The 2012 VA loan lending limit in many California high cost counties has been reduced significantly from last year, but still allows for 100% zero down payment home financing.
12/22/2013 —- UPDATE ==> click on link to view updated 2014 VA Loan Limits in California by County.
VA doesn’t actually impose a maximum loan amount an eligible Veteran may borrow, but rather the VA establishes a maximum amount they will guaranty.
How to Borrow More Than The VA County Loan Limit
To borrow over the county VA loan limit, you need to come in with a down payment equal to 25% of the difference between the VA loan limit and the purchase price (or appraisal value).
For example. If you were buying a $500,000 home in Riverside or San Bernardino County where the VA loan limit is $417,000, the difference would be $83,000, right? Multiply $83,000 X 25% = $20,750, and that would be the required down payment. (That’s equal to 4.15%)
Couldn’t you just use an FHA or Conventional loan then? Yes for FHA, but you would pay a large monthly mortgage insurance premium and the total payment would be much higher. And Conventional financing now has lower loan limits than FHA or VA, so that would not be an option! Check out the 2012-2013 California Conforming / Jumbo FHA Loan Limits.
Refinancing using a VA loan works much the same way if the loan amount is over the VA county loan limit in California. You just use the appraisal value. Most people are not aware that we can still do 100% cash out VA loan refinances in California.
Southern California 2012 VA County Loan Limits
- Riverside County 2012 VA Loan Limit: $417,000
- San Bernardino County 2012 VA Loan Limit: $417,000
- Orange County VA Loan Limit: $621,000
- Los Angeles County VA Loan Limit: $621,000
- San Diego County VA Loan Limit: $477,000
2012 California VA County Loan Limits: (high cost)
- Alameda County: $625,500
- Contra Costa County: $625,500
- Marin County: $625,500
- Napa County: $460,000
- San Benito County: $625,500
- San Francisco County: $625,500
- San Luis Obispo County: $457,700
- San Mateo County: $625,500
- Santa Barbara County: $598,000
- Santa Clara County: $625,500
- Santa Cruz County: $610,650
- Sonoma County: $419,750
- Ventura County: $518,650
+++++ Counties not listed above have a loan limit of $417,000. View the nationwide 2012 VA loan limits.
If you have questions, or want to get pre-approved for a VA home loan, call Brad direct (951) 215-6119
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