VA loan limits for New Jersey - 2019

Vet with his family

A down payment can be required on a VA mortgage

If you’re a veteran, undoubtly, you have heard about the VA home loan program. You are told that the VA home loan does not require a down payment. But it is possible a down payment will be required

The Veteran’s Administration does not require a down payment, however, the Veteran’s Administration does not loan money to the veteran, but works with approved lenders to disburse the mortgage money. Because of this relationship, lenders may require a down payment if the loan guarantee does not meet the 25% guarantee percentage. The Veterans Administration guarantees the loan, but not to the vet, but to the lender. The Veteran’s Administration reimburses the lender if the veteran defaults on the mortgage. That is the guarantee. The VA provides the lender with a worksheet to establish the minimal guarantee percentage to qualify for the maximum guaranty. If the calculations do not meet the minimal guarantee, the lender may require a down payment from the borrower. In most situations, the vet will not be required to make a down payment if the loan amount is at or below the following loan amount. Read more about VA home loans

There is no maximum VA home loan limit, however, the Veteran's Administration will only guarantee up to the following loan amounts.

ATLANTIC 484,350
BERGEN 726,525
CAMDEN 484,350
CAPE MAY 484,350
ESSEX 726,525
HUDSON 726,525
MERCER 484,350
MONMOUTH 726,525
MORRIS 726,525
OCEAN 726,525
PASSAIC 726,525
SALEM 484,350
SOMERSET 726,525
SUSSEX 726,525
UNION 726,525
WARREN 484,350