VA Loan Benefit info for California Veterans to buy Homes in CA

VA Loan Benefit Info for California Veterans and CA Active Duty Military to buy homes

California Veterans and CA Active Duty Military Personnel have access to higher VA guarantee limits than many other states. The higher VA Guarantee allows California Vets the opportunity to purchase a home with zero downpayment up to $962,500 in select Bay Area Counties such as San Francisco, San Mateo, Contra Costa, Marin, and Alameda. Los Angeles VA Loans are available up to $593,750 with no down payment.

We are also able to exceed the VA County VA Loan limit with downpayment of 25% of the difference between your purchase price and the VA loan limit for your area. VanDyk Mortgage is a proud VA Lender serving many states including California and Washington, and more. We are a VA Direct Lender.

In 2008, the US Congress authorized increases in the VA Loan Benefit by increasing the Entitlement available to Vets in higher cost areas. This allows us to write VA Loans that are guaranteed by the VA up to the full county loan limit with no downpayment for qualified Veterans.

We have compiled the California VA Loan limits for 2010 by county below. Here is a link to our complete list of all nationwide 2010 VA Loan Limits.

STATE COUNTY 2010 VA LIMIT

CA ALAMEDA $962,500

CA CONTRA COSTA $962,500

CA EL DORADO $418,750

CA LOS ANGELES $593,750

CA MARIN $962,500

CA MONO $512,500

CA NAPA $443,750

CA NEVADA $418,750

CA ORANGE $593,750

CA PLACER $418,750

CA SACRAMENTO $418,750

CA SAN BENITO $633,750

CA SAN DIEGO $437,500

CA SAN FRANCISCO $962,500

CA SAN LUIS OBISPO $487,500

CA SAN MATEO $962,500

CA SANTA CLARA $633,750

CA SANTA CRUZ $568,750

CA VENTURA $486,250

CA YOLO $418,750

Any county not listed is at $417,000 for the VA loan limit.

VA loans can be used to purchase condominiums up to your full benefit as well.

If you need a VA loan for a higher amount than your county loan limit, please call us. We do offer VA loans over the county loan limits for VA IRRRL Streamline Refinance (aka VA Streamline), Refinance and Purchase up to $1.5M. Call Brian Skaar at 760-752-4480 to get started.

San Jose VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - California VA Lender & FHA Lender.

San Jose VA Loans and FHA Home Mortgage Loans - VanDyk Mortgage - California VA Lender & FHA Lender. VanDyk Mortgage is your source for VA Loans and FHA Loans in San Jose. We have been making FHA, VA, Conforming, and Jumbo loans since 1987. VanDyk Mortgage is a Direct Lender. We offer many loan programs for San Jose Homebuyers and San Jose Homeowners to Purchase and refinance homes.

• FHA & FHA Jumbo (aka High Balance)


• VA & VA Jumbo (aka High Balance)


• Conforming & Conforming Jumbo (aka High Balance or Super Conforming)


• Jumbo Loans to $3m

San Jose FHA Loans are available up to $729,750 with just 3.5% down payment. The FHA 2010 Loan Limit for San Jose is $729,750. San Jose FHA Loans that are over $417K up to $729,750 are called FHA Jumbo or FHA High Balance loans.

San Jose VA Loans are available up to $633,750 with zero downpayment. The San Jose VA Loan Limit in 2010 is $633,750. However, Veterans are not limited to the San Jose Loan limit of $633,750 for VA Loans. We also offer VA Jumbo Loans up to $1.5 Million with the appropriate downpayment or equity to reach the VA Guarantee requirements of 25%. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.

San Jose Conforming Loans are available up to $729,750. The San Jose Conforming Jumbo Loans (aka Conforming High Balance, those over $417,000 and up to $729,750) require a minimum of 10% downpayment or equity.

San Jose is located in Northern California in the San Francisco Bay Area. It is home to Silicon valley and is the County Seat for Santa Clara County.

