New 2012 VA loan limits for California in have just been published and there have been some substantial changes. VA loan limits in the state of California range from $417,000 to $625,500 depending on the median home price for each county in California. These VA loan limits are for 100% financing. So a VA borrower can get a loan with zero down payment with the following VA loan limits. A VA borrower can go above these loan limits with a small down payment. The following list below lists the changes:
- Alameda County:$625,500
- Contra Costa County:$625,500
- Los Angeles County:$621,000
- Marin County:$625,500
- Napa County:$460,000
- Orange County: $621,000
- San Benito County: $625,500
- San Diego County: $477,000
- San Francisco County: $625,500
- San Luis Obispo County: $457,700
- San Mateo County: $625,500
- Santa Barbara: $598,000
- Santa Clara:$625,500
- Santa Cruz County: $610,650
- Sonoma County:$419,750
- Ventura County: $518,650
Again the above VA loan limits for California are only for zero down. You can go above these loan limits by putting down 25% of the difference between your purchase price and the county VA loan limit. For example if you wanted to purchase a home in Los Angeles County for $800,000. You would have to put down $44,750 ($800,000 purchase MINUS $621,000 LA County loan limit = $179,000 X.25%=$44,750).
These new VA loan limits will be in effect for all VA home loans closing on 1/1/2012 or later.
If you have any questions about these feel free to call me at 858-922-7899 or email homeloan8@gmail.com.
Below are some other highlights of VA home loans in California:
- VA loan interest rates are at all time lows
- VA loan refinance transactions are very simple and can allow you to lower your VA loan rate to market
- VA home loans do not have monthly mortgage insurance
- You can get a VA home loan only 2 years after a foreclosure, bankruptcy or short sale
- VA loan credit does not need to be perfect
Best Regards,
Rob Chomentowski
858-922-7899, homeloan8@gmail.com
Sr. Loan Officer (and VA specialist)
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