First Residential

VA Loans

Why Consider A VA Loan?

If you’re Active Duty or Retired member of the armed services, the VA Mortgage Loan guarantee is one of the benefits you’ve earned. You’ve sacrificed so that we can all enjoy the freedom and opportunity this country offers. It’s one of the ways our country says thanks.
As a practical matter, when considering a VA loan versus a conventional loan, the VA loan will save you money. You may qualify for a VA loan even if you’ve been turned down for other types of mortgage loans in the past. VA loans tend to have lower overall payments and the rates are highly competitive. Moreover, VA offers additional benefits to disabled veterans.

Benefits Of VA Loans

No down payment required when purchasing a home.

A VA mortgage loan is guaranteed with no money down for any loan up to $562,350, in San Diego county. San Diego county is considered a “high cost” area. VA loan limits are lower in other areas.

If you’ve had some credit challenges you’re more likely to qualify for a VA loan (as opposed to Conventional financing) and you’ll even get lower interest rates.

Even with a loan-to-value ratio of 100%, no monthly mortgage insurance is required for a VA home loan.

Sometimes VA mortgage loans are assumable.

The VA has released a hybrid ARM product. Veterans now have a choice of either a fixed rate or an adjustable rate VA mortgage.

Does VA Actually Make The Loan?

No. VA guarantees loans that are made by private lenders, such as banks, savings & loans, or mortgage companies to eligible veterans for the purchase (or refinance) of a home which must be for their own personal occupancy. To get a loan, a veteran must apply to a lender. If the loan is approved, VA will guarantee a portion of it to the lender. This guaranty protects the lender against loss up to the amount guaranteed and allows the veteran, or active duty personnel, to obtain favorable financing terms.

Note: It is important to remember that the Department of Veteran Affairs DOES NOT make loans, VA guarantees loans.

What Are The VA Eligibility Requirements?

You are eligible for a VA home loan if:

You have had 90 days or more of active duty service during wartime

You have had 181 days of active duty service during peacetime.

You did not have a dishonorable discharge

You are currently on active duty and you meet the above service requirements

You are the surviving spouse of a veteran who died during service or because of service-related injuries and you have not remarried.

What You’ll Need To Get A VA Loan

A Certificate of Eligibility is needed to qualify. Whether you are a first-time user or you have been eligible in the past, you must have a Certificate of Eligibility, form 26-1880. With your Certificate of Eligibility, you can pre-qualify for a VA home purchase now for a home of up to $562,350, in San Diego county. San Diego County is considered a “high cost” area. VA loan limits are lower in other areas.

You’ll also need your DD214 (Statement of Service, form SF-180).

What Types Of Mortgage Loans Does A VA Lender Offer?

VA lenders offer 30 year loans, 15 year loans and Adjustable Rate loans.

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For 1% Down Loan

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Cal-Vet Loans

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For Conventional Loans

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For FHA Loans

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For JUMBO Loans

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For VA Loans

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USDA Loans

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HARP Loans

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About San Diego

San Diego is one of the fastest growing cities in America. Boasting a population that exceeds 1,300,000, we’re the 8th largest city in the U.S. and the 2nd largest in California. Of course, arguably, we have the most beautiful city anywhere.