Are You a Veteran? Well, Today Is Your Lucky Day! You Can Now Afford Any Home You Are Qualified For In The Golden State

Veterans have some amazing financial news as a New Year’s gift: the long-standing county VA loan limits will be completely lifted. A qualified veteran can now borrow as large a VA home mortgage as they can afford and need without worrying about loan limits. The current VA mortgage cap of $726,525 for high housing price counties will no longer be in effect.

Can I buy a multi-million dollar home with a VA mortgage?

After January 1, 2020, yes! You can apply for and receive a VA mortgage of more than $726,525 up to $2 million, $3 million, $5 million or more.

Will I need to pay a down payment?

The VA is not requiring lenders to cap the amount of mortgages they issue with zero money down. You may not need to pay a down payment for the new VA home mortgages that will be issued without the VA county loan limits. However, in some areas and with some lenders, you may need to pay a down payment that will be calculated by a formula using the difference between the mortgage amount and the county FHA loan limit. In general, this type of down payment is limited to no more than 25 percent of the difference between your home’s purchase price and the FHA loan limit.

Is the VA funding fee going up?

Yes — for a short period — and the amount will vary depending on your entitlement status and how many times you’ve used your VA home loan benefit. If you’re a first-time VA home buyer, your funding fee will be 2.35 percent. The current first-time funding fee is 2.15 percent for regular military.

The funding fee for a subsequent use of the VA loan benefit will be 3.6 percent of your loan amount. This is an increase from the current 3.3 percent rate.

Can I roll the funding fee into my VA loan?

This depends on your situation.  Check with an independent mortgage broker such as California Platinum Loans on how you can qualify to roll your VA funding fee into your VA home mortgage.

Overall, the new change in guidelines or some like to call it change in VA Law,  for VA loans is fantastic news for veterans. You can now buy the home you want and can qualify for using your VA mortgage benefit. It’s worthwhile to check your options for your new, larger VA home loan with a qualified VA home mortgage expert.


plus the VA mortgage Powerpoint presentation