VA loan limits for 2008

November 17, 6:58 AMResidential Real Estate ExaminerMichele Lerner

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Time is running out on the current loan guaranty amounts for veterans who live in high-cost areas of the country. The Veterans Affairs Department will likely revisit these limits and make changes in 2009.These limits apply to all loans closed July 30, 2008 through December 31, 2008. 2009 county loan limits will be made available as soon as possible.

The Department of Veterans Affairs’ Loan Guaranty program does not impose a maximum amount that an eligible veteran may borrow using a VA-guaranteed loan. However, the following county "limits" must be used to calculate VA’s maximum guaranty amount for a particular county.

The maximum guaranty amount is 25 percent of the 2008 Limit shown below.

For all counties other than those listed, the 2008 limit is $417,000.

See the chart for loan guarantee limits in high cost counties around the country.