Hi Cleda,

This question was just passed along to me; I left you a voicemail, as well.

VA loans offer 100% financing to qualified personnel. Sellers can pay up to 4% of the purchase price towards closing costs. New loan limits, for San Diego County, in 2009, are $593,000. Generally speaking, all active duty service members will qualify.

Did you know that one on ten Californians is a veteran? Pretty amazing, huh? Don't overlook this unique financing product when speaking with buyers. It can be used over, and over again.

Rowena has given some good tips on getting started with a VA loan. Some other advantages is you can get 100% fianancing. It's one of the only true 100% financing options available. Another thing to look out for is condo's, ownhomes and PUD's have to be VA approved in order for a buyer to get a VA loan to buy them. It's best to find a experienced VA loan officer that knows how to look VA approved condo's up for you and is willing to do so.

San Diego is a Va market since we have major bases here like Camp Pendleton and Navy base by 31st.
The advantge of VA loans is it is not FICO driven and since we are at war you just need to be in active service for 90 days. However, sometimes i takes longer to close because of paper work and home inspection is more stricter compared to a conventional loan. Your buyers need to come up with the funding fee for the loan.

The first thing they need to do is fill out a Form 26-1880 and request for a DD214 so that they can get a COE from the VA Department unless they have this the loan won't be processed or close. Your buyer can do this himself so they know how much benefit they are entitle to or a loan officer can help you.

Make sure you go to a VA approved lender though because not all loan or mortgage brokers are approved to process VA.

The VA forms and FAQs are available on our website as well as links to VA dept information so feel free to look and download the forms or you can call me if you have more questions. (619) 316-7968