Los Angeles County 2011 VA loan limits dropped to $700,000, as did Orange county, The 2011 VA loan limits for Ventura County was set at $562.500. Riverside and San Bernandino counties' limits remain at $417,000. These loan limits are the maximum base mortgage amount for a zero-down VA home loan.
2011 FHA loan limits for Los Anegeles County are $729.750 as is Orange County. Riverside and San Bernandino Counties have an 2011 FHA loan limit of $500,000.
View the full list of 2011 VA loan limits for California counties.
VA mortgages allow veterans to borrow above the county loan limit if the buyer has a down payment. You can use this VA mortgage down payment requirement formula to calculate the amount needed. Los Angeles County homebuyers have found VA loans to be a particularly good option for loan amounts up to $1,000,000, because of the low down payment requirement, in 2009 and 2010.
VA loans do not require private mortgage insurance (PMI) because they are insured by the VA, which collects a funding fee from the buyer. This makes most VA loans a less expensive option than FHA or conventional loans, where PMI is required.