Based on VA guidelines, the VA limits their loan guarantees to a maximum of $417,000 unless it’s listed higher based on county limits.
In the case of San Francisco, (both city and County) California, that limit is $987,500, which reflects the significantly higher real estate prices that you’ll find in the city. That’s for a zero down, VA home loan limit.
Maximum VA Appraisal Fees Allowable In San Francisco County:
Single Family: $450
Manufactured Housing ( including modular): $450
Repair Certification $100
Are you a Veteran moving to San Francisco?
For anyone who’s ever visited the “city by the Bay,” the Tony Bennett song rings true – you will leave your heart in San Francisco. The magnificent views of the Bay and the Ocean, the vibrant neighborhoods, the sights and sounds of Union Square, Pier 39, Chinatown and so many other city landmarks makes San Francisco a very special place to live.
But make no mistake: housing in San Francisco is expensive. Depending on the neighborhood and the condition of the home, you’ll pay a lot more than the median price of California, or the rest of the country for that matter. The trade-off is that you’ll be living in one of the most coveted places in America. Prices notwithstanding, San Francisco is a great city!
What makes it so great? From an architectural point of view, San Francisco is unmatched by any other city. It’s signature Victorian properties, along with buildings that look like they came from the New York skyline, are surrounded by some of the most pristine countryside imaginable.
You’ve probably seen most city sights and neighborhoods as San Francisco has been featured prominently in TV shows and movies. From the chase scene in Bullitt to Dirty Harry to Magnum Force, Mrs. Doubtfire and Hitchcock’s Vertigo, San Francisco has been on the Silver Screen for years. On TV, San Francisco has been featured in shows like Nash Bridges, Monk, San Francisco Beat and the Streets of San Francisco.
Aside from the typical tourist attractions and landmarks seen on TV shows and movies, what makes San Francisco really unique are the neighborhoods. Each one has its one unique flavor and character and it’s own draw.
Some of the main neighborhoods include Bernal Heights, which is located near the Mission district. It attracts young families due to its affordability, and is a good place to buy if you’re just getting into the real estate market.
Another unique neighborhood is Noe Valley, a very sought after neighborhood and a prosperous one that’s filled with bistros, boutiques and bookstores. There are many low-rise Victorians that feature private yards. It’s pricey – but a great place to live.
Young professionals tend to flock to The Marina, with it’s trendy Chestnut Street bars. It fronts the Bay, and there are always joggers, bikers, rollerbladres and people out for a leisurely walk. There are many trendy restaurants as well that are walking distance from the neighborhood.
For elegance, nothing beats Pacific Heights, featuring imposing Victorian homes and mansions. Walking through the neighborhood you’ll find everything from charity thrift stores to the most exclusive boutiques.
Unlike other California counties, San Francisco has a booming economy. After the slowdown of the “dot com” industries, the tech sector has rebounded with vigor, and San Francisco has an unemployment rate below 8%. One study shows that for every tech sector job created, an additional 4 jobs are created as well. Everywhere you look you’ll find construction cranes looming over the skyline, which is a pretty good indication that future growth will be robust as well.
In addition to technology, San Francisco is also known a financial center, and is also known as the center for world commerce. It’s also been called the birthplace for new media, and is rapidly moving into the biotechnology field. The South Park neighborhood is a model for collaborative innovation between the biotech industries and academic researchers.
Several hundred companies in the Bay Area are involved in medical science, research and development of pharmaceuticals, medical electronics and genetic engineering. To see how much that sector has grown, almost one third of the total biotechnology workforce is employed in San Francisco and the surrounding area. And that’s happened in just a few short years!
Culturally, San Francisco rivals other major cities in the country. There are many world-class museums and theaters, and the San Francisco Symphony, the San Francisco Ballet and San Francisco Opera are known throughout the world. Music is well entrenched in the city, from Tony Bennett to the Grateful Dead, Jefferson Airplane, The Youngbloods, Country Joe and the Fish and so many other groups that have gone on to fame and fortune.
If you’re a sports fan, you won’t feel left out in San Francisco. San Francisco is home to the 2010 World Series Champions – the Giants – who play at AT&T Park that’s located in the China Basin. The 5-time Super Bowl Champion 49’ers play at the historic Candlestick Park, but a new stadium is under construction.