Here are some links to local San Jose information:

• San Jose City Website


• San Jose Crime Maps


• San Jose Statistics, Demographics, & Info


• San Jose Real Estate


• San Jose School info


• San Jose Wiki

San Jose Home Loan information

FHA Home loans in San Jose, California:

• FHA Home Loans require just 3.5% downpayment


• FHA Jumbo Loans up to $729,750 (aka FHA High Balance)


• The $729,750 is the base loan amount - the San Jose FHA Loan Limit of $729,750 does not have to include the UFMIP (FHA's Upfront Mortgage Insurance Premium, which is usually financed into your loan amount)


• The Seller can pay up to 3% of your closing and settlement costs.


• Minimum score for most FHA Home Loans is just 620, even on FHA High balance or FHA Jumbo.


• You can receive a gift of funds for your Downpayment and closing costs from Family


• FHA Condominium requirements include at least a 51% owner occupancy ratio, no outstanding lawsuits against the Homeowners Association - call for details.


• FHA Loans allow non-occupying co-borrowers such as parents and siblings.

VA Home Loans in San Jose, California:

• Active Duty Military and Veterans can both qualify


• 100% financing up to $633,750


• A $800K San Jose Home Purchase would only require $41,562 downpayment (5.2%) - not including the VA Funding Fee


• VA Loans require no Mortgage Insurance


• VA Loans do require a VAFF (VA Funding Fee), which is usually financed


• Veterans with a 10% or higher VA disability pay no VA Funding fee


• Sellers can pay up to 4% of the VA Buyers closing costs

Conforming Home Loans in San Jose, California:

• Available up to $729,750 with the Conforming High Balance (aka conforming Jumbo)


• San Jose Conforming loans available up to $417,000


• require a minimum of 10% downpayment or up to 90% LTV


• Allow for condominiums, Second Homes, and investment properties


• Call for details on Fico score requirements, downpayment requirements, etc

** please visit our post on Conforming vs Conventional to help explain the difference between these two terms, they are often misused in the media and web.

VanDyk Mortgage has been making FHA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. We are also a VA Lender and VA Jumbo Lender.

Go with the Government Loan Pros, go with VanDyk. Visit us at www.vandykfunding.com or call Brian Skaar at 760-752-4480 for help with your FHA or VA loan. We offer FHA, FHA Jumbo, FHA Manual Underwrite, FHA Rehab 203K, VA, VA Jumbo, Conforming & Jumbo Loans.We serve the following areas for VA, FHA and Conventional loans: California,Southern California, San Jose, San Diego, San Francisco, Oceanside, Vista, Escondido, Fallbrook, Bonsall, San Marcos, Rancho Bernardo, Poway, Santa Clara, Carmel Valley, Scripps Ranch, Tierra Santa, El Cajon, La Jolla, Chula Vista, National City, San Ysidro, Santee, Eastlake, Ramona, Temecula, Murrieta, and Valley Center. VanDyk Mortgage offers FHA, VA, & Conventional loans in addition to FHA Jumbo, VA Jumbo, and Conforming Jumbo loans (aka FHA High Balance, VA High Balance, and Conforming High Balance).

VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Mortgages of all types. As a Government Direct Lender, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie FHA Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA High Balance, and FHA mortgages of all types. Visit us at www.vandykfunding.com to get started or just find out more

VA Loans offer benefits to all Vets, not just First Time Home Buyers

VA Loans offer benefits to all Vets, not just for First Time Homebuyers. With increased VA Loan limits and enhanced VA refinance options, VA Home Loans offer current Veteran Homeowners two opportunities:

Veterans looking to purchase a new home (ie move up VA buyer) can now take advantage of much higher VA Loan limits to purchase their primary home. We will discuss VA Loan limits further in this article.

Refinance your Non-VA Loan into a safe, fixed rate VA loan (with no mortgage insurance, and up to 90% of your homes value, and this amount can include cash out).

