Increased Loan Limits for VA Mortgages in Pennsylvania for 2019
Loan limits for VA Mortgages in Pennsylvania will be increasing effective January 1, 2019. This announced increase raises the maximum loan limit for VA Mortgages to $484,350 for one unit properties for almost all of Pennsylvania.
How does this increased loan limits affect VA Mortgages in Pennsylvania?
All of Pennsylvania is eligible for some increase. Almost all of Pennsylvania falls under the VA Mortgage limit of $484,350 for a one unit property. For a two unit property the new maximum VA Mortgage amount is $620,000; for a three unit property $749,650; and for a four unit property $931,600.
Pike County is designated as part of the Metropolitan Statistical Area of New York City and therefore considered a high cost area. The new maximum VA Mortgage amount for a one unit property in Pike County is $726,525; for a two unit property $930,300; for a three unit property $1,124,475; and for a four unit property $1,397,400.
An Important Note to Remember about VA Mortgage Maximum Loan Amounts…
As you know, VA does not require a Down Payment but a qualifying veteran can always choose to make a down payment if they wish. The listed maximum loan amounts are the most that a qualifying veteran can borrow without needing a down payment. A veteran can always make a down payment on a higher priced home to keep their new loan amount at or below the VA Maximum Loan Amount.