The 2011 VA loan limits have just been released for California VA loans and they are very good news for those VA borrowers looking to get a VA loan to purchase or get a VA refinance loan in California. Below are the new VA loan limits for 100% financing in California:
- Alameda $1,000,000
- Contra Costa $1,000,000
- Los Angeles $700,000
- Marin $1,000,000
- Monterey $431,250
- Napa $530,000
- Nevada $431,250
- Orange $700,000
- San Benito $843,750
- San Diego $537,500
- San Francisco $1,000,000
- San Luis Obispo $528,750
- San Mateo $1,000,000
- Santa Barbara $710,000
- Santa Clara $843,750
- Santa Cruz $706,250
- Sonoma $478,750
- Ventura $562,500
Any other county not listed here has a 100% financing VA loan limit of $417,000. Keep in the mind the above VA loan limits are only for 100% financing. If the VA borrower can put down a small amount, they can go above these VA loan limits in California.
So I hope this helps you consider how much house you can buy with a California VA home loan. As you can see, you can use a 100% financing VA loan to purchase houses even in the pricer more exclusive coastal regions of California.
Below are some of the most up-to-date advantages of VA financing in California:
- VA streamline refinance loans allow you to drop your VA loan interest to market rates very quickly and easily
- VA loan credit scores do not have to be perfect. Generally a 620 score can allow you to qualify for a loan. And you can get a VA loan if it has been two years since a Bankruptcy 7, foreclosure or short sale.
- VA financing does NOT have monthly mortgage insurance even with 100% financing. This is UN-like FHA and conventional which have substantial monthly mortgage insurance
- If you received ANY disability pay or have any VA disability rating the VA funding fee is waived! This allows you to get a 100% financing VA loan without ANY mortgage insurance rolled in (the VA funding fee is VA’s version of mortgage insurance but it is rolled into the loan, not monthly).
Don’t hesitate to email homeloan8@gmail.com or call at 858-922-7899 if you would like to be approved for a VA loan in California.
Regards,
Rob Chomentowski
858-922-7899
Sr. Loan Officer (and VA specialist)
No related posts!
Comments on this entry are closed.
{ 3 trackbacks }