Utlizing your VA Home Loan Benefit in Los Angeles, part 1 – Purchase a home
The VA Home Loan benefit is a great opportunity for Los Angeles Veterans and LA county Active Duty Military to purchase a LA home or condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.
VA Loans require zero down payment up to $679,650 in Los Angeles, throughout Los Angeles County.
- VA Loans – zero down payment required up to $453,100
- VA Jumbo Loans – zero down payment required up to $679,650 in LA (aka VA High Balance)
- VA Jumbo Loans up to $1.5M (with downpayment)
Los Angeles VA Loans are available up to $679,650 with zero downpayment required. The Los Angeles VA Loan Limit in 2018 is $679,650. However,Veterans are not limited to the Los Angeles Loan limit of $679,650 for VanDyk VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate down payment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.
Here are a few ways to use your VA home loan Benefit in Los Angeles to purchase a home:
- VA Loan to Purchase a single family home up to $453K with zero down payment and no MI
- VA Jumbo Loan to Purchase a home up to $679,650 with zero down payment and no MI
- VA Loan to purchase a Condo in Los Angeles – up to $453K with zero down payment or MI
- VA Jumbo Loan to purchase a Condo in Los Angeles – up to $679,650 with zero down payment and no MI required.
- VA Jumbo Loan to purchase a $750,000 home in Los Angeles with just a $17,588 down payment required (2.345%)
- VA Jumbo loan to purchase a $850,000 home with just $42,588 (5.01%) down payment in Los Angeles
- VA Jumbo loan to purchase a $1.25M Los Angeles home with just $142,588 (11.407%) down payment and no MI (mortgage insurance)
VA Home Loan info for Los Angeles, California:
- Active Duty Military and Veterans can both qualify
- 100% financing up to $679,650
- Available up to $1.5M with suitable downpayment/Equity in home
- 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
- VA Loans are not just for first time homebuyers
- VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
- Sellers can pay up to 4% of the VA Buyers closing costs
- VA Loans can be used to purchase VA Approved Condominiums with zero down
VanDyk is your source for VA backed Condo loans. We also do not have a waiting period for “flips”. This is often called the Flip Rule or VA Flip Rule. VanDyk does not require the seller of a property to wait 90 days before allowing a VA buyer to purchase the property, only 1 day.
Check out part two of our series: how to use your VA benefit to Refinance in Los Angeles