a
guarantee that they will go up
since they tend to follow the
housing market and status of
the economy.

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They have even gone down in
some years, which means that
it is best to utilize the higher
limit now while you can.

19. W h a t I s t h e C u r r e n t L i m i t o n
a VA H o m e L o a n ?

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In 2018, the limit for a VA loan
was $453,100. This year, the
current limit for most of the
United States is $484,350.

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This represents a 6.9%
increase from the
previous year!

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Keep in mind that there are
certain high-cost counties that
are given higher limits due to
the rising cost of houses in
those areas.

23. A r e L o a n L i m i t s t h e S a m e
T h r o u g h o u t A r i zo n a ?

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You can expect to see the
same limits throughout
the state.

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The majority of the counties
affected by higher limits are in
states such as Colorado and
Alaska where the cost of living
is higher.

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There, the higher limits help
offset the more expensive
loans that homebuyers in
those counties must request.

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With the housing market in
Arizona stabilizing, you can
find many homes that fall
within the designated limits.

28. I s I t Po s s i b l e t o B u y a H o u s e
A b o v e t h e L i m i t ?

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There are certain times when
you may need to buy a house
that is above the VA loan limit
for Arizona counties.

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For instance, you may need
to maintain a certain
standard of living or prefer
a specific location.

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In these cases, you still have
options for buying your dream
home.

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Typically, you will need to be
willing to make a down
payment to cover a portion of
the additional cost that the
limit does not cover.

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The limits placed on VA loans
are there to help lenders feel
comfortable making you a
loan.

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Now that the limits are higher than
ever, this is the best year to start
looking for your new Arizona home.

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Jimmy Vercellino is one of the nation’s
top VA Home Loan mortgage
originators.

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A Marine veteran, he and his team
work hard to help veterans take
advantage of their VA loan benefit and
become homeowners.

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