Helping Military and Civilian families realize the dream of homeownership since 1990
What is a VA Loan?
A VA Loan is a mortgage issued by mortgage companies and other private lenders such as banks and credit unions. VA does not provide home loans, rather, the loan is guaranteed by VA. This means that the lender is protected against loss if the borrower fails to repay the loan.
What are the basic requirements to qualify for a VA loan?
Additional Helpful Information
VA Loan Limits for 100% financing
As of 2020, an eligible borrower with full entitlement is no longer subject to loan limits. For those with partial entitlement, county based loan limits are used by VA to calculate the amount available for VA guarantee and therefore establishing the minimum down payment required by a lender.
The 2021 limits are as follows.
San Diego County: $753,250
Orange County: $822,375
Riverside County: $548,250
Los Angeles County: $822,375
Some lenders may set a max amount they will lend, even with full entitlement. This figure is usually well over $1Million but you should check with me or your local lender for additional information.
You can find the limits for other counties in the US here: VA Loan limits by County
Search for VA Approved Condos to determine if the condo you want is eligible for VA financing. The list can be a bit cryptic so please reach out if you need help with the search.
Search for VA owned homes
This overview is not all inclusive and does not include all guidelines or potential qualifying situations. Contact us or your lender for additional information that applies to your situation.
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Laura Borja | Senior Mortgage Consultant | NMLS#199107
Cell: (619) 992-4061
laura@lauraborja.com
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