If you are considering home loan in California, it's best to consult San Diego Mortgage Group. We can get an idea of the best loan for your situation in just 5 minutes over the phone.
The VA Home Loan program allows veterans with qualifying income and credit to purchase a primary residence without putting any money down towards the sale price of the home, as long as that sale price does not exceed the appraised value of the home.
The VA is in the business of guaranteeing the loans of veteran. So, it is important to understand that the Veterans Administration does not normally act as a lending agent. In many cases, the VA will offer a guaranty to those who meet their list of requirements, the first of which include a good credit rating. If you are interesting in VA financing in California, Call San Diego Mortgage Group to gain an understanding of your best options.
It's important to know that a VA home loan guaranty is available only if the veteran has the income to handle house payments. A VA loan guaranty is not an automatic benefit. Your financial planner or credit counselor can go a long way towards helping you prepare your personal finances before filling out that home buyer's paperwork.
What Does the VA Use to Approve VA Mortgage Loans?
VA mortgage guidelines require two basic methods to determine if you qualify for a loan. The first is a look at your income (residual income method), and the second qualification criteria is called the debt-to-income ratio.
Is VA Loan Eligibility Part of VA Death Benefits?
When a veteran dies, the surviving spouse is entitled to certain VA death benefits, including any SGLI life insurance arrangement, military burial honors, death pensions for war veterans, and certain VA home loan benefits.
What will the interest rate on my VA Loan be?
The rate on your VA Loan will be determined by a variety of factors, including your credit history. Because each situation is different, we do not post rates on this site, but are happy to give you a very accurate estimate over the phone. Call us a t (760) 593-5593 to talk to a California Mortgage expert
Resources:
VA Home Loan Website - The Official Veterans Affairs home loan website.
Wikipedia - History and more information on VA Loans.
Veterans Benefits Administration - Compensation and Pension, GI Bill, Vocational Rehabilitation, Home Loans, Life Insurance and more information on Veteran Benefits
