San Diego 0% Down VA Home Loan (Updated Numbers & Details for 2022 | 2023)

(Please note - these numbers below have been updated for 2022 and are specifically for San Diego however we can do loans throughout California. We do our best to make sure everything is correct at the time you are reading it.)

?? In this post I break down the ins and outs of the $0 down VA mortgage loan in San Diego

?? This home loan is great for anyone that served in the military or does now, wants to take advantage of going $0 down, no monthly mortgage insurance, and the ability to have the seller pay for all your closing costs. 

In this post I go over:


Here's the main points and highlights of the program... 

(Please keep in mind we are approved with 40 +/- wholesale lenders in the state and the guidelines below are a great rule of thumb and not written in stone. Once you apply we will select which lender best suits your needs).

?? Buy with $0 money down for the loan

?? No monthly mortgage insurance (unlike the USDA, FHA, or Conventional)

?? No prepayment penalties

?? No max debt to income limits like a USDA (max 41%) conventional (max 50%) FHA (max 56.99%)

?? No max loan amounts like a conventional and FHA at $879,750

?? If you put down 0% your VA funding fee is 2.3% on first use and 3.6% on subsequent uses (this can also be paid by the seller, wrapped into the loan amount, paid by a lender rebate, or all the above)

?? You can buy a home, pud, townhome, condo, duplex, triplex, and fourplex (you can also do manufactured homes although I do not work with manufactured loans). 

?? This is good for a principal residence only (You need to live there - can't be for a second home, vacation home, or rental). 

?? The list of VA eligible borrowers include:

?? Active duty service members

?? members of National Guard

?? Reservists

?? surviving spouces of veterans

?? cadets at the US military, US airforce, coastguard academy, midshipmen at US naval academy, 

?? Minimum service required:

?? You’ve served 181 days of active duty during peacetime

?? You’ve served 90 days of active duty during wartime

?? You’ve served six years in the Reserves or National Guard

?? Your spouse was killed in the line of duty and you have not remarried

?? What else do you need:

?? You'll need your certificate of elgibility which you can get through the va benefits portal or we can at loan submission

?? If we are unable to get the COE either from the va benefits portal, or from the lender at submission, we will need your DD-214


Here's 3 of the most common questions I get (and how I answer them)... 

(Please keep in mind your personal situation might be different and these are used as examples only).

? Question #1: If I have used a VA loan before can I use it again?

Short answer is yes. Your VA funding fee is 3.6% on subsequent use. But, there's no limit to the amount of VA loans you can have if you simply buy, live in it, sell, and buy another. 

? Question #2: I have heard different things - what is the max loan amount I can get?

There is no max loan amount for the VA loan. Each lender I use, might have different max loan amounts they accept, but I can always use another lender if needed for higher loan amounts. 

? Question #3: I have other debt currently - how is debt to income calculated and what is the max allowed?

There is no maximum debt to income ratio allowed for a VA loan - meaning, there's nothing written in stone. As long as you qualify, you are fine. We simply add up your total debts + future housing payment / your gross monthly income = dti ratio. 


Here's 3 secrets of this loan (or misconceptions) you might not be aware of... 

(Please keep in mind your personal situation might be different and these are used as examples only).

?? Secret #1: VA home loan rates

Va home loan rates are usually the lowest out of any loan product - whether thats USDA, conventional, FHA, Jumbo, or non QM. And, when you factor in you do not have monthly mortgage insurance (MI) like the USDA, Conventional, or FHA might - lower total monthly payments as well. 

?? Secret #2: VA home loans are assumable

Think of this. You buy a home, use a VA loan, and then want to see, lets say in 10 years, but rates are much much higher. With a VA loan, assuming they are VA elgible, they can simply assume your loan (and pay you the difference in cash). 

?? Secret #3: Do NOT be on the "CAIVRS" list

Make sure you are NOT on the credit alert verification reporting system as someone that has defaulted on a government obligations. 


Here's the (potential) cash out of pocket you can expect: 

(Please note this can vary from borrower to borrower so this is just some helpful guidelines: Your own deposit, home inspections, and home appraisal may vary).

