VA Home Loan Limits For 2015 Increasing for San Diego CA - The VA Zero Down Loan Limits for 2015 have been announced and San Diego County is seeing a slight increase from $546,250 to $562,350. The new limits apply to all VA purchase and VA cash-out refinances originated from January 1, 2015 through December 31, 2015. 
The new VA Home Loan Limits will follow the recently announced Fannie Mae and Freddie Mac limits for 2015 as established by the Federal Housing Finance Agency (FHFA). That announcement was closely followed by FHA.
Does this mean that the maximum VA loan is only $562,350? 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 $562,350.
In fact, Mann Mortgage will finance VA Home Loans up to $1,500,000 (not just purchase price, but actual loan amount).
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. This applies to eligible veterans with full entitlement and the VA Funding Fee may apply.
So for a purchase price of $600,000 the minimum down payment would only be about $9,413 which is just over 1.5%. For a purchase price of $650,000 the minimum down payment using a VA Home Loan would be about $21,913 which is just under 3.4%. And with no mortgage insurance!
If Congress does not extend VA's authority to exceed the current Fannie/Freddie high balance loan limits, many counties in California will see the maximum VA Zero Down Loan Limit decrease for 2015. Examples include Alameda, Contra Costa, Marin, San Francisco, San Mateo, Los Angeles, and Orange Counties to name a few. These counties will now have a VA Zero Down Loan Limit for 2015 of $625,500. Click here for the nationwide VA Zero Down Home Loan Limits.
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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