Only the high cost counties which have higher loan amounts (above $424,100) are listed below.
For all other counties not listed below, the maximum VA Loan limits for 100% financing is $424,100.
*please note that we have a maximum VA loan limit amount of $1,500,000 available when there is a larger down payment or equity and the loan-to-value is lower than 100%.
|COUNTY||VA LOAN LIMIT FOR 2017|
|SAN LUIS OBISPO||$586,600|
Remember, these loan amount 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.
For loan amounts above these listed limits, you will need to make a down payment which is usually about 25% of difference between the maximum county limit and the purchase price.
For example, if you purchase a home for $500,000 and the county maximum VA loan limit is $424,100, your down payment would be $18,975 ($500,000 – $424,100 = $75,900 x .25) or 3.8% of the purchase price. The new VA loan amount would be $481,025.
So, even if you go over the county limit, in most cases, the percentage amount of your down payment is still relatively small.
And best of all, there is no mortgage insurance like there would be on other loans (FHA and conventional) with less than a 20% down payment.
Are you ready to see what our easy to qualify for VA home loan programs can do for you?
Call 800-607-1941 x220.
Posted by: Brian Bush
Brian and his team have been funding VA Home Loans for over 25 years.
Since 1991, they have funded over 2,000 loans