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.
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.
Senior Loan Officer
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