Peter Van Brady
Founder of SoCal VA Homes
Author: Avoiding Mistakes & Crushing Your Deals Using Your VA Loan
On the hunt for the perfect home in Riverside County? You’re probably wondering how you’ll be able to get the home you want in one of the top 5 most populated counties in California. Luckily, VA loans make buying a home in Riverside County easy.
If you’re a Veteran will full VA loan entitlement, your search is about to get even easier. Changes have been made to the VA loan limits in Riverside County.
The loan limit changes should help Veterans qualify for high-value homes in Riverside County, including homes for sale in Temecula Valley, "ground zero" for VA buyers in this county!
VA loan limits have all but disappeared! And thanks to the Blue Water Bill you can take advantage of unlimited loan amounts to secure your dream home in Riverside County.
Watch this short video to learn why and discover how the VA Conforming & VA Jumbo Loan Limits still apply.
Changes to VA Loan Limits
One of the best parts of the VA loan program is the chance to get a home loan with no down payment. Since the VA program allows you to fund 100% of the purchase price of your home with your loan if you qualify, you’re not spending thousands of dollars putting money down on your home purchase. Previously, VA loan limits capped the total amount you could borrow based on conforming loan limits in the past. These limits made it more difficult for Veterans who wanted to buy more expensive homes in high-cost areas of Riverside County.
Changes to the rules surrounding VA loan limits in Riverside County have helped Veterans like you get a zero-down mortgage, even on high-value homes. In January 2020, the VA loan limits in Riverside County have been eliminated.
What Does the Elimination of Loan Limits Mean for You?
With the expiration of the VA loan limit in Riverside County, Veterans with full VA loan entitlement can receive 100% loan financing for their home, regardless of the purchase price.
While this change may allow you to purchase a home at any purchase price, it doesn’t mean you qualify for an unlimited loan. You’ll still need to qualify for underwriting and credit requirements in order to take out a VA loan for your new home. However, this change could help you get a higher-priced home that you can afford without needing to put a large chunk of money down.
Additionally, although you can get 100% financing for a higher-priced home, the conforming loan limits are still important. Lenders will still use the conforming loan limits to determine if you need a conforming VA loan or a jumbo VA loan product.
Make sure you meet the requirements for a VA loan before submitting and offer to purchase. You can start the pre-qualification process here:
It's essential to be pre-qualified.
Riverside VA County Loan Limits for Veterans Without Full Entitlement
The changes to VA loan limits in Riverside County only apply for Veterans with full entitlement. If you don’t have full entitlement, you will still need to stay within conforming loan limits. You may be able to restore your VA loan entitlement by refinancing a current VA loan to a conventional mortgage. This would allow you to take advantage of the new guidelines because VA home loan limits have been eliminated.
Other Changes to VA Loans in Riverside County
There are also several small changes that took effect regarding the VA Funding Fee. The Funding Fee rose for most active duty Veterans. On the other hand, most Reservists are set to see a small drop in the cost of VA Funding Fees. Additionally, Purple Heart Recipients are exempt from the fee regardless of disability status.
These Cities in Riverside County allow VA loan limits higher than $647,200:
Aguanga
Anza
Banning
Beaumont
Blythe
Cabazon
Calimesa
Cathedral City
Coachella
Corona
Desert Center
Desert Hot Springs
Hemet
Homeland
Idyllwild
Indian Wells
Indio
La Quinta
Lake Elsinore
Mecca
Menifee
Mira Loma
Moreno Valley
Mountain Center
Murrieta
Norco
North Palm Springs
Nuevo
Palm Desert
Palm Springs
Perris
Quail Valley
Rancho Mirage
Riverside
San Jacinto
Sun City
Temecula
Thermal
Thousand Palms
Whitewater
Wildomar
Winchester
These Zip Codes in Riverside County allow VA loan limits higher than $647,200:
92503
92563
92562
92201
92882
92223
92880
92553
92509
92253
92234
92507
92260
92324
92211
92545
92504
92584
92544
92506
92557
92373
92262
92505
92543
92570
92591
92240
92879
92571
92203
92264
92270
92220
92595
92586
92555
91752
92284
92236
92583
92508
92881
92596
92551
92860
92532
92585
92501
92587
92225
92274
92582
92241
92320
92210
92276
92254
92567
92548
92549
92263
92539
92552
92202
92590
92536
92589
92517
92235
92572
92581
92513
92878
92230
92255
92546
92261
92226
92561
92877
92518
92257
92564
92247
92531
92593
92556
92516
92502
92282
92519
92258
92514
92239
92554
92280
92522
92521
92599
92515
92292
Take Advantage of New VA Home Loan Limits Today
Want to see how the elimination of loan limits could help you buy a home in Riverside County? Get in touch with SoCal VA Homes Call us at 949-268-7742 today.
