One of the really nice things about VA lending is that VA has very high loan limits throughout the state of California for zero down VA loans. In many cases a VA borrower can get 100% financing on a VA loan to a much higher loan amount than conventional or FHA loans with a down payment.
Below are the VA mortgage loan limits for 100% financing for selected counties throughout California:
- Alameda County: $1,000,000
- Contra Costa County: $1,000,000
- Los Angeles County: $700,000
- Marin County:$1,000,000
- Monterey County: $431,250
- Napa County: $530,000
- Nevada County: $431,250
- Orange County: $700,000
- San Benito County: $843,750
- San Diego County:$537,500
- San Francisco County:$1,000,000
- San Luis Obispo County:$528,750
- San Mateo County:$1,000,000
- Santa Barbara County: $710,000
- Santa Clara County:$843,750
- Santa Cruz County:$706,250
- Sonoma County:$478,750
- Ventura County:$562, 500
- Sacramento County: $417,000
- Fresno County:$417,000
- Kern County:$417,000
- Riverside County:$417,000
- San Bernardino County:$417,000
So the above VA loan limits are for 100% financing. You can get a loan up to these limits with no down payment or do a VA refinance up to these VA loan limits with no equity. Now you can go above these loan limits if you put 25% of the difference between the purchase price (or appraised value on a VA refinance). So for example if you were in San Diego County and wanted to buy a $800,000 house with a VA home loan, you would take ($800,000-$537,500)=$262,500. Then take $262,500X25%=$65,625 down payment. So if you wanted to buy a $800,000 home with a VA loan in San Diego County if would require a $65,625 down payment.
There are some big advantages jumbo VA loans have over conventional jumbo loans. A conventional jumbo loan will in most cases require 20% down. A VA loan in many cases is ZERO down up the county limit. Also, if you put less than 20% down on a conventional loan you have monthly mortgage insurance; VA home loans do not have monthly mortgage insurance. VA also has much more flexible qualifying guidelines with credit and debt-to-income ratios.
These VA loan limits in California also make it attractive to refinance into a VA loan from a conventional loan. Since you can go 100% loan-to-value up to $1 million in many counties, you can refinance into today’s record low VA interest rates. Where you would not have nearly enough equity to refinance into a conventional loan.
So I hope this helps you understand the VA loan limits for different counties in California. Don’t hesitate to call at 858-922-7899 or email at homeloan8@gmail.com if you have any questions about getting approved for a VA home loan in California.
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
VA Loan Limits In California is a post from: VA Home Loans Call Rob 858-922-7899
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