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Posted by Brian Brady
December 10, 2009
2010 VA Jumbo Mortgage Limit Drops in Los Angeles County
Los Angeles VA jumbo loan limits will be reduced to $593,750, from the 2009 limit of $737,500, in response to the lower median home prices. Los Angeles veterans looking for a VA home loan above that limit will be required to put down 25% of the difference between the new loan limit and the higher sales price.
EXAMPLE:
An eligible veteran, looking to purchase a home for $693,750, will need a down payment of $25,000 which equals the 25% of the $100,000 difference.
An eligible veteran, purchasing a home for $993,750 will be required to put down $100,000 which is 25% of the difference between the sales price and 2010 loan limit.
Median prices across Southern California stabilized in 2009 in response to the high balance loan program, foreclosure stays, and home buyer tax credits. Los Angeles County's median price dropped from $355,000, in October, 2008 to $325,000, in October, 2009. It is anticipated that the 2010 VA loan limit should facilitate approximately 75% of the sales prices for 2010.
2010 VA loan limits in Southern California:
San Diego ..................$437,500
Los Angeles................$593,750
Orange ......................$593,750
Riverside.....................$417,000
San Bernardino............$417,000
Imperial.......................$417,000
Median prices across Southern California stabilized in 2009 in response to the high balance loan program, foreclosure stays, and home buyer tax credits.
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