Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
How VA Loans Work
To be eligible for a VA loan, you must have served in the military in the past, for at least 90 days during wartime or 181 days during peacetime, or be on Active Duty. 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. Example:
- $649,750 Sales price, no down payment
- $750,000 Sales price, $25,100 down payment
- $1,000,000 Sales price, $87,600 down payment.
San Diego VA Loan Limits
For loan limits in other counties in California, call us at (619) 260-1660 x247.
|County||One to Four Family|
|San Diego County||$649,750|
|San Bernardino County||$453,100|
VA Loan Eligibility
If your VA eligibility was used to purchase a home in the past, 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.
Advantages of a VA loan
- 30 year fixed rates usually lower than Conventional rates.
- Higher debt to income ratios acceptable.
- Lower credit scores acceptable.
- Shorter time frames for approval after a Short Sale, 649,750 with full entitlement.
- No mortgage insurance.
- VA eligibility never expires.
VA Loan Requirements
- Must be owner occupied.
- Buyer must income and credit qualify.
- Requires Section 1 and Section 2 termite clearance.
- Condos must be VA approved, contact your loan officer to verify approval.
- How to Get a VA Loan in San Diego
How to Get a VA Loan in San Diego
Check with San Diego Funding to see if you are eligible to purchase a home using VA eligibility! SAN DIEGO FUNDING HAS FULL VA APPROVAL AND CAN CLOSE IN 3 to 4 WEEKS. ALL PROCESSING, UNDERWRITING AND FUNDING IS DONE IN OUR LOCAL LIBERTY STATION OFFICE. We work with clients throughout San Diego, including Point Loma, Coronado, Chula Vista as well as throughout the entire state of California. Apply for a VA Loan with a VA Qualified Lender – call us at (619) 260-1660 x247 today!