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FHA Limits Increased The Federal Housing Administration (FHA) has increased its single-family home mortgage limits by more than 15 percent. Effective January 1, 2006, FHA will insure single-family home mortgages up to $200,160 in standard areas and up to $362,790 in high cost areas. VA Loans On Jan. 1, the VA loan guaranty increased to $89,913 and the maximum loan amount was raised to $359,650. The critical requirements for home eligibility are an honorable discharge, an eligibility certificate and the ability to make the loan payments. All VA loans have a funding fee. For a borrower's first VA loan, the fee is 2 percent of the amount borrowed. That 2 percent is reduced to 1.2 percent if the borrower contributes more than a 10 percent down payment. Some seniors and aging boomers still don't know that reservists are eligible for VA programs. After 50 years of offering home loans only to vets who served active duty, the VA changed its ways in 1992. Men and women who have completed six years in the Army, Navy, Air Force, Marine Corps or Coast Guard Reserves, or the Army National Guard or Air National Guard, are eligible for VA home loans, including home purchase programs with no down payment. In addition, reservists who were called up to active duty after August 1990 and served 90 days continuously on active recall are eligible for VA loans and other benefits. This provision was inserted to help the thousands of men and women who were pressed into service during the wars in Afghanistan and Iraq.