A really incredible thing about VA lending in California are that the 2011 VA loan limits for 100% financing are very generous across the state. Here are some examples of VA loan limits in some counties in California:
- Alameda County $1 million
- Contra Costa County $1 million
- Los Angeles County $700,000
- Marin County $1 million
- Monterey County $431,250
- Napa County $530,000
- Orange County $700,00
- San Diego County $537,500
- San Francisco County $1 million
- San Luis Obispo County $528,750
- San Mateo County $1 million
- Santa Barbara County $710,000
- Santa Clara County $843,750
- Santa Cruz County $706,250
- Sonoma County $478,250
- Ventura County $562,500
- Sacramento County $417,000
- San Joaquin County $417,000
- Kern County $417,000
- Fresno County $417,000
- Shasta County $417,000
- Riverside County $417,000
- San Bernardino $417,000
So this means if you are active military or a veteran you can get a zero down loan to the above amounts in these counties. And you can go above these VA loan limits in California if you go by the following guideline. Take the purchase price MINUS the VA loan limit for your county and multiply by 25%, and that is your down payment. So if you wanted to buy a $900,000 house in San Diego County with a VA loan you would take ($900,000-$537,500)X25%=$90,625. So if you wanted to buy a $900,000 house in San Diego County you would only have to put down $90,625.
Another benefit of VA jumbo loans above $417,000 is that you get a very low interest rate. If you get a conventional loan above $417,000 and especially above the conforming conventional jumbo loan limit of $729,750, you are going to have a very high rate. But with VA loans in California you can get a very low 30 year fixed interest rate with 100% financing to $1 million in some counties.
Also high VA loan limits are very helpful with VA loan refinance. You can refinance from a conventional ARM or high rate conventional loan into a jumbo VA loan with a low 30 year fixed loan. Whereas you cannot easily refinance into another conventional loan (especially over $729,750) and the interest rate will not be as favorable as VA.
So I hope this helps you understand the benefits of the high VA loan limits in California. Please don’t hesitate to call us at 858-922-7899 or email at homeloan8@gmail.com if you have any questions about getting approved for a VA loan in California.
Rob Chomentowski
858-922-7899
Sr. Loan Officer (and VA specialist)
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