VA California Mortgage Questions

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VA LENDER GUIDELINES

 1- to 4-units
Condominiums
PUDs
Modular homes
Manufactured homes

Max Loan Amount

 $417,000 to $650,000

The maximum loan amount is $650,000 for all loans. However, maximum financing is not available above the single-family conforming loan limit. The amount of the borrower’s cash down payment or equity, plus the amount of the available VA guaranty, must be equal to at least 25% of the lesser of the purchase price or the Certificate of Reasonable Value.

SELLER CONTRIBUTIONS
Any seller concession or contribution of concessions which exceeds 4% of the established reasonable value of the property is considered excessive, and unacceptable for VA-guaranteed loans.

Do not include normal points and payment of the buyer’s closing costs in total concessions for determining
whether concessions exceed the 4% limit.

QUALIFYING RATIOS:
VA has implemented a total debt-to-income ratio of 41% for all loans. Loans exceeding the ratios may be
acceptable only if significant compensating factors are documented and are recorded on the mortgage
credit analysis worksheet