Did you know that it IS possible to get a loan over the County VA loan limit?
The basic formula is calculated by figuring the difference between the County limit and the purchase price. The required down payment is 25% of the above-limit amount.
For example, as of May 2014, the San Diego County VA loan limit is $546,250. You CAN get a loan for MORE THAN $546,250 and buy a higher priced home. Here's how it works:
Dream Home: $750,000
$750,000-$546,250 (San Diego VA loan limit) =$203,750
** 25% of $203,750 = $50,937.50
Down payment needed for "Jumbo" VA loan: $50,938 **
VA loan amount: $597,188 (before calculating and financing VA funding fee)
The Riverside VA loan limit is $417,000. The Orange County VA loan limit is $687,500. We can help you use your VA benefit to buy the home of your dreams! Yes, even if it is above the County VA loan limit!
We also have agents who participate in the Heroes Home Advantage program standing by to help you. A portion of the agent's commission is given back to the active duty military or veteran client as a way of saying thank you for all you do to protect and serve.
Your household income and debt ratios must still comply with lending guidelines, and I can give you the information you need to make an educated decision AND help you accomplish your goals of owning your dream home. Contact me today to get started. Apply online today