how much of a va loan can i get in san diego?
TRANSCRIPT
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HOW MUCH OF A VA LOAN CAN I GET IN SAN DIEGO?
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One of the best financing instruments for purchasing a home in the San Diego area is a Veterans Administration loan.
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There are four different ways you can qualify for a VA loan: Served 90 consecutive days of active service
during wartime. Served 181 days of active service during
peacetime. If you have more than 6 years of service in the
National Guard or Reserves.You are the spouse of a service member who has
died in the line of duty or as a result of a service-related disability.
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If you qualify, here are some of the benefits of securing a VA home loan:
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No Down Payment Required
With the VA Loan, qualified borrowers can finance 100 percent of the home's value without putting down a single dollar.
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No Private Mortgage Insurance Required
Unlike conventional bank loans where the buyer puts down less than 20%, VA loans do not require insurance payments (PMI) to be added to the mortgage payment each month.
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Better Interest Rates
VA loans are guaranteed by the Federal Government. Banks, therefore, have less risk and can offer slightly lower interest rates than on conventional loans.
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SECURING A VA LOAN IN THE SAN DIEGO AREA
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Houses in San Diego are expensive. The area remains a hot spot in the national real estate market with an average listing price for homes of $599,000 and an average selling price of $475,000.
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The latest maximum VA loan limit is $580,750. That places the loan limit below the average listing price for homes in the San Diego area but above the average selling price.
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Real estate transactions can be tricky for anyone, especially for first-time buyers or buyers trying to secure a VA loan for the first time. Because of this, it is strongly recommended that buyers secure the services of a qualified VA loan expert.
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Before you start shopping for that expert, however, you should check your income level to see if you qualify for a home loan of any kind.
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Current figures show that to secure a home mortgage of $554,300, the buyer needs a yearly income of $104,486.
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The need for that level of income can be reduced by purchasing a home at the lower end of the listing scale of course, especially if you can secure a VA loan at a minimum interest rate and zero down payment.
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If your income meets the criteria needed to secure a maximum VA loan in the San Diego area, you can begin looking at houses in the $550,000 range with your agent.
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Since San Diego appears to still be in somewhat of a seller’s market, your chances of low-balling a VA offer are probably slim to none.
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Many sellers don’t want to deal with VA offers because of the most stringent home inspections required and extra closing costs the seller must absorb.
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Many sellers don’t want to deal with VA offers because of the most stringent home inspections required and extra closing costs the seller must absorb.
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On the other hand, VA buyers come in pre-qualified with a maximum loan number already guaranteed.
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And with an experienced agent who deals in VA transactions presenting the offer for you, chances are you should be able to find that perfect San Diego home using a VA loan.
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Mortgage Originator Jimmy Vercellino, specializing in VA loans, helps veterans use their VA loan benefit to their greatest advantage.
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Be a proud homeowner today. For more details call 480-351-5904 or visit the site https://www.valoansforvets.com/va-loan-eligibility/
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VA LOANS FOR VETS7702 E. Doubletree Ranch Road, Suite 220Scottsdale, AZ 85258Phone: (480) 351-5904Email: [email protected]
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