VA Loans

VA Loans are one of the most popular VA Benefits of Military Service used in San Diego.   VA Loans require ZERO downpayment up to the county VA Loan Limit, and require NO Monthly Mortgage Insurance.   VA Loans are also forgiving in regards to Credit Scores, VA Loans after Bankruptcy, VA Loans after Foreclosure and VA Loans after Short Sale.

San Diego VA Guaranteed Home Loans are made by Private Lenders.   The VA, ie the U.S. Department of Veteran Affairs guarantees VA loans for eligible San Diego Veterans to purchase a Single Family Home, Condominium, or 2-4 unit multi-family home.  The VA guaranty protects the Lender against loss if the Veteran fails to repay the loan due to hardship.   No down payment is required on most VA guaranteed home loans and the Veteran borrower usually receives a competitive interest rate compared with conventional loans.

Here are some of the benefits with VA loans for San Diego Veterans:

  • 100% VA Purchase Loan up to $562,350 in San Diego for 2015   (recently revised higher by the VA from $546,250)
  • Zero down payment required – up to the County VA Loan Limit – $562k
  • Closing costs are typically lower than conventional or FHA Loans
  • NO PMI
  • No Prepayment Penalties
  • Competitive fixed interest rates
  • VA loans can be used to purchase Condo’s, Single Family Homes, Townhomes, PUD’s, &  2-4 Units
VA Loans After Financial Hardship:
  • VA Loans available in as little as 2 yrs after Bankruptcy Discharge
  • VA Loans available in as little as 2 yrs after Foreclosure
  • VA Loans available in as little as 2 yrs after Short Sale
  • Short Sales that had no late Mortgage Payments prior to date of sale may be eligible sooner than 2 yrs.
  • Available up to $1m for qualified Buyers and Borrowers
VA Jumbo Loans
  • VA Jumbo Loans allow higher 100% financing for VA Loans – Up to $562,350 in San Diego
  • You can exceed the county VA loan limits by contributing a down payment (usually smaller than what is required on conventional or FHA Loans)  (also a great option for VA Jumbo Refinances)
  • More VA Jumbo Loans info here.
  • VA Jumbo loans can be used to purchase Condo’s, Single Family Homes, Townhomes, PUD’s, &  2-4 Units
VA IRRRL Streamline Refinance Info for San Diego:
  • San Diego VA IRRRL Streamlines – available to lower your interest rate without income verification
  • VA IRRRL Streamline Refinances are available for Non-Owner, Investment, or Rental Homes
  • Our VA Jumbo IRRRL Streamline Refinances are not limited to the San Diego County VA Loan Limit for 2015.

Check out the California County VA Loan Limits

VA Loans do not require mortgage insurance, however the VA requires a funding fee to issue a guarantee to a private lender against future VA borrower default on a mortgage.

The VA Funding Fee can be Financed into the loan (typical) or paid in cash by the buyer or seller.

Veterans with a 10% or higher VA Disability Rating are EXEMPT from the VA Funding Fee – please ask to see if you qualify.

VA loans can be used to buy a home, refinance your home, consolidate debts, or just lower your interest rate.

VA Loans require a  Certificate of Eligibility from the VA.  which must be obtained to qualify for a VA loan,  we can assist you with obtaining a Certificate of Eligibility or even a copy of your DD-214,  Honorable Discharge.

Call us to get started and get Pre-approved for your VA Loan.   866-900-2342 Toll Free Direct or apply online via our secure Online Application.