VA mortgage loan limits have changed for California in 2012. Below are the new VA loan limits for major California cities:
- San Diego: $477,000
- Los Angeles:$621,000
- Orange County: $625,000
- San Francisco: $625,500
- San Jose: $625,500
- East Bay (Contra Costa County, Alameda County): $625,500
- Napa: $460,000
- San Luis Obispo: $457,700
- Santa Barbara:$598,000
- Santa Cruz: $610, 650
- Ventura: $518,650
- Sacramento: $417,000
- Redding: $417,000
The above VA loan limits are just for 100% financing. You CAN go over the above VA loan limits in California with a small down payment. You just need to put down 25% of the difference between the purchase price and loan limit of your area. For example, if you want to buy a $800,000 house in Orange County where the VA loan limit is $621,000, you would take ($800,000-$625,000)=$179,000. Then take $179,000X.25=$44,750. You would need a $44,750 down to buy a $800,000 house in Orange County with a VA loan.
VA loans can be far superior to other jumbo sized loans because you would not need as much down and you have no monthly mortgage insurance.
If you have any questions about VA home loan s in California don’t hesitate to give us a call at 858-922-7899 or email@example.com.
Sr. Loan Officer (and VA specialist)