California’s VA Mortgage Loan Limits – What You Should Know
There are few tools as helpful as a mortgage loan calculator as you are starting your homebuying journey. With just a few simple pieces of information, you can quickly see how large a monthly mortgage payment you can afford. A VA mortgage calculator can be especially helpful for Veterans who are unsure how much house they can afford.
SoCal VA Homes offers a number of helpful mortgage calculators. Determine how much your monthly mortgage payment could be by entering information about your military service, the purchase price of the home and your desired loan term length. Experiment with the sliding scales to determine the sweet spot for your ideal monthly mortgage payment. The tool provides quick and simple insight into the kind of property you may be able to afford.
VA Loan Mortgage Rates
There are plenty of great reasons to take advantage of the VA home loan program. VA loan mortgage rates are just one of them. Because VA loans are backed by the government VA loan Guaranty, the rates are some of the lowest available. While you can shop around and do your research, you’ll be hard pressed to find a better interest rate than the ones available for VA home loans.
Low Veterans mortgage rates are only one of the benefits of a VA home loan. In addition to affordable rates, you won’t have to put the 20 percent down payment that is traditionally required of homebuyers. You also won’t need to pay for private mortgage insurance, or PMI. These perks make VA home loans one of the best deals around.
VA Loan Limits
Qualified VA buyers may borrow up to the maximum loan amounts allowed by the government. For most areas throughout the country, this amount is the conforming loan limit which is published annually by FHFA and adjusts to average home prices across the country. While it is possible to borrow more than this amount, buyers may be required to make a down payment to achieve these higher loan amounts. . Loan limits vary based on the cost of living in the area you’re hoping to buy a home. The more expensive a county, the higher the loan limit tends to be. Check out our page on loan limits to determine the limit for your area.
Get Started Now!
Home availability and fluctuating interest rates make it difficult to predict when is the best time to buy. Generally speaking, an improving economy leads to higher interest rates. Our advice? Lock in an interest rate now to ensure you’re getting the most affordable monthly mortgage rate possible. After experimenting with our VA mortgage calculator, you’ll see why it’s so crucial to take advantage of low rates as soon as you can.
Our team is committed to connecting Veterans and their families to the resources and benefits to which they are entitled. If you’re curious about your housing benefits and are eager to learn more, give us a call today at 949-268-7742.