What You Should Know About VA Loans

-
  • Eligible borrowers are Active-Duty Military, Veterans and widowers of Veterans not re-married 
  • 100% financing in San Diego up to $546,250 
  • No mortgage insurance on the loan 
  • VA funding fee is waived if borrower is collecting 10% or more disability from VA 
  • Minimum credit score of 580 and above to qualify 
  • Loan amounts up to $1,000,000. Down payment is 25% of the difference over $546,250 
  • May re-use VA Certificate of Eligibility over and over again throughout your lifetime, usually on just one house at a time 
  • Up to 4% Third Party Concessions allowed. All or part of that may be used for debt reduction to qualify 
  • Condos must be on the VA Approved Condo List. No condo cert needed and we don’t ask about litigation, budget, reserves, owner-occupancy, etc… 
  • Seller does NOT need to pay any of the buyer’s closing costs 
  • Pest Inspection must be paid for and provided by the Seller. Repairs are negotiable as far as who pays for them. Buyer can pay for them but it must not interfere with the buyer financially qualifying for the loan 
  • Appraisals are handled directly by the VA and can take up to 10 business days 
  • Quick 21 days or less closing 

This information was given to me courtesy of
Sean Paul Aguirre of Movement Mortgage
Phone Number | (858) 888-2124

Comments

Post a Comment

Popular posts from this blog

Talking Real Estate with Hope Leitner, January 2023

-
Image
  2023 is already making headlines for the Real Estate Market. Don't let the bad news scare you. There really is no crash in sight according to the professionals. San Diego is even less likely to experience a steep downturn. There's just too much demand for what comes on the market here. The gains in 2020, 2021 & 2022 were so extreme, any decline at all just indicates a stabilizing market.   Rising interest rates may mean that some buyers will look into risky loans, this article below will arm you with the knowledge necessary to avoid a mortgage pitfall.    I love hearing from everyone on this email list. I am here to support you whatever your real estate needs might be.     January - Ponder this -  “We are born in ignorance, we die in ignorance, but maybe sometimes we learn something important and pass it along to others before we die. Or we write it down in a little book.” - Greg Bear - Reading is what helps us overcome our ignorance, our fears, our self-made walls. Janua
Read more

San Diego Market Update May 2024

-
Image
The market is heating up in time for the traditional summer rush. I wish I could say when the market will cool off or at least level off, But, I can't. All I can say is the economy is steady and the real estate market reflects that.    Below you'll find the housing report for the current month along with data from the preceding months. San Diego County continues to grapple with an inventory shortage. The average cost of a home has risen, but that doesn't mean there aren't still some affordable properties out there.    Whether you're contemplating a purchase or sale, I invite you to reach out. Let's discuss your options within the dynamics of our distinctive housing market, ensuring your decisions align with the current trends and realities.   If you know anyone who might be interested in receiving this market update every month, please have them sign up at this  link.   I am always here for my clients and their friends and family.   Your Forever Agent,   Hope Le
Read more

Curious about the Real Estate Commision Ruling?

-
Image
    Are you aware of the settlement reached by the National Association of Realtors (NAR) in a class action lawsuit last week?   This settlement could potentially have significant implications for the real estate market, particularly in regions with high property prices, like ours.   The lawsuit alleged that NAR's rules and practices regarding the sharing of commission between buyers' and sellers' agents stifled competition and inflated housing costs. As part of the settlement, NAR agreed to make changes to its rules and practices, including allowing greater transparency in commission rates and providing more information to consumers.   In high-priced regions like ours, where housing costs are already a concern for many buyers and sellers, any changes resulting from this settlement could have notable effects. Greater transparency in commission rates might lead to increased competition among real estate agents and potentially lower costs for consumers. However, it's esse
Read more