Regulations and Other Details Veterans Should Know When Getting a Home
If you are an active army member or a veteran and are wondering about the San Diego VA loan limit, 2012 regulations will define the amount you will be able to get – limitations that are very important because they will ultimately define the value, the size and the location of property you can purchase.
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What is the General VA Loan Limit?
VA loan limits were implemented in 2012 because of the economic situation of the U.S. in that year and have stayed in place ever since. According to these regulations, the loan limit in most of the country is $417,000, with some regions such as Alaska, Hawaii or Guam ranging between $625,500 and $938,250.
San Diego VA Loan Limit 2012 – Specific Numbers
The general VA loan limit – that is, the limit for most counties across the U.S. – is $417,000, but in counties with more expensive real estate markets, the limits can be higher. California is considered to be such a high expense market, and that is why the VA loan limit for San Diego County is $562,350. This is the valid limit for the cities in the county, including San Diego, Rancho Bernardo, San Marcos, Oceanside, Encinitas, El Cajon, Escondido, Chula Vista and Carlsbad.
This limit, however, does not mean that the borrowers eligible for VA loans could not buy property that is more expensive than this amount. It only means that the VA guarantees a loan of a certain amount, so the borrowers who want to purchase property that is more expensive than that will have to cover the difference out of their own resources.
What Can You Use the Loan for?
The Amount You May Borrow On Va Home Loans
When it comes to the San Diego VA loan limit, 2012 regulations might constrain the amount you can borrow in a county-specific manner, but the purpose you can use the loan for is the same anywhere in the US. You can use the loan to buy an existing home such as a condo, a townhouse, even a multiunit property, provided that you will use the property as your principle residence. You can also use the loan to refinance your existing VA loan or even a non-VA loan into a VA loan and to make improvements to your existing home or the home you are purchasing in terms of energy efficiency.
There are things that you definitely cannot use your VA loan for. These include the purchasing of property as investment, the use of the amount you are entitled to as a business loan, the purchase of property that does not have a building that can be used for residential purposes and the purchase of a second home.
If you want to find out more about the San Diego VA loan limit, 2012 regulations, and your possibilities as a prospective borrower, you can turn to a financial expert in the area.
San Diego VA Home Loan Limit
With the help of a specialized financial consultant, the San Diego VA loan limit, 2012 regulations and other such details will become much easier to understand, and you will be able to get the home of your dreams with a loan that will not burden your monthly budget.
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