Fixed interest rate on a 30-year FHA loan
Total financing up to 99.5% of sales price**
Help with down payment and closing costs via low, fixed-rate second loan
Owner-occupied only. May own other property (within FHA requirements).
Single family residences, PUDs, FHA-approved condos and 2-unit properties (2-unit properties require 640 credit score)
580 credit score required. Those with no credit scores may also qualify with alternative credit requirements.
Income limits are 115% of HUD area median income (AMI). Non-occupying co-borrowers and co-signers are not allowed.
Also your other debt will effect it as the VA requires you have a certain amount of "residual income" (Income left over after you pay your debts, and based on your family size.)
I can tell you the amount, I am not sure if you are buying in CA or VA I can only lend in CA, but if you are buying in VA feel free to contact me anyway as I am glad to help.
You can contact me online by clicking on my picture or for faster service call me at 949-297-1207.
1. To get a true Zero down loan either the seller needs to pay the closing costs, or the lender needs to pay that. If the lender pays it, you will have a higher rate and payment which would change the calculations. If you do not know who will pay the closing costs, you do not know the rate. The market for buyers has gotten better, I recommend you at least try to get the seller to pay the closing costs so you can get the lowest payment possible. If the wont do that we can always pay the closing costs for you.
2. The VA has fairly complex guidelines on what they call "residual income," the amount of residual income is what is left after paying all of your bills, and the larger your family the higher the requirement is for that.
We are a direct endorsed VA lender with delegated underwriting authority, that means we can provide you with the best possible service and pricing. Last week we closed a VA loan in 8 days, most VA lenders are subject to delays.
On top of that it is hard to get sellers to accept VA offers, they do not want to pay closing costs and do the repairs required. We help you get your offers accepted by offering the seller guarantees.
For a free no obligation consultation you can click on my picture for information on line or for faster service call my direct line at 949-297-1207
Office: (619) 296-5626 X 7166
Toll Free eFax: (888) 828-6179
In addition, the VA requires that a "residual income" test is passed as well, which basically calculates your remaining income after some other expenses such as child care and tax expense per paycheck.
Now, VA can always be zero down regardless of whether one is a first time homebuyer or not. The only time you will need to put money down is if a) you are going over the county maximum (ie: in san diego, the max is 500K currently. To do a 600K purchase, you would need to put 25% of the difference down, or 25K) or b) if you have another property with a VA loan on it already, and your VA entitlement is partially in use already...
If you have any questions, I am here to help in any way that I can. If you are in VA, I dont think I can do the loan for you, but I am still willing to help point you in the right direction. I am a former Marine turned lender about 10 years ago, and am an expert in the field.
WJ Bradley Mortgage
We will look at your other debts as mentioned, but that is simply a FICO check that can be done in minutes. What areas are you and your family interested in? I appreciate your service to the USA!
-Steve Seper, Broker/Owner
Balboa Park Realty, MLS ID 4817 (Lic #01730524)
Are you still on active duty? If so where are you stationed? I am a former Marine, left active duty in 2011, the same year I first used my VA loan benefit. Over the last 3 years my team and I have closed over 100 VA transactions so we are very familiar with everything you need to know and we can refer you to one of the best VA lenders in San Diego. I would love to assist a fellow veteran in your search! Let me know if I can help. Call/Text 716.997.6504
Buyer Specialist / REALTORÂ®
Reef Point Realty & Construction
The consistent thread in the answers that you have gotten is that you need to speak to a lender who can answer your questions personally and approve you for a mortgage. That is an absolute necessity if you are serious about buying. No seller will take you seriously (nor will most agents) is you are not preapproved for a mortgage. Talk is cheap but a preapproval means that you really are a buyer.
Talk to friends, relatives, co-worker or trusted professionals such as your banker or insurance broker for a referral to a local mortgage professional who can get you on the road to home ownership.
Ricardo V Caccam
Coldwell Banker Real Estate
930 Prospect St.
La Jolla, CA 92037
VA Loans do not require a down payment. Your qualification for the loan depends on your income and debt to income ratio. Give me a call today... I have an amazing VA lender who only does VA loans. They also offer many discounts to first time home buyers. I look forward to hearing from you.
Realtor BRE LIC# 01934056
I am a licensed mortgage originator for the State of Virginia. Give me a call and I can go into greater detail with you at no cost.
GSF Mortgage Corp.