San Diego VA Mortgage Loan Guide for 2017

San Diego County has a military population of nearly 100,000. That means there are a lot of servicemen and women in the area who could benefit from a VA-backed home loan.

We are passionate about this program, so we’ve created a San Diego VA mortgage loan guide for 2017. Please contact us if you have questions that aren’t answered below.

The VA Loan Program at a Glance

Definition: A VA loan is a home mortgage loan that is made by private lenders (banks, mortgage companies, etc.) to eligible military service members and veterans. These loans are guaranteed by the federal government, through the U.S. Department of Veterans Affairs.

San Diego VA loans offer 100% financing to eligible borrowers. That means you could buy a home with no down payment whatsoever (though you might have to pay some closing costs and fees). This is a unique advantage you probably won’t find with any other mortgage program. It’s a benefit reserved for military members and their families.

San Diego County VA Loan Limits for 2017

If you’re planning to use a VA loan to buy a home in San Diego, you should also be aware of certain size restrictions that may affect you.

Technically, the Department of Veterans Affairs does not limit the amount of money you can borrow under this program. But they do limit the amount they are able to guarantee or back, and this can indirectly affect the amount you’re able to borrow through a lender.

In 2017, the VA loan limit for San Diego County is $612,950. That’s the official maximum guaranty amount for the county. But it’s up to the mortgage lender to determine how much you can borrow, and this will largely depend on your current income and debt situation. Please contact us if you’d like to find out how much you’re able to borrow.

Basic Eligibility Requirements

Borrowers can use a San Diego VA loan to buy a house, a condo unit located within a VA-approved project, or a manufactured home. It’s also possible to purchase and improve a house all at once, under this program.

Generally speaking, borrowers must be current or past members of the military to be eligible for VA-guaranteed mortgage financing. Before applying for a loan, you must obtain a Certificate of Eligibility (COE) from the Department of Veterans Affairs.

Here’s an overview of who is eligible for the program:

• Active duty military who have served at least 90 days continuously.
• Veterans who have served at least 90 days during wartime, or at least 181 days during peacetime.
• National Guard and Reserves after six years of service, or after 90 days for those who served during the Gulf War.
• Spouses of military veterans are eligible for San Diego VA loans in some cases. According to official Department guidelines, this applies to the “Unremarried spouse of a Veteran who died while in service or from a service connected disability, or spouse of a Servicemember missing in action or a prisoner of war.”

How to Get Started

The first step in applying for a VA loan in San Diego is to obtain your Certificate of Eligibility (COE). This shows mortgage lenders that you are, in fact, eligible to participate in the program. You can request a COE online by visiting the VA’s “eBenefits” website (www.ebenefits.va.gov), or by mail. We can also help you obtain your COE.

After that, you can apply for the program through an approved mortgage company. You’ll receive a rate quote along with an estimate of closing costs and other fees that might be due at closing.

We can help! Bridgepoint Funding has been serving home buyers in California for more than 16 years. We are passionate about the VA loan program, because it rewards our brave men and women in uniform. We are proud to participate in this program. Please contact us if you have questions about applying for a San Diego VA loan, or if you’d like a rate quote.