San Diego - The VA Zero Down Loan Limits for 2013 have been released and San Diego County is seeing a slight decrease from $518,750 to $500,000. The new limits apply to all loans closed January 1, 2013 through December 31, 2013.
Does this mean that the maximum VA loan is only $500,000? Absolutely not. This just means that someone purchasing a home and utilizing their VA Home Loan Benefits in San Diego County will be required to have some down payment if purchasing a home with a sales price greater than $500,000.
An easy way to calculate the required down payment for purchase prices above the Zero Down VA Loan Limit is to subtract the new Zero Down VA Loan Limit from the purchase price and divide by four. So for a purchase price of $550,000 the minimum down payment would be $12,500. For a purchase price of $600,000 the minimum down payment using a VA Home Loan would be $25,000.
Some other areas in California saw the maximum Zero Down VA Loan Limit For 2013 decrease as well. For example, both Orange and Los Angeles Counties will see their limits decrease from $675,000 to $668,750.
In Northern California, certain counties still have a very high Zero Down Loan Limit For 2013 of $987,500 including Alameda, Contra Costa, Marin, San Francisco, and San Mateo Counties.
Looking for a VA Home Loan in San Diego County or any other part of California? Contact me today so that we can discuss your VA home loan options.
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