Delaware VA Loan Limits for 2018

John Thomas December 26, 2017 Tags: Delaware VA Loan Limits

Delaware VA Loan Limits for 2018

The Department of Veteran Affairs announced the Delaware VA loan limits for 2018 100% financing are being increased effective January 1, 2018. Eligible Delaware Veterans will be able to borrower up to $453,100 with a Delaware VA Loan for the purchase or refinance of a home in Delaware with an approved Delaware VA Lender. Call 302-703-0727 to get more information or to get approved for a Delaware Veteran Loan or get started online at APPLY ONLINE

The Delaware VA loan limits for 2018 are increasing from the 2017 VA loan limit of $424,100 to $453,100 for 2018. This is the amount that an eligible veteran can get a 100% financing. So if Vet is purchasing a home for $453,100 then VA will allow the vet to borrower $453,100. See example below:

Purchase Price – $453,100

Max 100% Limit – $453,100

Total Delaware VA Loan – $453,100 (100% Financing)

Can a Vet borrower more than the Delaware VA Loan Limits?

Veterans who are able to receive a certificate of eligibility can apply for a VA loan up to the maximum VA loan Limit for 100% financing. Delaware Veterans can borrower more than the $453,100 limit but are required to put down at least 25% of the difference. For example if a Veteran is purchasing a home in Delaware for $550,00, the Vet can borrower up to 100% financing at $453,100. The difference between the purchase of $550,00 and $453,100, the Veteran must put down 25% of this difference. See example below:

Purchase Price – $550,000

Maximum 100% Limit – $453,100

Difference – $96,900

25% of the Difference – $24,225 (Required Down Payment for VA loan)

Total Delaware VA Loan – $525,775 (95.6% Financing)

So in this case the Veteran can borrower about the Delaware VA Loan Limit of $453,100 and can get a 95.6% financing on a $550,000 purchase with a VA loan.