Veterans and active military members can use their VA loan eligibility to buy a property all the way up to $593,750 in many parts of California. I just wanted to mention this because many people think that the VA loan limit is $417,000 with zero down. Right now in the state of California with house prices way down, $593,750 can get you into a house in a very high end neighborhood near the coast with zero down payment!
And to re-iterate some of the highlights of VA Loans:
- True 100% financing zero down loans
- Sellers can pay all your closing costs so you can get into a house with almost no money out of pocket
- VA is one of the stronger loan programs right now with more flexible underwriting guidelines than other types of home financing
- There is no monthly mortgage insurance with a VA Loan (all FHA loans and conventional loans over 80% have monthly mortgage insurance which increases the monthy payment substantially)
- Historic interest rate lows with 30 year fixed mortgages right now. It’s pretty outrageous right now that you can get a property 100% financed at a 30 year fixed rate below 5%!!! That has not happened for 40+ years, if it has EVER happened.
- You do not need perfect credit for a VA Loan
But as always, even though you can theoretically get up to $593,750 zero down on a VA Loan, make sure you are very comfortable with your proposed monthly housing payment before making the decision to buy. But one thing is for sure, you will know what your payment is going to be for the next 30 years. VA Loans are 30 year fixed rate loans, so you have no worries about adjustible rate mortgages adjusting higher or negative amortization!
So if you have VA eligibility it is worth looking into possibly buying a home right now. Give us a call or email if you have any questions about getting pre-approved.
Warm Regards,
Rob Chomentowski
Sr. Loan Officer and VA Loan Specialist
Office (858) 227-4833
Cell (858) 922-7899
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