All Forum Posts by: Nathaniel Johnson

Matt,

In looking into trying to do exactly as you've done.. I hit a firm road block. VA doesn't guarantee a loan loan for more than the single family residence county limit. In San Diego that's $562,350. I know you mentioned the higher loan limits for four plexes (about $1,080,000), but that's simply not the case. The VA put out an addendum to their policy that says they won't go that high, although FHA will.

See this link: http://www.benefits.va.gov/homeloans/documents/cir... 

It's pretty clear cut. It makes me wonder how your lender got the loan guaranteed for enough without a down payment from you. In your instance, the VA guarantee should have only been for 25% of $562,350, four plex or not.

Thanks, Matthew!  You learn something every day.

Hey Matthew, congrats on closing on the new property!  

How did you get a VA Loan for that amount? The San Diego County VA Loan limit is $562,350. Anything above that requires a jumbo VA Loan, and you'd have to pay 20% down for any amount beyond $562,350.

Sorry, just saw this type of post is meant for the pro forums and didn't mean to submit it.  Trying to figure out how to delete it from here now.  Apologies all.  

*EDIT. Removed my post to comply with forum rules.