VA Home Loan With Zero Down Up To
$520,950 Purchase Price In Santa Rosa CA
Santa Rosa CA - Did you know that qualified veterans can obtain a VA home loan in Santa Rosa CA with zero money down up to a sales price of $520,950? This limit is for VA home loans closed in Santa Rosa 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 Santa Rosa CA. At that time, the VA Zero Down Loan Limit was going to be $500,000 which was an increase from the 2013 VA Zero Down Loan Limit of $448,750.
However, the VA Zero Down Loan Limits for Santa Rosa CA were REVISED and there was a slight increase from $500,000 to $520,950.
Does this mean that the maximum VA loan in Santa Rosa CA is only $520,950? Absolutely not. This just means that someone purchasing a home and utilizing their VA Home Loan Benefits in Santa Rosa CA will be required to have some down payment if purchasing a home with a sales price greater than $520,950.
Keep in mind that the VA Funding Fee if applicable can still be added to the loan even if the loan amount exceeds the Santa Rosa VA Zero Down Loan Limit.
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 $7,263 which is just over 1.32%. For a purchase price of $600,000 the minimum down payment using a VA Home Loan in Santa Rosa CA would be about $19,763 which is just under 3.3%. At Mann Mortgage, we will allow VA loans in excess of $1,000,000.
The VA Cash Out Refinance is also affected by this new loan limit allowing many Santa Rosa CA veterans to tap into more of their home equity for home improvements and or debt consolidation.
Looking for a VA Home Loan with Zero Down Payment in Santa Rosa or any other part of California? Contact me today so that we can discuss your VA home loan options.