The VA loan limits for 2013 have been published, and most veterans around the country can expect their limits to stay at $417,000.  Only the names of counties with limits higher than $417,000 are listed on this annual list released by the Department of Veterans Affairs.  Certain high-cost areas will change based on the Federal Housing Finance Administration (FHFA) latest house pricing report.

Some areas are up, some areas are down and some will stay the same.

For example, VA borrowers in high-cost counties of Alaska keep their limit of $625,500.  However, almost all of California, New Jersey and New York high-cost areas have dropped compared to last year’s numbers.  In Hawaii, Guam, and U.S. Virgin Islands the limits remain at $625,500 with the exception of Honolulu and St. John which have slight changes from last year.

In the contiguous 48, limits in eight states have been adjusted either up or down and include Colorado, Massachusetts, Maryland, Utah, Virginia, Washington, West Virginia and Wyoming.  Interestingly, in all high-cost counties of Utah and West Virginia limits increased.  This may be an indication that the housing markets there are getting stronger.

One addition to the VA loan limit list this year is Mono, California with a limit of $437,500. Several counties have been removed from the list for 2013 including Blaine, Idaho, Bristol, Massachusetts, Lancaster, Virginia and all of last year’s high-cost counties in Rhode Island.  Loan limits is these counties will be $417,000 for 2013.

Million-dollar VA loans still possible

The VA will still guarantee loans up to $1 million or more in some expensive parts of Colorado and Massachusetts (like Nantucket, shown in the photo above).  However, million-dollar VA loans in California are a thing of the past, at least for 2013.  The five counties there fall just short of the seven-figure mark.

VA loan limits represent the largest loan amount that the VA is willing to back. Qualified borrowers can user their VA home loan benefits to get a loan for more than the limit, but they will have to provide a down payment to cover the overage.  Veterans must qualify with income and credit for a VA loan of any amount.

For more on 2013 VA loan limits, see the complete list.