With several military bases in Southern California, many Veterans of the US military choose to make the San Diego area their home and also take advantage of the VA loan program offered by The Department of Veterans Affairs. A VA loan can make it possible to buy a house with little or no money down, and at competitive interest rates.
Sierra Pacific Mortgage has helped veterans with VA loans throughout San Diego County. Our office has worked with current and former members of the various branches of the armed forces, including the US Navy, Army, Marine Corps, Air Force, and Coast Guard. Don’t hesitate to email our office or call 619-894-8943 to learn more about buying a home in San Diego using VA Loan benefits.
How VA Loans Work
When applying for a VA loan, veterans work directly with a mortgage lender, the Department of Veterans Affairs typically does not get involved in the loan approval process. A mortgage company can work to provide loan options with a variety of terms and rates, but the major benefit of the VA loan is that the VA “stands behind” the loan by guaranteeing a portion of it, which can save you thousands in loan costs as well as allow for reduced or even no down-payment loans.
Benefits of VA Home Loans When Buying a Home
The guarantee the Veterans Affairs program provides to lenders allows borrowers to get a home loan with more favorable terms, including:
- No down payment loans (when the sales price is less than the appraised home value)
- No private mortgage insurance premium (PMI) requirement
- No loan pre-payment fees from lenders
- Possible reduction of closing costs
- Possible VA assistance if difficulty making loan payments
VA Loans are not exclusive to first-time homebuyers, and the benefit can be re-used. Additionally, VA-backed loans are assumable, as long as the person assuming the loan qualifies.
Eligibility for Current, Past, or Reserve Members of the Military
If you are currently on active duty, you are eligible for the program after 90 days of active service. If you are no longer serving, to be eligible you must have served during wartime (VA definition) for at least 90 consecutive days or served during peacetime for at least 181 consecutive days.
Current Members of Reserve Forces (including Air National Guard, Army National Guard, Army Reserve, Navy Reserve, Marine Corps Reserve, Air Force Reserve, and Coast Guard Reserve) can also be eligible if they have served for at least 6 years; the total time does not need to be consecutive and can span different branches.
Our Mortgage Office Helps Veterans and Current Military Members with VA Loans
From our Mission Valley San Diego office our staff has the resources and dedication to help you. VA Home Purchase Loans are just one of the many types of home loans we offer to those who want a great loan with exceptional service. Don’t hesitate to learn how our lending company can serve you: email us or call 619-894-8943.