According to the US Census Bureau there are over 20 million Veterans in the United States. That’s a massive number of Veterans that have served our country and have access to VA home loans. How many active VA guaranteed home loans do you think there are in this country? Only 1.6 million… that’s less than 10% of the Veterans in this country using this outstanding program to save themselves money on a home purchase.

I asked several Veterans why they had not taken advantage of this program and the responses varied from –  “too complicated” to “I couldn’t get my VA offer accepted”. The truth is, lenders love backing VA guaranteed home loans because the VA simply guarantees the loan. The lenders will get a significant portion of their money back if you default on the loan and in today’s lending environment it’s a safe, profitable bet for the lenders.

The benefits of using a VA home loan are

  • Loans up to $477,000 with $0 down payment and up to 100% financing in San Diego county.
  • Lower interest rates – banks have lower risk so VA rates are typically .25% lower than conventional rates.
  • No PMI (Private Mortgage Insurance) required, thus saving you money each month.
  • No prepayment penalties
  • Loans are “assumable”. This includes Non-Veterans and those who do not intend to occupy the property.

So how complicated is it to secure a VA home loan? Pretty simple actually. There is only 1 additional piece of paperwork (VA amendment) needed to process a VA guaranteed home loan and these loans can be typically closed in 30 days! 

I have spoken with loan officers and REALTORS to find out why they aren’t offering this valuable service to consumers and it simply stems from a lack of knowledge. The truth of the matter is that the guidelines are comprehensive and it takes a well versed team to ensure that both the property and veteran qualify according to the program guidelines, but that shouldn’t stop any Veteran from looking into the program. The process takes no longer than qualifying for a conventional or FHA loan and can be of a significant savings on your home purchase.

Let’s face it – zero down, no PMI, lower interest rate and with marginal credit, there is no better deal available to Veterans. It doesn’t matter if you’ve used this VA program previously, it’s entirely possible that you qualify again. Don’t be afraid to ask.

If you have any questions regarding the VA Home Loan Guarantee program check out the following link: US Department of Veterans Affairs. You will find a ton of useful information available to help guide you in making a decision. If you have any additional questions don’t hesitate to contact me. I will put you in touch with professionals locally to help you with the program.

It’s your money and I want you to keep as much in your pocket as possible when buying your home. Take a serious look the VA Home Loan Guarantee program. It is the best deal on the market!

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