In 2013, VA Loans in San Diego County will have a limit of $500,000 for 100% financing. This is an increase from $477,000 for 2012. VA Home Loans in San Diego are available above $500,000 with a small down payment. As a San Diego Mortgage Broker, we have lenders who will go up to $1.5 million on a San Diego VA Loan.
VA Loans – San Diego 100% Financing
VA loans don’t have mortgage insurance like FHA loans, but they have an upfront funding fee. The funding fee is a percentage of the loan amount and can be added to the loan. Click on the previous hyperlink to learn more about the funding fee structure.
San Diego VA Loan Eligibility
Active duty personnel in the United States military or Veterans are eligible to use San Diego VA loans. The spouse of an eligible veteran is also eligible for a VA home loan in San Diego. The veteran must have a Certificate of Eligibility in order to receive a San Diego VA Loan.
The Certificate of Eligibility lets the lender know how many times (if any) the veteran has used their eligibility and up to what amount the VA will insure the loan.
Qualifying for VA loans in San Diego
The veteran’s credit history, employment, income, and other factors will be reviewed to determine if they can qualify for a VA home loan in San Diego. VA loans are not credit score driven, but the interest rate will be better with a higher FICO score. Many lenders have a minimum 620 FICO score requirement.
San Diego VA Loans can be approved up to a 60% debt to income ratio if the file is run through an automated underwriting system and receives an approval. This is much higher than your typical loan.
San Diego Mortgage Rates for VA Loans
As stated above, the better credit score a veteran has, the better rate they will receive on their San Diego VA Loan. A credit score of 740 is going to give the veteran the best interest rate. Currently the mortgage rates on San Diego VA Loans are around 3.25% -3.5%.
If you are a veteran and have any questions concerning VA Loans in San Diego or would like to know what San Diego Mortgage Rate you would qualify for, please feel free to give me a call at 619-312-0612 or request a quote HERE.