Loans backed by the Department of Veterans Affairs, usually called VA loans, can be a great opportunity to purchase a home with little or no money down. We bought our first home with a VA loan, way back in 1993, and we never would have been able to afford with without the less restrictive financing requirements of a VA loan.
The standard maximum loan amount for 2014 is $417,000. However, certainly higher cost areas around the country have higher maximum loan amounts ranging from $418,750 to $1,094,692. We’ve a complete list of all the higher loan limits here at Military.com. Borrowers can purchase homes that exceed these limits, but they can not have a VA-guaranteed loan for more than these amounts.
Please, please remember that just because you can get a loan doesn’t mean that you can afford the loan. I know so many people who have found themselves in financial trouble due to buying houses that they could not afford, especially if they have to PCS away from the house. If you are going to make a mistake in home buying, make the mistake of buying a less-expensive house than you can afford. That is a mistake that you can live with!