July 1, 2022
  • July 1, 2022

San Diego VA loans are now offered at Equis Mortgage Group

By on March 15, 2022 0

Learn about San Diego VA loans now available at Equis Mortgage Group through San Diego County’s top lenders, along with the top five benefits of VA loans.

Provided one seeks help with San Diego VA loans, and wants an expert broker in their corner to help navigate the murky waters of applying for a home loan, locking in rates today’s low interest rate and bartering better loan terms, and we came across this San Diego mortgage broker, David LePari, we think you might be interested in.

Backed by the U.S. Department of Veterans Affairs, San Diego VA loans are designed to help active-duty military, veterans, and certain other groups become homeowners at an affordable cost.

San Diego VA loans require no down payment, require no mortgage insurance, and have lenient rules on qualifying, among many other benefits.

In case one is hesitant to apply for VA home loans in San Diego, here are the main benefits of VA loans:

1. No Down Payment on San Diego VA Loans

Most home loan programs require at least a small down payment to purchase a home.

The VA home loan, however, offers an exception.

Rather than paying 3.5%, 5%, 10%, or 20% or more of the original purchase price of the home in case, with a San Diego VA loan, one can finance up to 100% of the home price. ‘purchase.

San Diego VA Loans are a true no down payment home loan opportunity.

2. No Mortgage Insurance for San Diego VA Loans

Typically, lenders require you to pay for mortgage insurance if you have a down payment of less than 20%.

This insurance — known as Private Mortgage Insurance (PMI) for a conventional loan and Mortgage Insurance Premium (MIP) for an FHA loan — would protect the lender in the event of loan default. So far, all of this makes a VA-backed mortgage very affordable upfront and over time.

3. San Diego VA Loan Amount Has Government Guarantee

There’s a reason the VA loan comes with such favorable terms.

The federal government guarantees these loans – meaning that a portion of the loan amount will be returned to the lender even if one is unable to make monthly payments for whatever reason.

This guarantee encourages and enables private lenders to offer loans in San Diego VA with exceptionally attractive terms.

4. The best VA loan can be purchased by rate

San Diego VA loans are not originated or funded by the VA.

Nor are they direct loans from the government.

Also, VA mortgage rates for San Diego VA loans are not set by the VA itself.

Instead, VA loans are offered by US banks, savings and loan institutions, credit unions, and mortgage lenders, each setting their own VA loan rates and fees.

This means that one can shop around and compare loan offers and still choose the VA loan that best suits their budget.

5. San Diego VA loans do not allow prepayment penalties

A VA loan will not restrict the right to sell a property during the term of the loan.

There are no prepayment penalties or early exit fees no matter how soon one decides to sell the home.

Additionally, there are no restrictions on refinancing a VA loan, as one can refinance an existing VA loan into another VA loan through the agency’s interest rate reduction refinance loan program. , aka IRRRL, or switch to a non-VA loan at any time.

These are just some of the primary benefits and information surrounding San Diego VA loans for active duty military, veterans, and certain other groups to become homeowners at an affordable cost.

Equis Mortgage Group NMLS #2009443 / DRE #01438695

David LePari, Broker NMLS #2027739

Media Contact
Company Name: Equis Mortgage Group, LLC
Contact: David Leparis
E-mail: Send an email
Call: (619) 368-0941
Address:11440 BERNARDO COURT WEST, SUITE 300
Town: San Diego
State: California
The country: United States
Website: equismortgagegroup.com/san-diego-va-loans/