THE VA has released their loan limit guide for loans closed between January 1, 2010 and December 31, 2010. The maximum loan amounts are as follows here in Connecticut:
Hartford County $417,000
New Haven County $417,000
Litchfield County $417,000
Tolland County $417,000
Windham County $417,000
New London County $417,000
Farifield County $558,750
The Department of Veterans Affairs’ Loan Guaranty program does not impose a maximum amount that an eligible veteran may borrow using a VA guaranteed loan. However, the Connecticut county “limits” above are used to calculate VA’s maximum guaranty amount for that specific county.Therefore, a veteran with full entitlement available may borrow up to the 2010 VA Limit shown for that county and VA will guarantee 25 percent of the loan amount. If a veteran has previously used entitlement that has not been restored, the maximum guaranty amount available to that veteran must be reduced accordingly.
Want to know what the limits are in other areas of the contry, or see the official announcement? http://www.homeloans.va.gov/docs/2010_county_loan_limits.pdf
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As quoted in the New York Times "A Little-Known Loan Program", and in the Hartford Courant "Moving In:Couple Combining Households Buys In Newington" and "Moving In... New Britain"