General VA Loan Facts

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General VA Facts

You can purchase a home with zero down payment.

Most Bay Area Counties have a loan limit of $679,650. You can borrow up to this amount with a zero down payment! Anything over this amount will require a small down payment. For example: If you buy a $1 MM home your down payment is 25% of the difference between the purchase price and the county limit.

$1,000,000 – $679,650 = $320,350 x 25% = $80,087.50

For a million dollar home, you only have to put about an 8% down payment! For a full list of California loan limits, click here.

VA Loans may be assumable.
Original loan must be paid off before you can apply for a another VA loan
Property Types
Single-family homes, townhomes, condos, modular housing, and 2 – 4 multi-unit properties.
They’re for primary residences only
VA loans cannot be use to buy an investment property or a vacation home.
They’re available despite foreclosure or bankruptcy
Service members with a history of bankruptcy or foreclosure can secure a VA loan. Even borrowers who have had a VA loan foreclosed on can still utilize their VA loan benefit.
High Debt to Income (DTI) allowed

DTI up to 60% with compensating factors.

No mandated seller closing costs
No reserves required
Required Repairs
All section 1 repairs must be completed prior to close of escrow. They do not have to be paid by the seller.
Does not count 401K loans in debt ratios
100% gift allowed for down payment, closing costs
VA Loans tend to have lower interest rates than conventional loans
No private mortgage insurance (PMI)

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