VA Mortgage Loan Changes Began In January 2015

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San Diego mortgage expert Kevin Leonard and his staff have been busy with new requests for the VA IRRRL or Interest Rate Reduction Refinancing program. The VA mortgage experts want to keep current and past Veterans up to date on the new rules and regulations regarding VA home loans in San Diego, and throughout the state.

Kevin Leonard

Speak with a VA loan specialist by calling (858) 999-3737

The Veterans Administration (VA) home loans are changing beginning in January 2015. VA's 2015 Loan Limits are the same as the Federal Housing Finance Agency's limits. They are now only the size allowed for those guaranteed by Fannie Mae and Freddie Mac (GSEs). Therefore, VA loan limits matching the Government-Sponsored Enterprises or GSEs will have a $625,500 maximum loan cap for single-family homes located in the lower continental 48 states. To view a complete list of the California 2015 FHA loan limits visit the Federal Housing Finance Agency's webpage. To find out about VA home loans in San Diego California speak with a licensed mortgage specialist at (858) 999-3737.

These are only limits on the amount of liability the VA can assume and only apply to the amount of money an institution can lend. Many veterans get a VA Interest Rate Reduction Refinancing Loan (IRRRL) to refinance a property on which they've already used their VA loan eligibility in order to reduce the interest. With an IRRRL, no certificate of eligibility is required as that has already been completed. All that will be required by the lender is the VA’s e-mail confirmation procedure instead of a certificate of eligibility.

The IRRRL may be completed with "no money out of pocket". That includes all costs in the new loan or by the lender making the new loan at an interest rate high enough to pay the costs. This is because the interest rate on the new IRRRL loan must be lower than the rate on the old loan. National Guard or Reserve Military Veterans may pay a slightly higher funding fee percentage. The new FHA loan limits for San Diego is slightly higher from 2014, the new FHA loan limit for San Diego County is $562,350.

Another point that IRRRL loan applicants must be aware of is that the occupancy requirement for the IRRRL loan is different from other VA loans. For the IRRRL one needs only to certify that they previously occupied the home.While some lenders may make predatory advances stating they are the ONLY lender that may proffer an IRRRL. Veterans need to know that any lender may make an IRRRL.

Kevin Leonard began in the mortgage business in 1997 and since then he has become one of the leading mortgage experts in the country, and has earned national acclaim for his efforts. Mr. Leonard prides himself in offering constant communication with his clients so that they have a full understanding of the loan process from start to finish. He is personally responsible for thousands of fundings, and along with his team, he has over 5 billion in residential loans funded to his credit. Mr. Leonard has a full understating of the loan process from start to finish, and also consults with a long list of mortgage bankers in the secondary market. There are few, if any, that have the experience that Kevin Leonard has in the mortgage profession. He was one of the first to register with NMLS in 2008 when it was first instituted, and currently is licensed in the state of California as a loan originator. He is partnered with the best San Diego real estate agents for a good reason—he offers fast pre-approvals with the ability to fund purchase loans quickly. To discover more about the 2015 FHA loan limits in San Diego click on the highlighted links provided.

Kevin Leonard
Phone: (858) 999-3737
NMLS #6279

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