VA Loans for 2023

VA Loans for 2023

Senior Loan Officer
Brian Decker
Published on March 29, 2023

VA Loans for 2023

If you're eligible for a VA loan through your military service, you likely have an advantage over traditional loan programs. VA loans typically don't have any limitations, which is a huge bonus, especially if you don't have a lot of savings for a down payment. In this article, we'll explain the limits of VA loans in 2023, how VA entitlement may affect your loan limits, and other potential VA loan limits.

How Have the Limits Changed for 2023?

VA loan limits are the set of restrictions set on how much money a military service member can borrow when taking out a mortgage backed by the U.S. Department of Veterans Affairs. In 2020, veterans, active-duty service members, and surviving spouses were able to acquire loans with no limits. This has not changed since 2020, but there are different qualifications and conforming loan limits in order to secure a loan for a home with no down payment through a VA loan. In 2023, a qualified VA borrower may purchase a single-family home above the conforming loan limits of $726,200 with no down payment. In high-cost areas in the U.S., this limit jumps up to $1,089,300.

VA Entitlement May Affect Your Loan Limits

Depending on how much VA entitlement you have, the VA loan limit may vary. Most likely, you will have full entitlement if you can meet any of the following conditions:

  • You've had a foreclosure on a prior VA loan but it has been paid off in full since then
  • You have paid off a period VA loan and sold the property it was attached to
  • You have never used the VA home loan benefits that you're entitled to

Other Potential VA Loan Limits

If you don't have full entitlement, then VA-approved lenders can restrict your VA loan amount if:

  • You have a VA loan on another home that you are paying back still. Most often, this happens when an active-duty service member is transferred but cannot sell their previous home before they move.
  • You have had a foreclosure on a prior VA loan, but it has not been paid off in full yet. You will need to wait at least two years after you have a foreclosure to apply for a new VA loan.
  • You sold your home in lieu of foreclosure. There will likely be a waiting period set from your lender before you can apply for another VA loan in this case.
  • You have paid a previous VA loan off already, but haven't renewed your entitlement. In order to resolve this, you can show your lender proof that the previous loan was paid in full.
  • You paid off your VA loan by refinancing through another loan type. Typically, you can show your lender your refinancing paperwork to restore your entitlement and secure a new VA loan.

How Modern Lending Can Help

If you have served in the military, a VA loan is a great option to secure a home with no down payment. If you have questions about loan limits or about the qualification process contact Modern Lending now. 

Senior Loan Officer
Brian Decker Senior Loan Officer
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