GENERAL VA LOAN FACTS

If you can’t find the answer to a question you have, please don’t hesitate to call or email us.

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)

Michael Ervin | Production Manager | NMLS #282715 | 235 Rockaway Beach Avenue, Suite 4 Pacifica, CA 94044 | Branch NMLS #1479590

Jennifer Castañeda | Producing Branch Manager |NMLS #282904 | 235 Rockaway Beach Avenue, Suite 4 Pacifica, CA 94044 | Branch NMLS #1479590


This website is not authorized by the New York State Department of Financial Services to accept mortgage loan applications for properties located in New York. For New York applicants, please visit our New York authorized website: www.supremelending.com. © 2022 EVERETT FINANCIAL, INC. D/B/A SUPREME LENDING NMLS ID #2129 (www.nmlsconsumeraccess.org) 14801 Quorum Dr., #300, Dallas, TX 75254. 877-350-5225. All rights reserved. Supreme Lending is an Equal Housing Opportunity Lender. Licensed by The Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act License 4130655. This is not an offer to enter into an agreement. Information, rates, & programs are subject to change without prior notice and may not be available in all states. All products are subject to credit & property approval. Supreme Lending is not affiliated with any government agency. For licensing information, go to: www.nmlsconsumeraccess.org. Supreme Lending is an equal opportunity employer and does not practice discrimination based on age, gender, race, religion, national origin, as well as any other rights afforded to applicants under state and federal law.