VA Home Loans are mortgages guaranteed by the United States Department of Veterans Affairs that are designed to offer long-term financing to eligible American Veterans to purchase homes. VA home loans are provided by approved lenders such as San Diego Funding.
If you are currently active duty, you qualify after 90 continuous days of service. Full eligibility in San Diego allows for a 100% loan up to $649,750. Any amount over $649,750 requires 25% of the additional amount as a down payment.
$649,750 Sales price, no down payment
$750,000 Sales price, $25,100 down payment
$1,000,000 Sales price, $87,600 down payment
$1,500,000 Sales price, $212,600 down payment
$2,000,000 Sales price, $337,600 down payment
If your VA eligibility was used to purchase a home in the past and the home has been sold and the loan paid off, you should be able to use your VA to purchase a home again. If you purchased a home using your VA eligibility in the past and it is now rented with your VA loan still on the home, you may have unused eligibility that can be used to purchase another home with your VA.
BENEFITS OF A VA LOAN:
- VA loans require no down payment up to $649,750.
- VA loans require no mortgage insurance.
- VA loans provide a 30-year fixed interest rate that is usually lower than that of Conventional loans.
- VA loans allow for a higher debt-to-income ratio.
- VA loans provide borrowers with the opportunity to purchase when their credit does not allow them to qualify for a Conventional loan.
- VA loans provide a shorter timeframe for approval after a short sale, foreclosure or bankruptcy -just 2 years.
- VA eligibility never expires.
- No VA funding fee for Veterans receiving at least 10% VA disability.
VA LOAN REQUIREMENTS:
- The property must be owner-occupied.
- The buyer’s income and credit must qualify.
- Requires Section 1 and Section 2 termite clearance.
- Condos must be VA approved, contact your loan officer to verify approval.