San Diego VA Loans
For veterans interested in purchasing a house in San Diego, California, obtaining a loan has never been easier or more affordable. The VA extends many benefits to its veterans, including a VA Loan guaranty program. This program makes it easier and more affordable to realize the dream of home ownership in San Diego.
Benefits
San Diego is a beautiful city that is a popular vacation spot and place to live. This means housing prices are much higher here than in other parts of the US. Fortunately, if you are a qualified veteran, you will still be able to afford that perfect house without going broke. The VA Loan guaranty secures up to half the total amount of the loan. What this means is you can get a loan without having a down payment or Premium Mortgage Insurance. In most cases you will also be able to obtain a much lower annual interest rate. If you are planning to relocate to San Diego, or get a bigger family home, this is the most affordable way to purchase your new house.
Types of Loans
Once you’ve decided to buy a house in San Diego with a VA Loan, you then have many options regarding the repayment plan. You can choose from a traditional fixed, graduated payment mortgage (GPM), growing equity mortgage (GEM), traditional ARM and hybrid ARM. Each one of these options has different benefits so that you can tailor the loan to your specific needs and income. Be sure to explore all your options with your lender.
Before you start looking for a new home in San Diego, make sure you fill out an eligibility form through the VA. To be eligible you will have to have served a specific amount of time in the military and been honorably discharged. Other than that, there’s no need to worry about poor credit scores as the VA has a much more lenient policy than private lenders.
How to Get Started in San Diego
Use this link to apply for a VA mortgage now in San Diego, California. It’s never been easier so take advantage of this free quote request and start comparing rates today.
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