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Delaware VA Loan Limits for 2018

John Thomas December 26, 2017 Tags:
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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)

Delaware VA Loan Limits

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.

Who is Eligible for a Delaware VA Loan?

In order to be eligible for a Delaware Veteran Loan you must be a veteran that served in the following branches of service:

  • Army
  • Navy
  • Marines
  • Air Force
  • Coast Guard
  • National Oceanic Atmospheric Administration (NOAA)
  • Public Health Service (USPHS)

For Commissioned officers of NOAA and the USPHS you many have access to a Delaware VA Loan.

Delaware VA Loan Limits

 

How do I Apply for a Delaware VA Loan?

If you are a Veteran looking to purchase or refinance a home in Delaware, then call our VA Loan experts at 302-703-0727 or APPLY ONLINE

 

About John Thomas

John Thomas and his team are long-time Delaware natives. They know the local real estate market as well as they know the loan products that help them serve it. Dedicated to helping first-time buyers; the John Thomas Team are experts on first-time buyer loan programs (FHA, VA, USDA) and conduct monthly first-time buyer seminars that have been attended by more than 3000 Delaware buyers.