Jumbo VA Loans In California Gaining Popularity

VA loan limits in California enable 100% financing to these amounts:

• $1 million San Francisco and San Jose area
• $697,000 Los Angeles and Orange County
• $537,750 San Diego

And the key is you can go above these VA loan limits in California with just putting 25% down of the difference between your purchase price and your California counties VA loan limit.  For example, if you want to buy a $850,000 house in the Los Angeles County area, you would just need to put down $38,250.  This is calculated by taking $850,000 minus the VA loan limit of $697,000 and multiplying the result by .25.

There is no other loan out there right now that compares to these generous VA loan program guidelines.   Veterans are discovering they can use their VA home loan benefits in place of conventional jumbo loans and get much better terms with a much lower down payment.  And VA financing does not have any monthly mortgage insurance.   Veterans are using VA home loans to buy in premier locations in the California Coast from Southern California all the way up to the Bay Area.  So VA home loans can be used to buy luxury homes in upscale areas as well.

Here are some of the benefits of Jumbo VA loans in California:

• VA financing is zero down 100% financing up to very large loan amounts vs. conventional loans requiring large down payments, strict underwriting and very high monthly mortgage insurance
• VA home loan requirements allow VA borrowers to vacate primary residences without equity or underwater and use the rent they can get to qualify to buy a new primary residence with a VA home loan
• VA home loan 30 year fixed rates are still close to 60 year lows
• If a veteran receives any VA disability pay, the VA funding fee is waived.  This means a veteran could get a 100% financing VA loan of $700k, $800k, and up with NO mortgage insurance at all!
• It can make sense to refinance from a NON VA loan to a VA loan if you have a jumbo loan amount that will not allow for an easy conventional refinance

Don’t hesitate to email me at homeloan8@gmail.com or call at 858-922-7899 if you have any questions about getting approved for a VA home loan in California.

Regards,

Rob Chomentowski

Sr. Loan Officer (and VA loan specialist)

858-922-7899

homeloan8@gmail.com

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