One of the biggest benefits of serving in the military is the availability of VA loans without a down payment.
And experienced purchasers in 2022 will have even greater purchasing power than before.
Because of rising home prices, VA loan limits are increasing in 2022.
This March, the median home price in the United States increased 26.5% over the previous two years to $405,000.
With a guarantee, the VA will support the loan and cover up to 25% of the balance in the event of your default.
The VA pays a maximum of $36,000 for loans up to $144,000.
VA-backed mortgages' 2022 conforming loan maximum will be increased, according to recent FHFA announcements.
While most U.S. counties have a restriction of $647,200, some higher-cost locations may have a ceiling of $1M.
The $970,800 cap applies to New York, Virginia, California, Alaska, and Hawaii counties.
As of January 1, 2020, if you had full entitlement, there were no borrowing limits for VA loans of more than 144,000.