If you are a veteran looking to buy a home in California, then a VA Loan may be your best option. With no down payment, and the VA regulating closing costs, as well as allowing the seller to contribute to closing costs, you may be able to get into your California dream home up front for less than a security deposit on a house or condo in other parts of the state.
VA Loans can be acquired in San Diego County for home loans up to $2 million. However, the limit to receive 100% financing is $690,750 for a single-family home or condo. Active duty, veterans, or spouses of deceased military members are eligible to apply for a VA Mortgage immediately. Reservists and members of the National Guard will become eligible after six years, although if you are called for active duty, you will become eligible after only 181 days. In addition to no down payment, and regulated closing costs, other benefits of a VA Loan include no private monthly mortgage insurance (PMI), no pre-payment penalty and 100% financing. Veterans can also use the VA loan to refinance a home they already own. Either to simply reduce the rate or pull cash out. The cash-out can be used for anything the Veteran chooses. Such as replenishing reserves, purchasing an investment property, paying off debt or making home improvements.
To get preapproved in as little as 15 minutes, please call Ken Reed at 619-498-0000 or click here. Maybe you are just curious about what payments might be for a home you have interest in. If so, please download my free smart phone mortgage calculator by clicking on this link!