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No Down Payment VA Home Loans in San Diego CA

6 Reasons to use your VA Benefits

houseWhen it comes to finding a home for you and your family, getting the best possible mortgage sets you up for success. For those who are eligible, a VA (Veteran’s Administration) mortgage loan offers a number of enticing benefits that may make sense for your home purchase. Here are some of the biggest advantages of VA loans:

1. No money down required. Coming up with a large down payment is a huge barrier for many home buyers. For a $200,000 home, a standard 20 percent down payment is $40,000. That is a lot of money for most families to save up. With a VA loan, so long as the purchase price doesn’t exceed the appraised value of the home, no down payment is required.

2. No private mortgage insurance (PMI) required. With traditional loans, if you require financing for more than 80 percent of a home’s appraised value, you’ll most likely be required to pay PMI monthly, which protects the lender if you default on the loan. This can cost many borrowers an extra $100 to $200 a month though some lenders have options that do not have a PMI requirement. VA loans, on the other hand, do not require PMI, even when receiving a loan for the entire appraised value of a house.

3. Strict limits on closing costs. Closing costs for traditional mortgage loans can add up quickly, but with a VA loan, strict limits are imposed on what closing costs are allowed.

4. Lower interest rates. Because VA mortgages are partially guaranteed by the VA, lenders are encouraged to offer more favorable terms than conventional loans. This can often translate into lower interest rates than those for conventional mortgages.

5. Potentially lower minimum credit score to qualify. The VA doesn’t set a minimum credit score requirement, although many VA lenders have guidelines for minimum credit scores for qualification. Your lender may look past your credit score to see your unique financial situation to help get you the best VA loan possible.

6. No prepayment penalty. Traditional mortgages may penalize you for paying off your loan early, but with a VA loan, there is no penalty for eliminating your mortgage ahead of schedule. If you’re able and decide that you want to pay off your mortgage, you’re not forced to keep unnecessary debt.

Ready to get started on your path to home ownership? Start with getting pre-approved for a mortgage that fits your needs and goals.

Article provided by Navy Federal Credit Union. When shopping for a VA home loan consult your local REALTOR for information on which lenders provide the best and quickest service for you and your family. Your working REALTOR has experience with multiple lenders and can provide you with a wealth of information on the lenders loan servicing time and their clients overall satisfaction with the lenders.

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No Down Payment VA Home Loans in San Diego CA

No Down Payment VA Home Loans in San Diego CA

No Down Payment VA Home Loans in San Diego CA

No Down Payment VA Home Loans in San Diego CA
No Down Payment VA Home Loans in San Diego CA

Apply for a No Down Payment VA Home Loan in San Diego CA with United Veterans Home Mortgage!

NO Down Payment and Interest Rate

No Down Payment VA Home Loans require ZERO down payment from the borrower.  Interest rates are based on the applicant’s credit score and are LOW right now.  Interest rates can be fixed over the life of the loan and do not adjust.

What Can My No Down Payment VA Home Loan Be Used For?

You can purchase an existing home or have a new construction home built.  No Down Payment VA Home Loans can even be used to buy multifamily property.  You can also refinance your existing home with this loan program.  Home must be a single family, duplex, triplex, or fourplex property.  You must owner occupy the property.

How to Apply For A No Down Payment VA Home Loan

Apply online with Matt Schmidt at Veterans United Mortgage Company.  Like all of our team members, Matt is a VETERAN and has put his experience and education to work for many borrowers. Matt takes pride in qualifying both active duty and veterans. He specializes in originating  No Down Payment VA Home Loans in San Diego CA.

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