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J, Real Estate Pro in San Diego County, CA

VA loans don't require a down payment if the loan is below $437,500, but what is the down payment required if the loan is more than that amount?

Asked by J, San Diego County, CA Sun Feb 21, 2010

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The down payment amount would be the purchase price less the amount that is 4 times the amount on the individuals certificate of eligiblity.Make sure that they have their DD-214 and Certificate of Eligiblity as sometimes these can take a long time to get and you would not want to fall out of contract waiting for the government to get you paperwork.
1 vote Thank Flag Link Sun Feb 21, 2010
Most banks are automated enough that the certificate of eligibility can be generated right at the bank doing the loan.
Last time I looked, 20% above the basis amount up to around a million dollar limit.
Web Reference: http://www.HickeyTeam.net
1 vote Thank Flag Link Sun Feb 21, 2010
VA requires a 25% down payment above $ 417,000.

Unless the have changed just recently, that's the number.

Find a good VA lender in your area.

Good Luck.
0 votes Thank Flag Link Mon Feb 22, 2010
Make sure you are dealing with a VA Direct Lender who specializes in VA loans. Many mistakes are being made by unaware lenders.
The VA loan is 100% up to the county limits.
San Diego County limit is $437,500.
Anything over the limit requires a 25% down payment of the difference between the county limit and the purchase price.
example: $500,000 - $437,500 = 62,500 x 25% = $15,625 down payment.
0 votes Thank Flag Link Mon Feb 22, 2010
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