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House VA Subcommittee Votes To Increase VA Home Loan Guaranty Limit

WASHINGTON - The House of Representatives' Veterans Affairs Benefits Subcommittee recently voted on two bills to increase the U.S. Department of Veterans Affairs loan guarantee to 25% of the conforming loan limits, which would allow loans up to more than $330,000. The current VA loan limit is $240,000. The Subcommittee...

By Staff Writer | Updated on June 22, 2004

WASHINGTON – The House of Representatives’ Veterans Affairs Benefits Subcommittee recently voted on two bills to increase the U.S. Department of Veterans Affairs loan guarantee to 25% of the conforming loan limits, which would allow loans up to more than $330,000. The current VA loan limit is $240,000. The Subcommittee also approved separate legislation that would increase the maximum loan amount for loans under the VA home loan guaranty program. Under H.R. 4345, qualified service members and veterans could receive a loan guaranty up to 25% of the Freddie Mac conforming loan rate – currently $333,700 – to help secure mortgage financing. The legislation would also annually index the loan guaranty limit to the Freddie Mac conforming loan rate in the future.

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