San Bernardino County is vast — in fact, it’s the largest county in the United States by area. Nearly the size of West Virginia, San Bernardino County offers a range of opportunities for Veterans looking to invest in a home of their own. Whether you’re looking to build your own custom home or purchase a move-in ready property, you should know how the VA loan limits in San Bernardino County have changed the game for Veteran home buyers!
How are VA Loan Limits in San Bernardino Changing?
In the past, VA loan limits have determined the amount that military borrowers in San Bernardino County can receive without a down payment. A new piece of legislation called the Blue Water Navy Vietnam Veterans Act has changed that drastically. As of Jan 1st, 2020, county VA loan limits are no more. This means that eligible borrowers with full entitlement can now have achieve 100% financing, no matter how high the purchase price is of the home!
Watch this brief video and discover how the VA Conforming & VA Jumbo Loan Limits still apply:
These rule changes don’t mean unlimited home loans for everybody — you’ll still need to meet the lender’s underwriting and credit requirements in order to be approved. The previous San Bernardino County VA loan limit, which followed the Federal Housing Finance Agency’s conforming loan limit, is still relevant for two reasons. First, lenders may take a harder look at loans above these this limit, depending on the loan size. Second, if you’re a VA borrower who doesn’t have a down payment and wants to buy a home that costs more than the latest maximum conforming loan amount, you’ll be looking at a VA jumbo loan product to finance your home.
Conforming Loan Limits
Although the VA will now guarantee loans with no down payment for an unlimited amount above the Conforming loan limit for Veterans with full VA loan entitlement, those with diminished entitlement will still be limited by this number. If you’ve used your entitlement in the past or have had it affected by a foreclosure, there are ways to restore your full entitlement and take advantage of the new rules. Reach out to a VA loan expert to find out what your options are.
Other VA Home Loan Changes
VA rules are evolving in more ways than one. Besides getting rid of the San Bernardino County VA Loan Limits, there are a few tweaks coming to how the VA Funding Fee works. In short, most active duty Veterans will see a slight increase in fees, while reservists will see a minor dip. Purple Heart recipients are now entirely exempt from paying the VA Funding Fee.
Here Are The Cities Where These Loan Limit Changes Apply:
Big Bear Lake
Here Are The Zip Codes Where These VA Loan Limit Changes Apply:
Expanding Opportunities for Veterans
Whether you’re just starting the search for your first home or you’re an experienced homeowner looking for a move, it’s important to make the most out of your VA benefits. We're a team of Veterans helping Veterans at SoCal VA Homes, and we're committed to your success at every step of the way. We understand the challenges that Veterans face in the real estate market, and we’ve developed the Dreamweaver Home Purchase Process as a complete home buying solution.
We choose to only work with Veterans because we believe in giving back to those who serve. Let SoCal VA Homes be your trusted partner on the journey toward homeownership. Contact us at (949) 268-7742 today!