While expensive, and a high cost of living, San Francisco is a fabulous place to live. If you’re a veteran planning to move to San Francisco, a VA loan is the smart way to go. It’s a zero-down loan, so you won’t have to accumulate a lot of cash in order to get into the market.
Once you obtain your certificate of eligibility, you can apply for a VA loan. It offers you competitive rates, and a VA loan is assumable, which is great when it comes time to sell your home – just as long as the person assuming the loan is able to qualify.
You can use your VA loan to purchase a home, build a home, or renovate and improve an existing home. You can also use your VA loan to make energy-efficient improvements. Plus, you can use your VA loan to refinance an existing VA loan in order to take advantage of the low interest rates available. This could save you a lot of money each month by lowering your monthly payments.
To help you get your VA loan approved, here are a few tips. Start by reviewing your credit report – just to be sure there are no errors. In the months preceding your loan application, don’t make any major credit purchase, as this could adversely impact your credit score. Regarding credit scores, the VA wants to see a “good score.” They’re more lenient than other lenders who would rather see a “great” credit score.
The VA wants to see that you have 2 years of consecutive employment. If you can’t meet that requirement, just have documentation or a good explanation as to why you weren’t employed for 2 consecutive years. VA loans have minimum income requirements as well. This is to ensure you’ll not only make your monthly mortgage, but that you can meet your other monthly obligations and bills, too.
Once you have a VA loan, if you find you’re having a problem meeting your monthly mortgage, let the VA know. They offer help and advice to veterans who are going through tough financial times.
That’s it. If San Francisco is on your radar as the place to move, start packing. If you need help with your VA loan, let the professionals at the VA Home Loan Centers work with you. They’re always available to help.
San Francisco VA Approved Condos, TICS, PUDS, Common Interest Properties:
Click the following link for a list of VA approved condos for sale: San Francisco VA Approved Condos For Sale.
If you do not see the condo on the list, it may become approved. To request a condo ID please visit: Expedited VA Condo ID and Approval.
San Francisco Property Search
You can use the San Francisco VA HLC property search for the following neighborhoods:
Alamo Square, Anza Vista, Ashbury Heights, Balboa Park, Balboa Terrace, Bayview, Bernal Heights, Buena Vista, Castro, Cathedral Hill, Cayuga Terrace, China Basin, China Heights, Civic Center, Clarendon Heights, Cole Valley, Corona Heights, Cow Hollow, Crocker-Amazon, Design District, Diamond Heights, Dogpatch, Dolores Heights, Duboce Triangle, Embarcadero, Eureka Valley, Excelsior, Fillmore, Financial District, Financial District South, Fisherman’s Wharf, Forest Hill, Forest Knolls, Frederick Knob, French Quarter (Belden Place), Glen Park, Golden Gate Heights, Haight-Ashbury, Hayes Valley, Hunters Point, India Basin, Ingleside, Ingleside Terraces, Inner Sunset, Islais Creek, Jackson Square, Japantown, Jordan Park, Laguna Honda, Lake, Lakeside, Lakeshore, Laurel Heights, Little Hollywood, Little Russia, Little Saigon, Lone Mountain, Lower Haight, Lower Pacific Heights, Lower Nob Hill, Marina District, Merced Heights, Merced Manor, Midtown Terrace, Miraloma Park, Mission Bay, Mission District, Mission Dolores, Mission Terrace, Monterey Heights, Mount Davidson, Nob Hill, Noe Valley, North Beach, Oceanview, Outer Mission, Pacific Heights, Parkmerced, Parkside, Polk Gulch, Portola, Portola Place, Potrero Hill, Presidio, Presidio Heights, Richmond District, Rincon Hill, Russian Hill, Saint Francis Wood, Sea Cliff, Sherwood Forest, Silver Terrace, Somisspo, South Beach, South of Market, South Park, Sunnydale, Sunnyside, Sunset District, Telegraph Hill, Tenderloin, Treasure Island, Twin Peaks, Union Square, University Mound, Upper Market, Visitacion Valley, Vista del Mar, West Portal, Western Addition, Westwood Highlands, Westwood Park, and Yerba Buena.
Please call VA home Loan Centers @ 1-888-573-4496 or use the form below for an email of current VA approved homes for sale.
To apply for a VA loan, please visit the VA HLC application page. Click here for more VA Home Loan Info.