San Francisco VA Loans
Since 1944 the VA has been helping veterans and their families become first time homeowners through the VA Home Loan Guaranty Program, and right now is a great time for qualified veterans to buy their dream house in San Francisco. With housing prices at an all time low combined with the affordability of a VA Loan, it is possible to get that ideal house without spending a fortune.
What is a VA Loan?
A VA Loan is actually a guaranty on a loan issued by a private lender. The basic entitlement is 25% of the total loan, up to a certain limit. This guaranty is the money the VA will pay your lender in the event of a foreclosure. This makes you a very secure, desirable borrower which means you get to reap many benefits such as not having to supply a down payment or pay private monthly mortgage insurance.
What are the benefits?
Besides not having to supply a down payment on the house or pay monthly insurance, you will also get a very competitive interest rate. There may even be some situations where you can negotiate a rate that is below the current market rate. Other benefits include minimal closing fees, flexible repayment plans, quick approval and easy refinancing.
Who qualifies?
In order to qualify for a VA Loan in San Francisco, you must have served a minimum of 181 days of regular active-duty service. Ex-military personnel must have also served this length of time and been discharged under honorable circumstances. Exceptions to the rules include widows of veterans killed in combat, veterans discharged early for service-related injuries, spouses of POWs and veterans who served overseas during wartime. In order to establish your eligibility you will need to fill out a form with the VA.
How do I find a lender?
When it comes to finding a lender you have many options. You can choose between a bank, savings & loan and mortgage company as long as they participate in the VA Loan Guaranty Program. It is also a good idea to get pre-approved for a loan so you know how much house you’ll be able to afford.
How to Get Started Today
It’s never been easier to get started with a VA refinance. Simply fill out our secure 1-minute quote request form and start comparing rates today.
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