The VA mortgage loans are one of the best and safest methods to use when buying a home. If you are a Disabled Veteran, you may qualify for additional benefits on a VA home mortgage loan. The VA Home Mortgage Program does not limit the number of times a veteran may use the program.
The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.
The current VA loan limit in San Diego County $527,500 for a loan with no money down. The Department of Veterans Affairs (VA) Loan Guaranty program does not set a maximum amount that an eligible Veteran may borrow using a VA-guaranteed loan. Lenders may make loans to Veterans greater than the maximum county loan limit; however, lenders may require Veterans to make a down payment for the amount borrowed in excess of the applicable county loan limit.
Some of the benefits of the VA Mortgage Loan Program are:
• The VA Mortgage Loans is guaranteed for no money down up to $580,750
• No monthly Home Owner’s Insurance is required
• Many VA Mortgage Loans are assumable
• It is easier to qualify for a VA Loan than a conventional loan
• VA Mortgage Loans can be refinanced
You do not have to put any money down to qualify for a VA Home Mortgage Loan for up to $527,500. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out of pocket costs. The loan and sales contract can be set up so that the VA Home Mortgage Loan cover 100% of the selling price and the seller covers the closing cost.