What is a VA Loan?

Today we are going to talk about VA Loans and who qualifies for this type of loan in San Diego.

In case you have never heard of it before VA loans are mortgage loans that are specifically for veterans in the United States.

The VA loan has been specifically designed to provide long-term financing for eligible American Veterans and their spouses. The purpose of a VA loan is to guarantee that an individual who has served in the military will be able to purchase a home. It is an option for any eligible veterans who are unable to secure other mortgage financing. Typically with a VA loan a veteran can purchase a home without a down payment. There are only certain locations in the country where VA loans are available.

What you need to know about VA loans in San Diego

In some cases an eligible VA loan recipient will receive financing without private mortgage insurance. They may even be eligible for a second mortgage.

In order to apply to qualify for a VA loan an individual must first fill out a standardized form. After they do this they must also fill out a form known as a “Freddie Mac”.

These forms are taken very seriously. In fact, it is considered a federal crime to lie on a VA loan application.

Now that you know a bit more about VA loans in San Diego, you have a better sense of whether or not you could possibly qualify. However, if you require more information about this type of mortgage loan feel free to contact a member of our team.