Using your VA Home Loan Benefit in Los Angeles, part 1 - Purchase a home
The VA Home Loan benefit is a great opportunity for Los Angeles Veterans and Active Duty Military to purchase a LA home or condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.
VA Loans require zero downpayment up to $700,000 in Los Angeles, throughout Los Angeles County.
- VA Loans - zero downpayment required up to $417,000
- VA Jumbo Loans - zero downpayment required up to $700,000 in LA (aka VA High Balance)
- VA Jumbo Loans up to $1.5M (with downpayment)
Los Angeles VA Loans are available up to $700,000 with zero downpayment required. The Los Angeles VA Loan Limit in 2011 is $700k. However,Veterans are not limited to the Los Angeles Loan limit of $700,000 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.
Here are a few ways to use your VA home loan Benefit in Los Angeles to purchase a home:
- VA Loan to Purchase a single family home up to $417K with zero downpayment and no MI
- VA Jumbo Loan to Purchase a home up to $700,000 with zero downpayment and no MI
- VA Loan to purchase a Condo in Los Angeles - up to $417K with zero downpayment or MI
- VA Jumbo Loan to purchase a Condo in Los Angeles - up to $700,000 with zero downpayment and no MI required.
- VA Jumbo Loan to purchase a $750,000 home in Los Angeles with just a $12,500 downpayment required (1.67%)
- VA Jumbo loan to purchase a $825,000 home with just $37,250 (4.52%) downpayment in Los Angeles
- VA Jumbo loan to purchase a $1.1M Los Angeles home with just $100,000 (9.09%) downpayment and no MI (mortgage insurance)
VA Home Loan info for Los Angeles, California:
- Active Duty Military and Veterans can both qualify
- 100% financing up to $700,000
- Available up to $1.5M with suitable downpayment/Equity in home
- VA Loans require no Mortgage Insurance
- VA Loans do require a VAFF (VA Funding Fee), which is usually financed
- Veterans with a 10% or higher VA disability pay no VA Funding fee
- VA Loans are not just for first time homebuyers
- VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
- Sellers can pay up to 4% of the VA Buyers closing costs
- VA Loans can be used to purchase VA Approved Condominiums with zero down
VanDyk is your source for VA backed Condo loans. We offer VA financing on VA Approved Condo's. Here is a link to the new Veterans Administration VA Approved Condo Search Engine. Please call us if you have questions or need help with your VA Approved Condo search, we are here to help.
We also do not have a waiting period for "flips". This is often called the Flip Rule or VA Flip Rule. VanDyk does not require the seller of a property to wait 90 days before allowing a VA buyer to purchase the property, only 1 day.
VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. Go with the Government Loan Pros, go with VanDyk. Visit us at http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.
Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar direct at 866-900-2342 for help with your VA loan. We serve the entire state of California plus Washington state, including: California,Southern California, Los Angeles, San Diego, San Jose, San Francisco, Santa Monica, Pasadena, Brea, Diamond, Long beach, Huntington beach, Irvine, Costa Mesa, Hollywood, North Hollywood, San Mateo, Ventura, Riverside, Oakland, Fremont, Sunnyvale, Santa maria, Oceanside, Vista, Escondido, Los Angeles, Murrieta, Temecula, Corona, Riverside, Rancho Bernardo, Poway, San Marcos, Carmel, Monterey, Santa Barbara, Santa Cruz, and all areas in between.
Check out part two of our series: how to use your VA benefit to Refinance in Los Angeles