Here in southern Louisiana & Mississippi, there’s a misperception that VA loans can only be used for smaller home purchases. This is a big mistake!
Actually, VA does NOT set a limit on how much you can borrower. They do, however, set limits on how much they will guarantee. Those loan limits vary by parish or county since the housing averages vary wildly across the US.
As of January 2019, the maximum amount the VA will guarantee in St. Tammany, New Orleans or the Gulf Coast will be $484,350 - an increase from $453,100 in 2018!
That’s an increase of more than $30k in buying power!
Loans greater than $453k are still available, but fall into the jumbo category which carries a different set of underwriting guidelines & interest rates.