VA Jumbo Loan Overview California

Many Veterans today are not aware that VA Jumbo "high balance" loans are available in the marketplace.  Traditional VA loans limits are capped at the standard conforming loan limit for a designated area. In most locations across the U.S. that limit is $484,350.  However, many locations in California LA, San Francisco, San Diego, etc, have higher limits in some cases up to $726,525.  But even better, some lenders and banks will permit VA loans up to 1.5mil loan amounts assuming the Vet has proper entitlement and eligibility.  

Regular VA loan remains a great program for home buyers that meet VA eligibility requirements, whether currently serving or past Veterans. The benefits of regular "conforming"  VA mortgages include: NO down payment, competitive fixed interest rates, no monthly MI needed and an easy streamlined refinance option. With the VA Jumbo loan, everything is relatively the same as above except one key difference -  down payment. VA Jumbo loans will require a down payment from the home buyer, how much will depend on a few factors like location and purchase price.  Basically, any dollar amount that is above the set conforming loan limit will require 25% of that amount for a down payment.

One example would be a home buyer purchasing a new house in Los Angeles for $1,000,000. The regular VA loan limit is $636,150 for LA county. So basically the buyer would need the following:

$1,000,000 purchase price - $636,150 conforming loan limit = $363,850

25% of $363,850 = $90,962. This is less than 10% required down payment!

VA Jumbo Loan Requirements:

• All applicants credit score should be a minimum of 640. 
• Like all VA loans, this program is only for full-time owner occupied properties. Single Family, Condos, etc. Using the program to purchase a vacation home or investor home purchase is not permitted. 
• Veterans need to ensure they have proper eligibility and remaining entitlement.  Please contact us if you need assistance obtaining your Certificate of Eligibility.
• Like all government back programs, the home buyer will need to be able to completely document all income and assets and meet debt to income ratio requirements. 

Applicants will find the base VA loan limits for CA listed below. Any County not listed has a base cap of $484,350.  Keep in mind 100% financing is available up to the base loan limits below. Anything over this amount (up to $1.5mil) will require a down payment as stated in the formula/example above. 

please disregard below and see updated chart on web site. 

Home buyers in CA or other states that have questions can reach us 7 days a week at Ph: 800-840-6449 or visit the Jumbo Purchase Page for all details.  Be sure to also learn about regular 10% and 5% down Jumbo financing solutions as well.