Veteran Homebuyers in the greater Seattle-Tacoma-Everett area can borrow up to $481,250 with our VA Jumbo Loans. Vets in Los Angeles and Orange Counties can qualify for 100% VA Financing up to $593,750. San Diego Vets can go up to $437,500, while much of the Bay Area has a much higher VA Loan limit of $962,500 (San Francisco, San Jose, Oakland, Fremont, Santa Clara, Pleasanton, Sunnyvale, etc). We are a Direct VA Lender offering VA Home Loans and VA Jumbo Home Loans in every state we service. Check your counties VA Loan limits on our main site, www.vandykfunding.com. We have been making VA Loans since 1987, go with the VA Loan Pros at VanDyk Mortgage.

Check out some of our other articles on VA Loans.

Loan Limits Extended through 2010 by Congress

Loan Limits Extended through 2010 by Congress


Today, Congress approved an extension of higher loan limits for FNMA, FHLMC, and FHA (Fannie Mae, Freddie Mac & FHA) that will extend the current loan limits in place for 2009 to the end of 2010. This will help avoid any disruption in the mortgage market as the housing sector tries to recover.


The loan limits for your area can be found by clicking on the following links:
FHA Loan Limits for high cost counties
Fannie & Freddie Loan Limits for high cost counties
VA Loan limits for high cost counties


VanDyk Mortgage offers FHA Jumbo, Conventional Jumbo (Fannie & Freddie), and VA Jumbo loans in all areas that we service. The VA Jumbo Loan limits are not official yet, but they are based on the GSE Loan limits approved by this bill, so we anticipate no changes to VA limits.


The extended 2009/2010 FHA/Fannie Mae/Freddie Mac loan limits retain the high end at $729,750 in higher cost counties such as Los Angeles, Santa Clara, San Francisco, Orange County, Bay Area cities, and more. San Diego County remains at a max 2009 FHA Loan Limit of $697,500 for a single family residence.



The extended 2009/2010 VA loan limits retain the high end at $737,500 in higher cost counties such as Los Angeles and Orange County, $1,094,625 in San Francisco, San Mateo, Marin, Alameda, & Contra Costa Counties, $937,500 in San Benito & Santa Clara counties, $805,000 in Santa Cruz county, and more. San Diego County remains at a max VA Loan Limit of $593,750 for a single family residence for 2010. Here is a post on the 2009 VA limits that may be helpful.

We are very excited about these enhanced possibilities for our Veterans & Active Duty Personnel. Please call Brian Skaar at 760-752-4480 or visit us online at www.vandykfunding.com to find out more. VanDyk Mortgage is a VA Direct Lender (since 1987). We are the VA Experts. We offer VA loans accross America including: California, Washington, Arizona, Texas, Florida, Georgia, & more.

VA Myth - VA loans are only available to $417K

VA Myth - VA loans are only available to $417K. Myth no more, read below.

It is a common myth with VA Loans is that they don't work for your area, or the loan amounts are too low for your area. In the past this was true, but recent changes have changed the picture. VA loans are available much higher than $417K.

Please see our VA Loan Limits page for details on your county limits.

The loan limits above $417,000 are called VA Jumbo Loans. While many counties in the country are limited to the $417,000 amount, that isn't the highest VA loan available for that county. VanDyk Mortgage offers VA loans up to $1,500,000 in all the states we serve. What changes is the amount of required home equity or down payment. Each case is unique depending on your VA County Loan Limit and your Home's purchase price or value.

In counties where the loan limit is lower than your purchase price or refinance loan amount, you may have to have equity (for a VA Jumbo refinance) or put a down payment (for a VA Jumbo Purchase).

So what is the benefit of using a VA loan in this scenario? - Lower down payments than conventional alternatives, fixed rates, no Mortgage Insurance.

Let's say you live in a county where the VA loan limit is $417,000 (such as Riverside or San Bernardino counties in California). You want to purchase a home that is $450,000 with as little of down payment possible. Assume that you have full VA eligibility & fully restored Entitlement. VanDyk Mortgage will allow a VA loan in this scenario up to $441,750, requiring just $8,250 down payment, or 1.83%.

