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VA Loans San Diego

A VA loan is a mortgage loan in the United States that is guaranteed by the United States Dept. of Veterans that can be only be issued by qualified lenders. The purpose of VA loans is to give eligible American Veterans or their surviving spouses access to long-term financing.

Benefits of VA loans

  • When purchasing a home there is no required down payment.
  • You are not required to purchase Private Mortgage Insurance (PMI).
  • Your closing costs can be paid for by your sellers. This includes costs such as those found in Escrows, Appraisals, and the Title.
  • If you want to refinance your home you can do so at up to 100% of its value.
  • Since VA loans are insured by the Government, there is less risk for the lender and they are more lenient with approvals.
  • Disabled veterans can avoid paying the Funding Fee if they have received a disability payment or are at least 10% disabled.
  • You can use your VA loan entitlement to refinance an existing conventional, FHA or USDA home loan without any mortgage insurance.

Are you eligible for a VA Loan?

For the most part, any individual that has served in active duty and has been discharged honorably can apply for a VA loan. You are eligible to apply for a VA loan if you meet any of the following requirements:

  • You have served at least 181 days during peacetime.
  • You have served at least 90 days during wartime.
  • You have served in the National Guard or Army Reserves for at least 6 years.
  • You have received disability payments from the VA.
  • You are a spouse of a service member who has lost his/her life while serving the Country.

What is a VA Funding Fee?

The VA Funding Fee is a fee paid directly to the Department of Veteran's Affairs in order for your loan to be guaranteed by the VA and provided at such a low cost. This fee can be from 1.25% to 3.3% of the total loan amount and will depend greatly on the amount of money you contribute as a down payment. This funding fee depends on several other factors as well, such as your current status (active duty, guard, reserve, or retired), and whether it is your first VA loan, second VA loan, or a cash-out refinance. This funding fee can be included in your loan and be taken care of within your monthly payments Contact us today to find out what the VA Funding Fee would be for your unique situation

American Financial Network, Inc. is not acting on behalf of or at the direction of the federal government, and this offer is not being made by an agency of the government.