IF YOU ARE A VETERAN WHO IS CONSIDERING THE PURCHASE OF A HOME IN 2013, THERE ARE NEW DOWNPAYMENT GUIDELINES. THANKS TO KEVIN KEUNEKE FOR PROVIDING THIS INFORMATION.
Oceanside CA - The VA Zero Down Loan Limits for 2013 have been released and Oceanside in San Diego County is seeing a slight decrease from $518,750 to $500,000. The new limits apply to all loans closed January 1, 2013 through December 31, 2013.
Does this mean that the maximum VA loan is only $500,000? Absolutely not. This just means that someone purchasing a home and utilizing their VA Home Loan Benefits in Oceanside, San Diego County will be required to have some down payment if purchasing a home with a sales price greater than $500,000.
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 be $12,500. For a purchase price of $600,000 the minimum down payment using a VA Home Loan would be $25,000.
Some other areas in California saw the maximum Zero Down VA Loan Limit For 2013 decrease as well. For example, both Orange and Los Angeles Counties will see their limits decrease from $675,000 to $668,750.
In Northern California, certain counties still have a very high Zero Down Loan Limit For 2013 of $987,500 including Alameda, Contra Costa, Marin, San Francisco, and San Mateo Counties.
Looking for a VA Home Loan in Oceanside, San Diego County or any other part of California? Contact me today so that we can discuss your VA home loan options.
Kevin Kueneke, NMLS # 284800
The Harp Deal Blog
FHA Mortgage Loan Specialist/VA Mortgage Loan Specialist
Direct Lender, Mortgage Banker
AmeriFirst Financial, Inc.
12544 High Bluff, Suite 100 | San Diego | CA | 92130
Phone 760-500-1919 | Fax 619-419-2324
C. Lloyd McKenzie, MBA
Berkshire Hathaway HomeServices
New Mexico Properties/Allstar, REALTORS
6739 Academy Rd. NE SU 200
Albuquerque, New Mexico 87109
Areas Served: Albuquerque Metro/ Algodones/ Bernalillo/ Cedar Crest/ Corrales/ Edgewood/ Los Lunas/ Los Ranchos de Albuquerque/ Placitas/ Rio Rancho/ Sandia Park/ Tijeras