Provided one is seeking help with San Diego VA loans, and one wants an expert Broker in their corner to help navigate the murky waters of applying for home loans, locking in today’s low-interest rates, and bartering better loan terms, and we came across this San Diego mortgage broker, David LePari we think would interest one.
Backed by the U.S.A Department of Veteran Affairs, San Diego VA loans are designed to help active-duty military personnel, veterans and certain other groups become homeowners at an affordable cost.
San Diego VA loans ask for no down payment, require no mortgage insurance, and have lenient rules about qualifying, among many other advantages.
In case one is on the fence about applying for VA home loans in San Diego, here are the top VA loan benefits:
1. No Down Payment on San Diego VA Loans
Most home loan programs require one to make at least a small down payment to buy a home.
The VA home loan, however, offers an exception.
Rather than paying 3.5%, 5%, 10%, or 20% or more of the home’s purchase price upfront in case, with a San Diego VA loan, one can finance up to 100% of the purchase price.
San Diego VA loans are a true no-money-down home mortgage opportunity.
2. No Mortgage Insurance For San Diego VA Loans
Typically, lenders require one to pay for mortgage insurance if one makes a down payment that’s less than 20%.
This insurance – which is known as private mortgage insurance (PMI) for a conventional loan and a mortgage insurance premium (MIP) for an FHA loan – would protect the lender if one defaults on the loan. All this so far makes a VA-backed mortgage very affordable upfront and over time.
3. One’s VA Loan Amount In San Diego Has A Government Guarantee
There is a reason why the VA loan comes with such favorable terms.
The Federal Government guarantees these loans – meaning a portion of the loan amount will be repaid to the lender even if one is unable to make monthly payments for whatever reasons.
This guarantee encourages and enables private lenders to offer San Diego VA loans with exceptionally attractive terms.
4. One Can Shop For The Best VA Loan By Rates
San Diego VA loans are neither originated nor funded by the VA.
They are not direct loans from the Government, either.
Furthermore, VA mortgage rates for San Diego VA loans are not set by the VA itself.
Instead, VA loans are offered by U.S. banks, savings-and-loans institutions, credit unions, and mortgage lenders – each of which sets its own VA loans rates and fees.
This means one can shop around and compare loan offers and still chose the VA loan that works best for one’s budget.
5. San Diego VA Loans Do No Allow A Prepayment Penalty
A VA loan won’t restrict one’s right to sell a property through one’s loan term.
There are no prepayment penalties or early-exit fees no matter what, within what timeframe one decides to sell the home.
Furthermore, there are no restrictions regarding a refinance of one’s VA loan as one can refinance an existing VA loan into another VA loan via the agency’s Interest Rate ReductionRefinance Loan program aka IRRRL, or switch into a Non-VA loan at any time.
These are just some of the benefits and primary information surrounding San Diego VA loans for active-duty military personnel, veterans, and certain other groups to become homeowners at an affordable cost.
Equis Mortgage Group NMLS #2009443 / DRE #01438695
David LePari, Broker NMLS #2027739
Company Name: Equis Mortgage Group, LLC
Contact Person: David Lepari
Email: Send Email
Phone: (619) 368-0941
Address:11440 WEST BERNARDO COURT, SUITE 300
City: San Diego
Country: United States