A new survey showed that there are many misconceptions regarding the VA loan program. For…
Have questions about California VA loan limits in 2022? Wondering if these limits apply to you?
You’re in the right place! Below, we’ve explained the current California VA loan limits for 2022, and why many home buyers don’t even have to worry about them. Read on to learn more, and contact us with any questions you have.
Loan Limits Only Apply to Some Borrowers
The VA loan program allows eligible borrowers to buy a home in California with no money down. That’s a big advantage over other types of mortgage, most of which require some kind of down payment.
For certain borrowers, the VA loan limits can affect the amount you’re able to borrow. But for other borrowers, these official limits do not apply. It all comes down to whether you have “full” or “remaining” entitlement with this program.
In short: If you’ve never used a VA loan before, or if you used one but paid it off when selling the home, you should have “full” entitlement. In that case, the official government-imposed loan limits do not apply to you.
On the other hand, if you have an active VA-guaranteed mortgage that you’re still paying back, or you paid it off but still own the home, you probably have “remaining” entitlement. In this case, the 2022 California VA loan limits could affect the amount you’re able to borrow.
Here’s how the Department of Veterans Affairs explains it on their website:
If you have remaining entitlement for your VA-backed home loan, find out the current loan limits and how they may affect the amount of money you can borrow without a down payment. As of 2020, if you have full entitlement, you don’t have a VA loan limit.
You might also have remaining entitlement if you refinanced into a non-VA loan and still own the home. There are some foreclosure-related scenarios that can also result in remaining entitlement, but we’re getting into the weeds here.
So the first thing you’ll want to do, if considering this program, is to determine whether you have full or remaining entitlement. You can refer to the VA website to learn more about this. And if you’re in California, you can also contact our knowledgeable staff for help.
California VA Loan Limits for 2022
To recap: Only certain borrowers are affected by the 2022 California VA loan limits. These rules mainly affect those who have used the program in the past and either (A) still have a VA loan, or (B) paid it off but still own the home.
For those who have never used this program before — or used a VA loan but paid it off through the sale of the home — the official government limits no longer apply.
Okay, having cleared up all of that, let’s take a look at the California VA loan limits for 2022. They can vary from one county to the next, because they’re based on median home values.
The table below shows the current (2022) VA loan limits for all 58 California counties. You’ll notice that they range from $647,200 to $970,800, depending on the county where the home is located. As a general rule, pricier real estate markets tend to have higher limits, while the more affordable areas have lower ones.
|County||VA Loan Limit|
|CONTRA COSTA COUNTY||$970,800|
|DEL NORTE COUNTY||$647,200|
|EL DORADO COUNTY||$675,050|
|LOS ANGELES COUNTY||$970,800|
|SAN BENITO COUNTY||$970,800|
|SAN BERNARDINO COUNTY||$647,200|
|SAN DIEGO COUNTY||$879,750|
|SAN FRANCISCO COUNTY||$970,800|
|SAN JOAQUIN COUNTY||$647,200|
|SAN LUIS OBISPO COUNTY||$805,000|
|SAN MATEO COUNTY||$970,800|
|SANTA BARBARA COUNTY||$783,150|
|SANTA CLARA COUNTY||$970,800|
|SANTA CRUZ COUNTY||$970,800|
Just know that it’s possible to borrow more than these limits in some cases. If you have remaining VA loan entitlement (as explained earlier), you could potentially borrow more than the VA loan limit for your California county by making a down payment.
As the Department of Veterans Affairs explains it: “So if you’re able and willing to make a down payment, you may be able to borrow more than the county loan limit with a VA-backed loan.”
Have Questions About This Program?
We can answer any questions you might have about California VA loan limits in 2022, or any other aspect of this mortgage program. So please don’t hesitate to reach out, if you need assistance.
At Bridgepoint Funding, we are passionate about this home loan program because it rewards our brave service men and women. In fact, we specialize in providing VA-backed mortgages for California home buyers and homeowners. And we’ve been doing it for nearly 20 years!
Please contact us if you have mortgage-related questions or would like to apply for a VA loan.