The goal of the VA calculation is the reach a guarantee figure of 25% of the loan amount. This can be a combination of the Entitlement and a down payment.

Here is the math to figure this out:
1. Take your county loan limit (in this case $417,000) and multiply times 25% to reach your maximum entitlement and guaranty available ($417,000 x .25 = $104,250)
2. Take your purchase price and multiply times the minimum guaranty required. ($450,000 X .25 = $112,500)
** since this figure is higher than your maximum guaranty and entitlement from #1, we must now figure out how to handle the shortage.
3. Take #2, the Minimum required guaranty ($112,500) and subtract the available guaranty and entitlement for you ($104,250) and it yields us $8,250.

$8,250 represents the required down payment for purchasing a $450,000 property in a county with a VA loan limit of $417,000 for a Veteran or Active Duty Service Member with full Entitlement available. $8,250 is a 1.83% down payment. Now that is a huge benefit for our Veterans. This is far superior to the conventional loan alternatives or even FHA loans.

When your bank tells you that you need to put down 10% for a conventional loan,   Call VanDyk Mortgage and go with a VA loan instead. You will be glad you called.   866-900-2342 toll free.

VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Jumbo purchase loans, VA Jumbo Refinance Loans, VA Jumbo Streamline Refinance loans, VA Jumbo IRRRL , VA Mortgages of all types.

We are a Direct Lender specializing in Government Loans.  VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA 203K Streamline Rehab loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA mortgages of all types. We offer FHA & VA loans in California, Indiana, Massachusetts, Virginia, Washington, Wyoming & More. Visit us at http://www.vandykfunding.com/ to get started or just find out more.

VA loans fast becoming the best choice for Vets to Refinance

VA loans are fast becoming the best choice for Vets to Refinance their home loans.

Recent enhancements to VA guidelines now allow Veterans and Active Duty Military to refinance out of Conventional, Jumbo, Sub-Prime, Alt-A, Option ARM, and other non VA loans into Safe fixed rate VA Loans. (see our recent post on VA loan changes here). The old VA Limit for these refinances was $144000, regardless of where you lived and your county loan limit.

2009 brought changes to both the VA Loan limits and the way VA calculates your eligibility for Guarantee. If you have full elibility (or fully restored entitlement) you can purchase or refinance up to the Loan Limit for your county (of course, other qualifications do apply such as property value, income, liabilities, etc).

Here is a list of all the counties in California that exceed the $417,000 standard VA loan maximum: ALAMEDA $1,094,625, ALPINE $503,750, CONTRA COSTA $1,094,625, EL DORADO $516,250, LOS ANGELES $737,500, MARIN $1,094,625, MONO $575,000,
MONTEREY $525,000, NAPA $643,750, NEVADA $518,750, ORANGE $737,500, PLACER $516,250, SACRAMENTO $516,250, SAN BENITO $ 937,500, SAN DIEGO $593,750, SAN FRANCISCO $1,094,625, SAN LUIS OBISPO $610,000, SAN MATEO $1,094,625, SANTA BARBARA $656,250, SANTA CLARA $937,500, SANTA CRUZ $805,000, SOLANO $435,000, SONOMA $566,250, VENTURA $650,000, all other California counties are capped at $417K.


VanDyk Mortgage is a VA Direct Lender (since 1987) offering VA Loans such as VA purchase loans, VA Streamline Refinance, VA IRRRL, VA Refinance Loans, VA Mortgages of all types. As a Government Direct Lender, VanDyk Mortgage is also a HUD Full Eagle FHA Direct Endorsement Underwriter, ie FHA Direct Lender offering FHA Loans such as FHA Purchase loans, FHA Refinance, FHA Streamline Refinance, FHA 203K Streamline Rehab loans, FHA Jumbo, FHA Jumbo Purchase, FHA Jumbo Refinance, FHA Jumbo Streamline Refinance, FHA mortgages of all types. We offer FHA & VA loans in California, Georgia, Texas, Washington, & More. Visit us at www.vandykfunding.com to get started or just find out more.