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

Falling Mortgage Rates Are Bringing Buyers Back

-
Image
  If you’ve been hesitant to   list your house   because you’re worried no one’s buying, here’s your sign it may be time to talk with an agent. After months of high rates keeping buyers on the sidelines, things are starting to shift. Rates are already coming down due to a number of economic factors. And yesterday the  Federal Reserve  cut the Federal Funds Rate for the first time since they began raising that rate in  March 2022 . And while they don’t control mortgage rates, this sets the stage for mortgage rates to fall even further than they already have – especially since more cuts from the Fed are expected into next year. And lower  mortgage rates  are bringing more buyers back into the market. Lisa Sturtevant, Chief Economist at  Bright MLS , says: “A drop in the cost of borrowing will help fuel more homebuyer demand . . . Falling rates will also bring more sellers into the market.” The best part? You can  take advantage  of th...
Read more

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 fe...
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 A...
Read more