Ken Reed is a San Diego native with over 19 years of experience in the mortgage industry giving him unparalleled knowledge of the local real estate market. Additionally, having served as a medic in the United States Air Force and working for Sharp Healthcare, I have personal experience and knowledge of the needs facing veterans today. If you are a veteran in the San Diego County Area, you don’t have to look hard to find the VA Loan specialist best suited to help you with your home loan needs.
If you are a veteran in San Diego looking for a VA Loan, another benefit is that there is no down payment. That’s right – by acquiring a VA Mortgage, you can get into your next home with no down payment! With this part of your home loan covered, it may be cheaper up front for you to purchase your own home than to place a security deposit to rent a house or apartment, and may also be cheaper to own than to pay rent on a monthly basis.
VA Loan Eligibility
Eligibility for VA Loans vary depending on your service status, but most active-duty military, veterans, reservists, and spouses of deceased military members are eligible to apply. If you are a veteran who meets the minimum active duty service requirements, you will be eligible to immediately apply. If you are an active-duty member of the military, you will need to complete approximately six months of service before you are eligible to apply for a VA Home Loan. Members of the National Guard and reservists become eligible after six years, however, you will become eligible after only 181 days if you are called to active duty. Before applying for a VA Loan, you will need to acquire your Certificate of Eligibility (COE) – a requirement that will avoid delays in the application process.
Be sure to acquire your Certificate of Eligibility (COE) if you plan to apply for a VA loan. This is required and will avoid any delays with the application process.
VA Loans have no requirements for PMI or monthly mortgage insurance payments- a benefit in the home loan process. Rather than PMI, a small guaranty fee in financed as part of the VA Loan during closing. Additionally, because you are not paying extra for monthly mortgage insurance, VA Mortgages are typically less expensive on a monthly basis than other loans.
Benefits of VA Loans
- 100% financing (the appraised value cannot exceed sale price, in San Diego County, the 100% financing limit is $612,950 in 2017)
- VA funding fees of up to 3.3% are included as part of the loan, which go directly to the VA
- There is no private mortgage insurance, or PMI
- There is no pre-payment penalty
- The VA limits your closing costs, and allows the seller to contribute to those closing costs
VA Loan Limits
|San Diego County||$649,750||$831,800||$1,005,450||$1,249,550|
|Los Angeles County||$679,650||$870,225||$1,051,875||$1,307,175|
|San Bernardino County||$453,100||$580,150||$701,250||$871,450|
VA Loans Eligibility
A typical requirement of lenders is for the borrower to have a credit score of at least 620. However, the VA does not have a minimum requirement, meaning that lenders are more flexible in this area, depending on your unique financial situation. Although a lower credit score may be approved, it might also mean that a higher interest rate is charged. During the application process, you will need to provide your W2 statements and recent pay stubs. Other documentation that covers your various assets including checking accounts, savings accounts and financial investments will also be needed.
VA Loans can be used in a variety of ways, including to purchase a new home, or to refinance your current mortgage through the VA refinancing programs. If you are a veteran in need of cash for expenses such as making home improvements, remodeling your house, or high-interest debt consolidation can transfer home equity into cash using a VA Cash-Out Refinance Loan. Interest Rate Reduction Refinance Loans (IRRRL) or streamline refinance loans are also available if you are looking to take advantage of improved market rates.
San Diego VA Loans Areas
Ken Reed’s goal is to help veterans throughout San Diego achieve your home ownership goals. Whether you are looking in Point Loma, Coronado, La Jolla, Chula Vista, or anywhere in Southern California, I can help you with all your VA Home Loan needs. For more information on San Diego VA Loans, or to begin pre-qualifying, please fill out the Quick Quote to the right.