2019 Kentucky VA LOAN LIMITS

There actually is no max Kentucky VA loan Limits set by VA. However, if you go over the standard VA Max County Loan Limits, in Kentucky this year it is set at $484,500 then you would need to come up with difference in the form of the down payment by taking the Sales price, minus the max va loan limits for County, then take 25% of that for your max loan. The fact is there’s actually no maximum loan amount on a VA loan. What those loan limits represent is how much a qualified military borrower can obtain without making a down payment.

Here’s an example. Let’s say you have full VA loan entitlement and the county in which you’re purchasing has the standard $424,100. The home you want to purchase is $650,000. There’s a $225,900  difference between the two, and one quarter of that is $56,475, which is how much the borrower would need as a down payment.

This is based on your maximum VA entitlement of $36,000  not being used.

 

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2019 KENTUCKY VA LOAN LIMITS
VA has announced loan limit changes for the year 2019. The base limit will be increased to $484,500 for 2019 for all Kentucky VA Home Loans.  This limit applies to the loan amount for KY VA loans with no down payment and with full entitlement of $36,000
.

 

YES – You CAN Buy a Home OVER $484,500 with a VA Mortgage Loan

KY VA Home loans are zero down payment up to $484,500.  If you wish you buy a more expensive home with a VA loan, you will need a small down payment.

The exact formula to determined the VA down payment is a bit more complicated, but the simple quick math is you’ll need about 25% of the difference between the purchase price, and $484,500.

So if you were to buy a $517,000 home. There is a $100,000 difference over the zero down maximum $484,000 loan. Therefore you’ll need a down payment of about $25,000.

 

Joel Lobb
Senior  Loan Officer
(NMLS#57916)
text or call my phone: (502) 905-3708
email me at kentuckyloan@gmail.com
The view and opinions stated on this website belong solely to the authors, and are intended for informational purposes only. The posted information does not guarantee approval, nor does it comprise full underwriting guidelines. This does not represent being part of a government agency. The views expressed on this post are mine and do not necessarily reflect the view of my employer. Not all products or services mentioned on this site may fit all people. NMLS ID# 57916, (www.nmlsconsumeraccess.org). Mortgage loans only offered in Kentucky.
All loans and lines are subject to credit approval, verification, and collateral evaluation and are originated by lender. Products and interest rates are subject to change without notice. Manufactured and mobile homes are not eligible as collateral.
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