If you are an eligible veteran or an
active duty member of the United States Armed Forces, then you can apply for
California Veterans Home Loans. But before you even apply for a loan, there are
a few things that you should be very clear about. Here we look at some of the
things that you should know about before you are applying for a VA Loan.
Who is providing you with the loan?
Most people have the idea that the VA
itself would be providing you with the loan. It is not so. The Loan would be
provided by a VA approved lender. The VA would only be providing with the
guaranty to the loan. The lender would ascertain the VA Loan Rates
California based on your credit score, income and other factors. They
would also fix the charges for the loan. However, the VA has set a limit to
what you can be charged.
The Concept of VA Loan Limits
Most people would think that VA loan
limits are the maximum amount that one can borrow. However, it is not that way.
The limit signifies the maximum amount of guaranty the VA would provide.
Although that might influence the amount you can borrow, it does not restrict
the amount you can borrow. There might be lenders who might offer you a
substantially higher amount than the limit.
The loan limit differs from county to
county. The VA home loan California Limits 2015 for few of the counties
are as follows –
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