With full entitlement, no way Jose. The VA doesn't cap how much you can borrow, and there's no down payment required. Period.
That's been true since January 1, 2020, when federal law removed loan limits for veterans with full entitlement. I still hear people quote the old limits like they're current, so if someone told you a VA loan maxes out at a certain amount, that information is about six years out of date.
That doesn't mean the sky's the limit, though. Two things still max you out.
What you qualify for. The lender still has to approve you based on your income, credit, debts, and assets. VA loans also look at residual income (what's left over each month after the big bills are paid).
What the house is worth. Your loan is based on the specific home's purchase price or appraised value, whichever is lower.
What "full entitlement" means
Entitlement is the amount the VA guarantees to your lender if you bail on your mortgage. That guarantee is why lenders can offer VA loans without a down payment.
You have full entitlement if:
you've never used your VA loan benefit
you used it, paid that loan off, and sold the home
you paid off a VA loan, kept the home, and are using the VA's one-time entitlement restoration
another eligible veteran assumed your VA loan and substituted their own entitlement for yours
Your Certificate of Eligibility (COE) shows where you stand. If you don't have yours, I'm always happy to pull it for ya.
When loan limits come back into play
If part of your entitlement is still tied up in another VA loan, the VA calls what's left your "remaining entitlement." This happens a LOT with military families: you PCS, keep the house you bought at your last duty station, convert it to a rental, and buy again at the new one.
With remaining entitlement, the county's loan limit matters. The VA uses that limit, which changes every year and runs higher in more expensive counties, to figure out how much you have left.
Here's the VA's own example, with round numbers. Say the county limit is $900,000 and you already have $50,000 of entitlement tied up in another loan:
25% of the $900,000 limit is $225,000.
Subtract the $50,000 you've used, and you have $175,000 of entitlement left.
Most lenders want the VA's guarantee, a down payment, or both to cover 25% of the loan. So $175,000 of entitlement supports a loan of up to $700,000 with no down payment.
Above that amount, you'd need a down payment to make up the difference. Your actual numbers depend on the county of the home and whatever's on your COE, so those are the numbers I crunch during pre-approval.
If you still own a home with a VA loan, you may have more buying power left than you think...or less. I can help you get to the bottom of which one you're workin' with.
Source: VA home loan limits, VA.gov