VA Loan Facts for San Diego Military Home Buyers

By
Real Estate Agent with HomeSmart Realty West Cal BRE#01427412

Call Lorraine Santirosa 619-248-5484. Http://www.SanDiegoMilitaryRelocationExpert.com SAN DIEGO MILITARY HOMEBUYER SPECIALIST!

What is a VA loan? - Veteran Administration (VA) Guaranteed loans are made by private lenders to eligible Veterans for the purchase or refinance of a home.

It's important to know that the VA is not a bank. The VA does not loan the money, fund the loan, or service the loan. What the VA does is guarantee the loan by providing protection to the lender against loss if the Veteran fails to repay the loan.

The VA loan began in 1944 through the original Servicemen's  Readjustment Act also known as the GI Bill of Rights. This program was intended for Veterans and their families to realize the dream of homeownership by offering access to lower cost financing. The VA announced in October 2012 that the Dept. had guaranteed it's 20 millionth home since the program's inception in 1944. At the time of the historic announcement at total of 540,000 homes were guaranteed by VA in 2012. (VA press release Oct. 26. 2012)

 Important features of the VA Home Loan:
1. Must be for Veteran's own personal occupancy.
2. Max guaranty is up to 25% of the Freddie Mac maximum conforming limit
3. NO down payment required - up to 100% financing ****
4. Ability to finance the VA Funding Fee
5. One Fixed or ARM option loan - fully amortizable - NO interest only options
6. Flexible Credit Standards
7. No mortgage insurance premiums
8. An assumable mortgage
9. No prepayment penalties
10. VA offers assistance to borrowers in default
11. Lenders control the pace of the transaction

Interested to learn more about the VA home loan benefit and to get approved? Call Lorraine at 619-248-5484.
 Lorraine Santirosa is San Diego VApro Agent Helping Veteran’s Achieve The American Dream. Lorraine is taking her expertise in Real Estate and VA Purchasing to serve those who serve us, our Veterans. As a VApro designated agent, Lorraine has the inside knowledge and expertise to get VA purchases closed and to help Veteran’s use the benefits they may not even know they have.

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Lorraine Santirosa

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