Each county in California has a VA loan limit for the maximum dollar amount you can get 100% financing on a VA loan. Below are some examples of the maximum VA loan for 100% financing in the more populated counties in California:
- Alameda County $962,500
- Contra Costa County $962,500
- Los Angeles County $593,750
- Orange County $593,750
- Sacramento County $418,750
- San Diego County $437,500
- San Francisco County $962,500
- Santa Clara County $633,750
- Fresno County $417,000
So you can generally get a VA loan for 100% financing zero down payment as long as your purchase price does not go over the amounts for the counties above. But you can go over these VA loan limits, but you would
have to put down a small amount. Here is the formula for how much you have to put down if you go over the maximum VA loan for your county:
- (purchase price-county loan limit)*25%
So here are some examples. If you wanted to buy a $700,000 house in LA County with a VA loan, you would have to put down $26,562. This was calculated by: ($700,000-$593,750)*25%. If you wanted to buy a $500,000 house in San Diego you would have to put down $15,625. ($500,000-$437,500)*25%.
Give me a call if you have any questions about using this formula to figure out the VA loan limit f0r your VA purchase.
Here are some of the most up-to-date benefits of VA lending:
- VA homeloans are 100% financing, no down payment
- VA lending allows the seller to pay all your closing costs, so combine this with 100% financing of VA loans and you can buy a house with practically zero out-of-pocket costs
- VA loan interest rates are at 50 year+ lows, if not all time historic lows
- VA loan streamline refinances allow you to lower your rate to market rate without an appraisal, income documentation or credit checks
- You may be able to get a VA loan even if you think you have bad credit, ask me and I can help you improve your credit
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
