2013 VA Loan Limits for homes in Washington State
VA has published the loan limits for 2013. The loan limits listed below are not the maximum loan amounts that an eligible veteran may borrower; the loan amounts below are used to calculate the VA’s maximum guaranty amount in a specific county.
King, Pierce and Snohomish Counties went up a little while San Juan County was adjusted slightly lower. VA loan limits are based on the county’s median home values as estimated by FHA (Federal Housing Adminstration).
King County: $500,000
Pierce County: $500,000
San Juan County: $468,750
Snohomish County: $500,000
All other counties remain at $417,000
This means that in King County, a qualified Veteran can finance a home with zero down with a sales price up to $500,000.
Any sales price/loan amount above this amount is considered a “VA Jumbo”. VA does not have a loan limit for VA jumbos, however most lenders have “overlays” limiting loan amounts for VA Jumbos. VA Jumbos allow the Vet to buy a home with reduced down payment. A simple formula to estimate the minimum down payment required is sales price minus loan amount x 25% = minimum down payment.
For example, home in Seattle with a sales price of $600,000 would have a down payment requirement of $25,000 for an eligible veteran. $600,000 sales price less the $500,000 loan limit = $100,000. $100,000 x 25% = $25,000.
If you’re considering a VA mortgage loan to buy or refinance a home located anywhere in Washington state, I’m honored to help you.