VA Home Loan Limits For 2016 Increasing for San Diego CA - The VA Zero Down Loan Limits for 2016 have been announced and San Diego County is seeing a slight increase from $562,350 to $580,750.
The new limits apply to all VA purchase and VA cash-out refinances closed from January 1, 2016 through December 31, 2016. 
The new VA Home Loan Limits will follow the recently announced Fannie Mae and Freddie Mac limits for 2016 as established by the Federal Housing Finance Agency (FHFA).
That announcement was closely followed by FHA. Out of the 3,143 counties and county equivalents in the United States, only 235 are considered high cost counties. For 2016, only 39 of those saw an increase.
Does this mean that the maximum VA loan is only $580,750? 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 $580,750.
In fact, Mann Mortgage will finance VA Home Loans in excess of $2,000,000 (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 in San Diego County 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 $4,813 which is just under 1.0%. For a purchase price of $650,000 the minimum down payment using a VA Home Loan would be about $17,313 which is just under 2.7%. And with no mortgage insurance!
Some of the high cost counties in the San Francisco Bay area including Marin, Napa, San Benito, San Francisco, San Mateo, Santa Clara, and Santa Cruz County are seeing their VA Zero Down Loan Limits stay at the max of $625,500. The same goes for Los Angeles and Orange Counties. For the Nationwide VA Zero Down Home Loan Limits for 2016, click HERE.
Looking for a Zero Down 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. Know before you go!
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