If you are stationed in a military base in California, obtaining a $0 down, VA mortgage will make it easier for you to buy a home.
VA home loans are more affordable than conventional mortgages and are actually easier to get approved for!
Even borrowers with less-than-perfect credit can apply for a VA loan.
A VA home loan is guaranteed to amounts over $1 million (even with no down payment).
Before you submit your VA home loan application, you should determine your eligibility. You are eligible for a VA loan if you have served for 181 continous days (or 90 days if you served in the Gulf War) or have been honorably discharged.
Among the advantages of the VA home loan program is that you can purchase a home with no down payment, compared with conventional loans that require 10% to 20% down. Thus, a VA loan can save you a lot of money when purchaing a home using this govenrment program.
VA home loans can also offer you substantial savings on your monthly payments by not requiring private mortgage insurance (unlike FHA) and by having interest rates that are 0.5% to 1% lower than conventional mortgages.
A VA loan also protects borrowers who apply for a VA loan by giving them specific protections such as guarantees from new home builders that the home they buy meets VA specifications and provides compensation for structural defects if a new home bought with a VA mortgage is found to have livability issues.
Another interesting thing to note about VA home loans is that you don’t need to use it to buy an existing home. A VA home loan can also be used both to buy and improve a property, as well as retrofitting your existing home to make it more energy-efficient. For example, if you live in San Diego and you apply for VA loan to install solar cells in your home, you may be able to receive California State, San Diego County and federal tax incentives for residential solar energy use in conjunction with your San Diego VA mortgage.
Depending on the condition and ownership rights, you might also be able to use your VA loan to buy a manufactured home and lot.
To get more information on possible uses for your San Diego VA loan, consult with a VA Counselor before you submit your VA home loan application.
Before you apply for a VA loan you should realize that you are not automatically entitled to it. While the VA does not require a minimum credit score before you can recieve a VA home loan, private funder / investors will still require you to have an acceptable credit record before they approve your loan application. If necessary, you should take steps to improve your credit before trying to recieve a VA loan. Still, VA loan underwriters can be very understanding about past loan difficulties and you may still be able to get a VA mortgage as long as you can prove that your credit difficulties were the result of circumstances that were beyond your control.
The United States Government offers a variety of special mortgages for US citizens.
These funds offer quick approval and are easy to apply for.
Click here for more information on VA home loan programs or click here to apply for a VA Home Loan
