Building a home will require a pile of cash, and even the thought of taking a large amount of loan can be scary. But if you are a current or veteran service member or your spouse is the one, you are already qualified to get VA Home Loan services and to help you buy your home at little or no money upfront through this program.
About VA Home Loans San Diego:
You get the home loans to get your home at no down payment or Mortgage insurance required, and you get eligible for a loan amount worth $2,000,000, or you can also refinance up to 90% of the home value up to a loan worth $1,000,000.
You can find any available lender who is authorized and approved by VA.
Eligibility:
You will not need many documents upfront to qualify for the loan. If you’re currently serving military duty or you’re a veteran, you can apply for the loan with an easy procedure ahead.
If you’re not eligible for the above condition, then sorry, but you’re not qualified for VA Home Loans San Diego unless your spouse of a veteran is eligible to get the loan.
You can consult any authorized bank for the necessary documents that you will have to present to get the loan. And you will also be required to provide a monthly income statement that can ensure that you will be able to pay back the loan.
Types:
- VA purchase Mortgage
- VA Cash-out refinance
- Interest rate reduction refinance loan
- Rehab and renovation loans
- Native American Direct Loan
Advantages:
Before you invest in taking VA Home Loan, you must know all the benefits and disadvantages that you may face with the loans.
One of the most appealing and worth noticing features is that you will not need any down payment or any mortgage insurance for that case. You will not be required to have perfect credit as they will mostly only check that if you will be able to pay back the loan. Also, you will not have to be a first-time buyer to take advantage of the loan service.
Disadvantages:
Every loan type will have some drawbacks that you must know before you get to any conclusion. Although there is no mortgage insurance required, they have a Funding fee that comes with an extra cost. And the amount is set by the Federal government, and it can vary between 1.4-3.6% of the loan. You can pay the fee amount during the repayment or in the initial deal. Another thing that you will have to remember is that you can take a loan only for a living home and not for an investment property or vacation home.