VA Home Loan Fast Facts For San Diego County, Part One
Who is eligible for a VA home loan? Active Military, Retired Military, Coast Guard, National Guard, and in some cases the Surviving Spouse.
What is the maximum VA Zero Down Home Loan Limit? The San Diego County VA Zero Down home loan limit for VA home loans closed through December 31, 2016, is $580,750. Mann Mortgage can fund VA home loans in excess of $2,000,000.
VA has a special calculation for down payment for loan amounts exceeding the local Zero Down loan limit. The down payment is typically 25% of the difference between the current Zero Down Limit and the purchase price.
So, for a price of $650,000 the down payment in SD County would only be $17,313 (roughly 2.7%).
What are examples of a VA home buyer's Non-Allowable closing costs? Loan closing, escrow or settlement fees, doc prep fees, notary fees, tax service fees, and lender origination fees that exceed 1% of the loan amount.
What are the options for covering these Non-Allowable closing costs?
- The borrower can pay a 1% origination fee to include all non-allowable fees and charges.
- The lender can give a closing cost credit to cover the non-allowable fees and charges.
- Traditional seller credit toward non-allowable fee.
Just the tip of the iceberg as far as VA Home Loans go. Part Two coming soon.
Looking to buy or refinance in California with a VA Home Loan? Contact me today by calling 760-500-1919 to discuss your options.