Delaware VA Loan Limits for 2020 depend on whether a qualified Delaware Veteran has full entitlement or not. Veterans with full entitlement have no loan limits in Delaware or any other state for a Delaware VA Loan. The maximum VA loan limit was eliminated with the Blue Water Navy Vietnam Veterans Act of 2019. If a Veteran has reduced entitlement then the VA Loan Limit will be the same as the Federal Housing Finance Agency (FHFA) conforming loan limit for the county. If you are a Delaware Veteran and want to find out the maximum VA loan you qualify for, give us a call at 302-703-0727 or get started online at APPLY ONLINE
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.
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:
- 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.
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