What happened:
The Veterans Administration (VA) has increased the loan limits used to calculate VA’s maximum guaranty amount to $458,850 (previously $417,000) to most counties in Hampton Roads.
These limits apply to all loans closed between February 28 and December 31, 2014. To see the updated loan limits, check out the announcement.
What the news means for home buyers
The Veterans Administration’s decision is a boost for VA buyers because as home prices increase this will also increase the veteran’s purchasing powers.
In addition, sellers may have an easier time in the market because the increase in loan amount applies to both FHA and VA loans.