Monday, February 7, 2011

2011 FHA and VA loan limits for Los Angeles County

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December 29, 2010 Posted by Brian Brady
December 29, 2010


2011 FHA and VA Loan Limits for Los Angeles County

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.

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