The U.S. Dept. of Veterans Affairs VA Loan Guaranty program just published the California 2014 VA home high cost county loan limits. Kind of like Goldilocks and the 3 Bears, some counties went up, some down, and some remained the same.
The maximum guaranty amount for loans over $144,000 is 25% of the county loan limit. Veterans with full entitlement may borrow up to this county limit and VA will guarantee(insure) 25% of the loan amount.
Few Veterans realize mortgage lenders allow them to borrower more than the VA county loan limit (VA jumbo loan) even when they aren’t in a high cost county!
Confused? ==> Contact me for your VA loan approval, VA entitlement, max loan amount, rate quote & estimate to purchase or refinance
The purpose for the VA issuing the 2014 county loan limit, which is effective Jan. 1, 2014 through Dec. 31, 2014, is to calculate the VA’s maximum guaranty amount which is actually determined by the county median home value set by the FHA.
If a Veteran has used their VA entitlement and it hasn’t been restored, the guaranty amount must be reduced accordingly. You can view the VA funding fee table here to find out what your funding fee premium is for first time, subsequent users, as well as when purchasing, IRRRL’s, or refinancing.
Related Article: What is a VA Funding Fee and Why Do I Have to Pay it?
How to Borrow More Than the VA’s County Loan Limit
The VA will allow you to borrower more than the new 2014 maximum VA county loan limit if you have a small down payment. The down payment required is equal to 25% of the difference between the purchase price and the county limit.
Purchase Example ==> If you were buying a $500,000 home in Riverside County where the VA loan limit is $417,000, the difference is $83,000. To calculate the down payment needed, simply multiply $83,000 X 25% = $20,750. That would be the required down payment.
Refinance Example ==> Same as a purchase but the appraised value is used rather than the purchase price.
2014 California VA Loan Limit by County
| California County | 2014 VA Loan Limit (1 unit) |
|---|---|
| Alameda County | $1,050,000 |
| Alpine County | $417,000 |
| Amador County | $417,000 |
| Butte County | $417,000 |
| Calaveras County | $417,000 |
| Colusa County | $417,000 |
| Contra Costa County | $1,050,000 |
| Del Norte County | $417,000 |
| El Dorado County | $437,500 |
| Fresno County | $417,000 |
| Glenn County | $417,000 |
| Humboldt County | $417,000 |
| Imperial County | $417,000 |
| Inyo County | $437,500 |
| Kern County | $417,000 |
| Kings County | $417,000 |
| Lake County | $417,000 |
| Lassen County | $417,000 |
| Los Angeles County | $687,500 |
| Madera County | $417,000 |
| Marin County | $1,050,000 |
| Mariposa County | $417,000 |
| Mendocino County | $417,000 |
| Merced County | $417,000 |
| Modoc County | $417,000 |
| Mono County | $417,000 |
| Monterey County | $500,000 |
| Napa County | $575,000 |
| Nevada County | $417,000 |
| Orange County | $687,500 |
| Placer County | $437,500 |
| Plumas County | $417,000 |
| Riverside County | $417,000 |
| Sacramento County | $437,500 |
| San Benito County | $827,500 |
| San Bernardino County | $417,000 |
| San Diego County | $527,500 |
| San Francisco County | $1,050,000 |
| San Joaquin County | $417,000 |
| San Luis Obispo County | $518,750 |
| San Mateo County | $1,050,000 |
| Santa Barbara County | $643,750 |
| Santa Clara County | $827,500 |
| Santa Cruz County | $681,250 |
| Shasta County | $417,000 |
| Sierra County | $417,000 |
| Siskiyou County | $417,000 |
| Solano County | $417,000 |
| Sonoma County | $500,000 |
| Stanislaus County | $417,000 |
| Sutter County | $417,000 |
| Tehama County | $417,000 |
| Trinity County | $417,000 |
| Tulare County | $417,000 |
| Tuolumne County | $417,000 |
| Ventura County | $556,250 |
| Yolo County | $437,500 |
| Yuba County | $417,000 |
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