Delaware VA Loan Limits for 2014 for Delaware Veterans

Delaware VA Loan Limits for 2014 were released by the Veterans Administration for all three counties of Delaware.  Please be advised that effective on or after January 1, 2014, the VA’s county loan limits of $417,000 must be used to calculate the Veteran Administration’s maximum guaranty amount for the following counties in Delaware:

County:                                        County Loan Limit:

Kent County                                  $417,000

New Castle County                      $417,000

Sussex County                              $417,000

Can a Delaware Veteran Borrower More Than the County Loan Limit?

VA Mortgage Lenders Delaware can make loans to veterans greater than the maximum county loan limit of $417,000 but a down payment is required for the amount borrowed in excess of the applicable county loan limit. The maximum guaranty amount for loans more than $144,000 is 25% of the 2014 VA county loan limit. Veterans with full entitlement can borrow up to this limit and the VA will guarantee 25% of the loan amount.  So if you want to borrower above the limit of $417,000 you are required to put down 25% of the amount above the limit.  For Example:

The Department of Veteran Affairs will guarantee 25% of the loan amount based on the entitlement that the veteran has received on their Certificate of Eligibility (COE).  The maximum eligibility amount is $36,000 which will guarantee 100% financing up to the maximum county loan limit which is $417,000 in Delaware.  The first step for a veteran to qualify for a VA loan is to get a copy of their certificate of eligibility.  The John Thomas Team with Primary Residential Mortgage can help you get your COE and help you get pre-approved for a Delaware Veterans Loan.

What if you already have a Delaware VA Loan and Need to Refinance?

If you already have a Delaware Veteran Loan and need to refinance to lower your interest rate, then you want to look into the Delaware VA IRRRL Streamline Refinance.  You can refinance we no appraisal and no income verification.!

If you would like to apply for a Delaware Veterans Loan to purchase or refinance a home, please call us in the office at 302-703-0727 or you can apply online.

John R. Thomas – NMLS 38783

Certified Mortgage Planner – Primary Residential Mortgage, Inc.

302-703-0727 DE Office / 610-906-3109 PA Office / 410-412-3319 MD Office

248 E Chestnut Hill Rd, Newark, DE 19713