The VA loan limits listed below for each California county are the maximum loan amounts allowed for 100% financing.
The base amount for 2019 is $484,350. Some counties are considered “high cost” counties and have a larger VA loan limit amount for 100% financing.
The amounts listed below are for one unit properties. The loan amounts are larger for 2-4 unit properties in all counties.
Please note that we have a maximum VA loan limit amount of $2,000,000 available when there is a larger down payment or equity and the loan-to-value is lower than 100%.
|County Name||2019 Limit|
|SAN LUIS OBISPO||$667,000|
Even if you go over the county limit, in most cases, the percentage amount of your down payment is still relatively small.
For example, if you purchase a home for $550,000 and the county maximum VA loan limit is $484,350, your down payment would be $16,412.50 ($550,000 – $484,350 = $65,650 x .25) or 2.98% of the purchase price. The new VA loan amount would be $533,587.50.
For loan amounts above these listed limits, you will be required to make a down payment which is usually about 25% of difference between the maximum county limit and your purchase price.
These loan amounts are just the maximum amounts that allow 100% financing. If you need a larger loan amount than the county maximum, you can still get a VA loan.
Best of all, there is no monthly mortgage insurance like there is on other loans (FHA and conventional) with less than a 20% down payment.
Are you ready to see what our VA home loan programs can do for you?
Posted by: Brian Bush
Brian and his team have been funding VA Home Loans for over 27 years.
Since 1991, they have funded over 3,000 loans