California has many individuals that have served the country, any many that still do. The VA helps these people with a unique loan product and helps them with home ownership. If you are looking for a VA loan in San Diego, or in anywhere, contact us and we can assist you with any questions you may have.
The Department of Veterans Affairs (VA) offers loan programs to help service members, veterans, and their families buy homes. The VA does not make loans, but rather sets the rules for who may qualify, arranges the terms under which mortgages may be offered, and guarantees any loan made under the program. Some VA loans are available with no down payment.
VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.
Applicants for a VA loan will need The Certificate of Eligibility (COE) verifies to the lender that you meet the eligibility requirements for a VA loan. Learn more about the evidence you submit and how to apply for a COE on The US Department of Veterans Affairs Eligibility page. http://benefits.va.gov/HOMELOANS/purchaseco_eligibility.asp
You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Servicemembers and Veterans, spouses, and other eligible beneficiaries.
VA home loans can be used to:
- Buy a home, a condominium unit in a VA-approved project
- Build a home
- Simultaneously purchase and improve a home
- Improve a home by installing energy-related features or making energy efficient improvements
- Buy a manufactured home and/or lot.
A VA Loan (Veterans Administration) offers qualified Veterans in all 50 U.S. states a federally guaranteed home loan that requires little to no down payment and the following applies:
- Served in the US Army, Air Force, Coast Guard, Marines, Navy or National Guard.
- Available to U.S. Military personnel who have served 181 days during peacetime, 90 days during war, or honorably discharged.
- Available to a spouse of a serviceman either killed or missing in action.
- Reduced closing costs and no pre-payment penalties.
- Services available to Veterans in danger of defaulting on their loans.
- Lower interest rates and terms than a conventional loan.
- Served after September 16, 1940.
- 100% financing with no down payment required
- Can be combined with down payment assistance programs to reduce down payment and/or closing costs
- Gift funds permitted
- Up to 4% seller concessions permitted
- Available for single-family homes, condos, PUDs, & manufactured homes
- Available for both purchases and refinances
- Maximum loan amount varies by county, so call for full current details
- VA eligibility can be used multiple times
- VA funding fee is required
- Veterans Administration website www.va.gov
To learn more about obtaining a VA Loan in San Diego or anywhere in California, speak to one of our VA loan originators and start the process.