San Diego VA Home Loans Offer $0 Path To Home Ownership!

by: Philip Georgiades

If you are a serviceman or reservist who is moving to California, a VA home loan can make buying a home in the state more affordable. VA home loans are available not just to veterans and the unmarried spouse of an eligible veteran, but also to active duty, reserve personnel, and some civilians. A San Diego VA loan is guaranteed in excess of $1 million (with no money down) and doesn't require you to provide funds for closings costs or have private mortgage insurance. To clarify, however, a San Diego VA mortgage is available from private lenders; the VA itself does not grant a VA loan but merely guarantees a certain portion of the loan. If you want to apply for VA loan you have to determine your eligibility first before you can get a VA home loan application approved.

In order to qualify for a VA home loan, you should request a Certificate of Eligibility from VA Home Loan Centers. To obtain VA loan eligibility, you must complete (or have VA Home Loan Centers complete on your behalf) the VA form 26-1880 and submit to the National Archives. Or if you apply for VA loan, VA Home Loan Centers can get a certification on behalf of the service-person through the WEB LGY Network operated by the United States Department of Veterans Affairs. This is the most difficult part of the VA loan approval process. Once you have the Certificate of Eligibility, you can proceed to signing a contract of purchase subject to approval of the VA loan.

Why should you apply for a VA home loan? There are many advantages that the VA loan offers when compared with a conventional or even FHA loan. For example, a VA loan has no down payment requirement (depending on terms), and lower interest rates. When you apply for VA loan, mortgage insurance is not required, which can substantially lower your monthly payments as compared to an FHA home loan. As mentioned earlier, a San Diego VA mortgage has higher loan limits than the typical loan. A San Diego VA loan offers peace of mind. The VA will require the home meets their standards and passes inspections. Once the inspections are concluded, the VA will issue a certificate of reasonable value that is valid of r6 months. And when you have a successful VA home loan application, your closing costs are competitive with other financing types and may even be lower. In most transactions, the seller will pay all or part of the closing costs for you.

You are also offered a variety of payment options for your VA home loans, including a 30-year fixed rate VA loan in which the payments remain constant over the life of the loan, a graduated payment VA home loan with low initial payments that gradually increase over the term of the loan and a growing equity mortgage in which the increased payments go towards repayment of the principle so that the loan is repaid earlier. California veterans and servicemen who have less than perfect credit scores are more likely to get a San Diego VA mortgage when they apply for VA loan than a traditional bank loan. A San Diego VA loan also offers additional benefits for disabled veterans. VA Home Loan Centers will assist in a reduction of the VA funding fee and a waiver of property taxes (if applicable).