Why Get a San Diego VA Mortgage- by aihaozhe2


									If you are a serviceman or reservist who is moving to California, a VA home loan can
make buying a home in the state more affordable. VA home loans are available not
just to veterans and the unmarried spouse of an eligible veteran, but also to active duty,
reserve personnel, and some civilians. A San Diego VA loan is guaranteed in excess of
$1 million (with no money down) and doesn't require you to provide funds for
closings costs or have private mortgage insurance. To clarify, however, a San Diego
VA mortgage is available from private lenders; the VA itself does not grant a VA loan
but merely guarantees a certain portion of the loan. If you want to apply for VA loan
you have to determine your eligibility first before you can get a VA home loan
application approved.

In order to qualify for a VA home loan, you need to get a Certificate of Eligibility
which you can request either from a VA eligibility center or from VA Home Loan
Centers. To get a VA loan eligibility certification for a VA home loan, you can mail in
your VA form 26-1880 with proof of service to the national archives. Or if you apply
for VA loan, VA Home Loan Centers can get a certification on behalf of the
service-person through the WEB LGY Network operated by the United States
Department of Veterans Affairs. This is the most difficult part of the VA loan approval
process. Once you have the Certificate of Eligibility, you can proceed to signing a
contract of purchase subject to approval of the VA loan.

Why should you apply for a VA home loan? There are many advantages that VA home
loans have over regular mortgages. For example, a VA loan has no down payment
(unless the lender requires it or the contract price is higher than the property's
appraised reasonable value) and lower interest rates. When you apply for VA loan,
mortgage insurance is not required, which can substantially lower your monthly
payments as compared to an FHA home loan. As mentioned earlier, a San Diego VA
mortgage has higher loan limits than the typical loan. A San Diego VA loan offers
built-in protections to borrowers such as a one-year guarantee that the property meets
VA plans and specifications for habitability. And when you have a successful VA
home loan application, your closing costs are competitive with other financing types
and may even be lower. In most transactions, the seller will pay all or part of the
closing costs for you.

You are also offered a variety of payment options for your VA home loans, including a
30-year fixed rate VA loan in which the payments remain constant over the life of the
loan, a graduated payment VA home loan with low initial payments that gradually
increase over the term of the loan and a growing equity mortgage in which the
increased payments go towards repayment of the principle so that the loan is repaid
earlier. California veterans and servicemen who have less than perfect credit scores
are more likely to get a San Diego VA mortgage when they apply for VA loan than a
traditional bank loan. A San Diego VA loan also offers additional benefits for disabled
veterans who submit a VA home loan application.

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