VA Home Loan With Zero Down Up To
$546,250 Purchase Price In National City CA
National City CA - Did you know that qualified veterans can obtain a VA home loan in National City CA with zero money down up to a sales price of $546,250? This limit is for VA home loans closed in National City CA from February 28, 2014 through December 31, 2014.
In late December of 2013, the VA announced the new VA Zero Down loan limits for 2014 for National City CA. At that time, the VA Zero Down Loan Limit was going to be $527,500 which was an increase from the 2013 VA Zero Down Loan Limit of $500,000.
However, the VA Zero Down Loan Limits for National City CA were REVISED and there was a slight increase from $527,500 to $546,250.
Does this mean that the maximum VA loan in National City CA is only $546,250? Absolutely not. This just means that someone purchasing a home and utilizing their VA Home Loan Benefits in National City CA will be required to have some down payment if purchasing a home with a sales price greater than $546,250.
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 only be about $938. For a purchase price of $600,000 the minimum down payment using a VA Home Loan in National City CA would be about $13,439 which is just under 2.25%. At Mann Mortgage, we will allow VA loans in National City CA in excess of $1,000,000.
The VA Cash Out Refinance is also affected by this new loan limit allowing many National City CA veterans to tap into more of their home equity for home improvements and or debt consolidation.
Looking for a VA Home Loan in National City or any other part of California? Contact me today so that we can discuss your VA home loan options.