VA Loans

VA Loans became available to veterans as part of the Servicemen’s Readjustment Act which was passed by Congress in 1944. This act was designed to provide various benefits to veterans and their surviving spouses. The VA loan was created to help American veterans purchase a home in situations where alternative financing was difficult to obtain. By guaranteeing these loans and offering 100% financing, The U.S. Department of Veterans Affairs (VA) makes home ownership easier for many veterans. Peoples Home Equity is proud to offer VA financing to the many veterans throughout San Diego, California.

Before applying for a VA loan, you must be eligible. Fortunately, most veterans, military, and spouses of deceased military members will be eligible to apply. One of the first steps will be to acquire a Certificate of Eligibility (COE). A few credit and income requirements will also need to be met and verified in order to qualify for the loan. Veterans will find there are many advantages of San Diego VA loans when compared to other popular mortgage options.

San Diego VA Loan Benefits:

  • No down payment (appraised value cannot exceed sale price)
  • No private mortgage insurance (PMI)
  • No pre-payment penalty
  • Closing costs are limited by VA regulation and may be paid by the seller
  • VA funding fees can be financed with the loan (up to 3.3%)
  • Up to $417,000 loan amount (certain counties may be higher)

San Diego VA Loan Limits:

County Single-Family Two-Family Three-Family Four-Family
San Diego $580,750 $743,450 $898,700 $1,116,850

VA loans are available for the purchase of a new home and those with existing VA loans can choose to take advantage of VA refinancing options. Both Cash Out Refinance loans and Interest Rate Reduction Refinance loans are available depending on the individual needs of a borrower.

  • Purchase Loans – Offers veterans competitive terms, rates, and down payment options on loans for the purchase of a new home.
  • Cash Out Refinance Loans – Veterans in need of cash for various expenses such as home improvements, or management of other debts can take advantage of cash out refinance loans by tapping into their home equity.
  • Interest Rate Reduction Refinance Loan (IRRRL) – Existing San Diego VA loans can be refinanced at a more favorable rate through an IRRRL. This is also referred to as a VA Streamline Refinance Loan.

Whether you are a veteran looking to purchase your dream home, or an existing San Diego VA loan holder interested in obtaining a better rate, our team of VA loan experts at Peoples Home Equity can help you. For more information on San Diego VA loans or to begin the qualification process, do not hesitate to contact us today.