A VA loan is an amazing program that is eligible only to those who have been honorably discharged in the military or who are still active duty. In order to be on a VA loan you must either be a veteran, or married to a veteran. VA loans require NO money down up to the maximum $477,000 in San Diego County and $621,000 in Los Angeles and Orange Counties. The maximum guarantee amount is up to $1,000,000 but in that case, the veteran would not be eligible for 100% financing. However, they would still be able to avoid monthly mortgage insurance, which is yet another benefit of a VA loan. There is a funding fee associated with a VA loan and that is paid up front. I have to thank a couple of my current VA buyers for asking me to simplify the explanation of a VA Funding fee. I will post that in my blog next week! 🙂
Keep and eye out for more information regarding VA loans and the benefit to the homeowner! In the meantime, please feel free to reach out to me with any and all questions regarding home financing, it’s what I do, and I love it!
I look forward to speaking with you soon!
Your Lender For Life 🙂