2022 VA Loan Limits in Phoenix One of the major benefits of being a member of the US military is that there is no down payment required on VA home loans. Plus, veteran home buyers have been awarded additional buying power for 2022. This past March, the median price of a US home reached $405,000. According to Realtor.com this equates to a 26.5% increase over the past 2 years. In order to compensate home buyers for increasing home prices, the FHFA (the Federal Housing Financing Agency) recently announced that they were going to increase the limit on conforming loans backed by the VA (Department of Veterans Affairs). This was nearly a $100,000 increase as the former limit of $548,250 in 2021 was increased to a whopping $647,200 as of March of this year. According to the national lender Mortgage Bank of California’s managing director, Mayer Dallal, “while the $647,200 limit applies to most counties in the US, it can reach up to $1million for some of the higher cost areas.” This is a significant increase from the former limit see above. Interestingly enough, some armed forces members aren’t subject to any VA home loan limits. Keep in mind that these loan limits are mandated by the VA and are the loan amounts that they guarantee, not the limit on the amount a person can borrow. https://www.google.com/maps?cid=6744959272592205627