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