Maximizing Your VA Home Loan Benefits in North Dakota: Key Updates for 2025
Maximizing Your VA Home Loan Benefits in North Dakota: Key Updates for 2025
As a veteran or active-duty service member in North Dakota, it's essential to stay informed about the latest changes to VA home loan benefits to make the most of your homebuying experience. Here are the key updates for 2025:
1. Increased Conforming Loan Limits
Starting in 2025, the Federal Housing Finance Agency (FHFA) has raised the conforming loan limit for single-family homes to $806,500, a 5.2% increase from the previous year. This adjustment reflects rising home prices and allows you to secure larger loans without transitioning into jumbo loan territory.
2. No Maximum Loan Limits for Eligible Borrowers
For veterans with full entitlement, the VA no longer imposes maximum loan limits. This means you can borrow as much as a lender is willing to approve without needing a down payment, enhancing your purchasing power in North Dakota's housing market.
Since 2020, the VA removed loan limits for borrowers with full entitlement (thanks to the Blue Water Navy Vietnam Veterans Act). Full entitlement means no down payment and no VA loan limit—no matter the purchase price, as long as they qualify with income and credit.
However, VA loan limits still apply if the veteran has partial entitlement, which could be due to having another active VA loan, a foreclosure or short sale on a previous VA loan, or if the full entitlement hasn’t been restored. In those cases, the conforming loan limit in their county matters—because VA will only guarantee a portion of the loan, and they may need a down payment on anything above that guarantee.
3. Assumable VA Loans
VA loans are assumable, meaning a qualified buyer can take over your existing loan under its current terms. In a rising interest rate environment, this feature can make your property more attractive to potential buyers.
4. Lifetime Benefit with Flexible Usage
Your VA home loan benefit is a lifetime entitlement. You can use it multiple times, provided you meet the eligibility requirements and have sufficient entitlement remaining. This flexibility supports your evolving housing needs throughout your life.
Conclusion
Staying updated on these changes empowers you to make informed decisions and fully leverage your VA home loan benefits. If you're considering purchasing a home in North Dakota, understanding these updates can enhance your buying experience. Contact Tracy Roberts today at 701-934-0636 or [email protected] to learn how these changes can assist you in achieving your homeownership goals.
As you navigate the housing market with your VA benefits, I'm here to provide personalized guidance and support in securing the right mortgage for your dream home.
Your service deserves the best financial solutions, and I'm committed to helping you achieve your homeownership goals with the benefits you've earned.
