VA Home Loans
Looking to use your VA Home Loan Benefit?
The VA home loan is a mortgage loan that is guaranteed by the United States Department of Veterans Affairs (VA). The program is for American veterans, military members currently serving in the U.S. military, reservists and select surviving spouses and can be used to purchase single-family homes, condominiums, multi-unit properties, manufactured homes on owned land and new construction. The VA does not originate loans, but sets the rules for who may qualify, issues minimum guidelines and requirements under which mortgages may be offered and financially guarantees loans that qualify under the program.
VA loans are available to all military branches, both active and veteran. In San Diego County, the VA loan is the preferred loan. Let’s take a look at the reasons why our active duty and veteran military home buyers prefer the VA home loan over all others:
- Eligible homebuyers are NOT REQUIRED to have a down payment. Conventional and FHA loans require a down payment.
- No monthly mortgage insurance premiums or PMI to pay. FHA loans come with both an upfront and an annual mortgage insurance charge. Conventional buyers typically need to pay for private mortgage insurance if applying any less than 20% as a down payment. Using the VA loan helps save hundreds each month with this benefit alone!
- The VA loan typically has a lower interest rates than conventional mortgages and allows for higher debt-to-income ratios and lower credit scores.
- The VA loan requires that your home purchase meet the ‘three S’s’. It should be Safe, Sound and Sanitary. All additions are to be completed in a workman like manner.
- Refinancing from VA loan to VA loan is seamless and quick.
There are some common misconceptions out there about the VA Home Loan. Let’s clear things up!
- MYTH: “I can only use my VA loan to purchase my first home”.
FACT: You can use your VA benefit multiple times! - MYTH: “The sellers won’t accept my offer because they have to pay points”.
FACT: The seller can pay for closing cost but it is NOT a requirement. - MYTH: “My spouse’s income can’t be used to help qualify for the home we want”.
FACT: Yes it can! It just needs to be stable and consistent. - MYTH: “There is always a funding fee with the VA loan”
FACT: Veterans with a disability rating are exempt for paying the funding fee.
Tip of the Spear Real Estate Team is proud to work with knowledgeable,
experienced and trustworthy VA lenders.
If you have any questions about your VA loan benefit or want to be connected with an experienced VA lender, send us a message below and let’s get started!
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San Diego’s best Military Real Estate Team! Veteran based and proudly serving Active Duty, Retired and Veteran Service Members with the United States Marine Corps, United States Navy, United States Army, United States Coast Guard, United States Air Force.
