Tired of renting? Purchase a home using your VA home loan. If you’re in base housing, paying utilities and have no A/C you should look at buying a home. If you’re renting off base, you should consider being a home owner. The VA home loan is the best loan on the market today. Veterans and active duty military should take advantage of the VA home loan benefit. By being educated on how the VA loan works, the veteran and active duty military personnel will truly understand the benefits.
This lovely 5 bedroom, 3 bath home fore sale in Chula Vista, CA is a great buy for military personnel stationed in San Diego. The home is available to be purchased using the VA loan. The mortgage payments on this home would be a good way to use the monthly Bachelor Assisted Housing Allowance (BAH) instead of paying rent.
Here are further details on the home for sale.
What is a VA loan? – Veteran Administration (VA) Guaranteed loans are made by private lenders to eligible Veterans for the purchase or refinance of a home.
It’s important to know that the VA is not a bank. The VA does not loan the money, fund the loan, or service the loan. What the VA does is guarantee the loan by providing protection to the lender against loss if the Veteran fails to repay the loan.
The VA loan began in 1944 through the original Servicemen’s Readjustment Act also known as the GI Bill of Rights. This program was intended for Veterans and their families to realize the dream of homeownership by offering access to lower cost financing. The VA announced in October 2012 that the Dept. had guaranteed it’s 20 millionth home since the program’s inception in 1944. At the time of the historic announcement at total of 540,000 homes were guaranteed by VA in 2012. (VA press release Oct. 26. 2012)
Important features of the VA Home Loan:
1. Must be for Veteran’s own personal occupancy.
2. Max guaranty is up to 25% of the Freddie Mac maximum conforming limit
3. NO down payment required – up to 100% financing ****
4. Ability to finance the VA Funding Fee
5. One Fixed or ARM option loan – fully amortizable – NO interest only options
6. Flexible Credit Standards
7. No mortgage insurance premiums
8. An assumable mortgage
9. No prepayment penalties
10. VA offers assistance to borrowers in default
11. Lenders control the pace of the transaction
12. VA home loan can be used more than once by a veteran
Interested to learn more about the VA home loan benefit and to get approved? Call Lorraine at 619-248-5484.