A jumbo VA loan in California is any VA loan amount over $417,000. Jumbo VA loans are gaining popularity in California since VA financing is much more lenient and not nearly as restrictive as conventional jumbo financing. There are different VA loan limits for different California counties. VA Borrowers can generally go up to 100% financing up to their counties VA loan limit. Below is a sample of California counties VA loan limits over $417,000:
- Alameda County: $962,750
- Contra Costa County: $962,750
- San Mateo County:$962,750
- San Francisco County: $962,750
- Los Angeles: $593,750
- Sacramento:$418,750
- Orange: $593,750
- San Diego: $437,500
- Santa Clara: $633,750
Many other large counties not on the above list such as Riverside, San Bernardino and Fresno have limits of $417,000 for 100% financing on VA loans in California.
You can get a VA loan beyond the above limits with a small down payment. Let’s say you live in Los Angeles County and you want to buy a $650,000 property. You would take $650,000 minus the county limit of $593,750 which equals $56,250. And then take 25% of $56,250 which equals $14,062. So to buy a $650,000 in Los Angeles with a VA loan you would only have to put down roughly $14,000.
VA jumbo loans can also work really well for a VA refinance loan. If you already have a VA loan currently, you can use the wonderfully painless VA streamline refinance loan to drop you VA loan interest rate to the current 60 year low 30 year fixed VA interest rates. But even if you do not currently have a VA loan, you can refinance to a VA loan up to 90% of the value of your property. This is particularly helpful for owners with large jumbo loans in California. If you have a jumbo mortgage in California with a high loan-to-value, it can be very difficult to refinance and take advantage of the historic interest rates today. But if you are VA eligible, you can refinance your jumbo loan to a VA jumbo loan up to 90% of the value of your property. So if you have a property in say San Diego county for example worth $900,000, you could do a VA refinance loan up to $785,000 to take advantage of today’s 60 year low VA interest rates.
So if you are VA eligible and want to buy or refinance a property in California and it is a jumbo loan amount, you may be in luck. Call or email me if you have any questions, 858-922-7899 or homeloan8@gmail.com.
Below are some of the most up-to-date advantages of getting VA financing in California:
- VA loan limits in many areas of California such as San Francisco, Alameda County, and Contra Costa County can go up to $962,000 with 100% financing. And many areas such as Los Angeles, Orange County, and San Diego County allow 100% financing on VA loans above the conforming loan limits.
- VA loan credit scores do not have to be perfect. You only need a 620 score to get some of the best VA loan rates out there.
- VA loan interest rates are at their lowest since the 1950′s
- VA streamline refinance loans in California are a very easy and painless way to drop your VA loan interest rates substantially and lower your payment substantially
Feel free to give us an email at homeloan8@gmail.com or a call at 858-922-7899 if you have questions at all about getting approved for a VA loan in California.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
Jumbo VA Loan In California Gaining Popularity is a post from: VA Home Loans 858-922-7899
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