VA Loan Limits Change For 2010

The VA has released the VA loan limits for 2010.  These limits are the loan amounts the VA will allow up to 100% financing to.  The limits are by county.  Below is a list of the counties in California and what their VA loan limits are for 2010.  The VA loan limits for the rest of the counties in California is $417,000.

• Alameda: $962,500
• Contra Costa: $962,500
• El Dorado:$418,750
• Los Angeles: $593,750
• Marin: $962,500
• Mono: $512,500
• Napa: $443,750
• Nevada: $418,750
• Orange: $593,750
• Placer: $418,750
• Sacramento: $418,750
• San Benito: $633,750
• San Diego:$437,500
• San Francisco:$962,500
• San Luis Obispo: $487,500
• San Mateo: $962,500
• Santa Clara: $633,750
• Santa Cruz: $568,750
• Ventura: $486,250
• Yolo: $418,750

If you get a VA loan you can still go above these VA loan limits.  But if you are buying in one of the above counties with a VA loan and you want to go above the amounts listed above, you will have to put down 25% of the difference between the purchase price and the county VA loan limit.  If you wanted to buy a $700,000 house in Los Angeles County, you would take ($700,000-$593,750)=$196,250 and multiply that by 25% and get $26,562.  So you could get a VA loan on a $700,000 house in Los Angeles County with $26,562 down.

I like to end as always with highlights of VA loans:

• To qualify for a VA Loan credit does not have to be perfect, even if you think you have bad credit you may still qualify for a VA loan
• 100% financing with VA lending – VA offers the only zero down loans today
• VA loan interest rates are at historic lows – the U.S. Government is artificially pushing down rates to stimulate the economy so take advantage of it while you can!
• $8,000 home buyer tax credit available until April 2010!
• VA homeloans allow the seller to credit you for all of your closing costs – so this + 100% financing means you can buy with almost no money out of pocket

Give me a call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or want to apply for a VA loan.

Warmest Regards,

Rob Chomentowski

Sr. Loan Officer (and VA specialist)

858-922-7899

homeloan8@gmail.com

Tagged as: Closing Costs, Counties In California, El Dorado, Home Buyer, Loan Credit, Loan Interest Rates, Loan Limit, Los Angeles County, Lows, Mono, Napa, San Benito, San Luis Obispo, San Mateo, Santa Clara, Santa Cruz, TAX Credit, Va Loan Interest Rates, Va Loan Limits, Zero Down Loans