?? Let me be very clear - I 100% understand if you buy with $0 down, we have the lender pay closing costs via a lender rebate (or maybe ask seller to pay some as well), that limits your cash out of pocket - maybe to $0. I 100% get that and so do 99.99% of all agents. But, you *will* have cash out of pocket. Below, are what I am experiencing with clients. 

?? Deposit - You should count on putting between 1% to 3% of your sales price - as your deposit into escrow - within 3 days of your offer being accepted. This is totally negotiable between the buyer (you) and the seller. I have helped clients with as little as $500 into escrow for VA loans. But, keep in mind with the low inventory in San Diego, and lots of offers on each property, that's not a likely scenario as I type this. 

Please keep in mind this is 100% refundable - if it's not used for the down payment, closing costs, or escrow impounds - and refunded back at the close of escrow. 

?? Home Inspections - You *should* use a licensed home inspector to check out the property to understand the kind of shape it's in. Do you HAVE to? No, just highly recommended. Depending on if it's a home or townhome/condo it will be somewhere around $250-$750 +/-. 

(Please keep in mind - you can choose to inspection anything you want. The roof, septic, plumbing, electrical, pool, spa, foundation, etc. There are no limits to the inspections you can make as the buyer.) 

?? Home Appraisal - You will need to get a home appraisal on the property since you are getting financing. The great news is we can have this paid through escrow so you do NOT pay this out of pocket (probably). This has nothing to do with the buyers agent (me), the listing agent, the seller, the lender, etc. This will be around $600 +/-. 

?? My offer to you: If you use my services for the real estate and loan I will credit towards your closing costs at the close of escrow whatever you spent on your home inspection and appraisal as my way of saying "thank you" for utilizing my services. 


Basic documentation needed from you (or you and co borrower) to begin... 

(Please keep in mind these are the basic documents we will probably need. Depending on your personal situation we may need more or less and will advise accordingly). 

?? Copy of your drivers license (screen shot is fine)

?? Copy of your social security card (screen shot is fine)

?? Last 30 days paychecks (you should get these from your employer via email and PDF each time you are paid). 

?? Last 2 months bank statements - all pages (You just log into wherever you have a bank acount online and save the last 2 months via PDF.)

?? Last 2 years taxes and W2's - If you do not have them you can get them from the IRS website here

?? Latest statements if you have anything like: 401(k), retirement, stocks, bonds, mutual funds, etc

?? If you are self employed we will need last 2 years taxes and W2's (if applicable) as well as year to date profit and loss sign and dated (you can do this - doesn't need to be a CPA). 

?? We can potentially need more depending on things like: pay or collect child support, have been divorced, have had a short sale or foreclosure, have filed bankrupcty, have rental properties, etc. 


Here's your steps to begin right now... 

  1. Fill out my online application at Scotts Loan App.com. If it's just you - then you fill it out just for yourself. If you are married - it's you and your spouse (regardless if they work or not, their income, their credit, etc.) If its you and a co borrower - then you both fill it out.

  2. Once complete I will be alerted, check everything over, send you out a list of needed supporting documents, and clarify anything if needed

  3. Once I get the needed supporting documents from you I will double check the application, your needed supporting documents, pull your credit report (it's currently $38 +/- and I pay for that), and get back to you with best scenarios.

  4. If a VA loan doesn't work for whatever reason we can always look at going with another loan program that's better suited for your needs. 


? I would love to help assist you with your VA home loan - please feel free to give me a call, text, or use the form below. 

Your VA Loan Insider,

Scott

Get Scott's Personal Help Below...


This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Where Do You Want To Go Next?

By clicking “Send” I/We agree by electronic signature as stated below: 1) To be contacted by telephone even if the telephone number appears on a State/National Do Not Call registry or any company’s Do Not Contact lists. 2) To this website’s Privacy Policy and Terms of Use.

See Our Top Blog Posts Below...

San Diego VA Approved Homes, Townhomes and Condos for Sale...

2597 Properties
Page 1 of 73
$760,000
Neighborhood: Las Colinas
3
Beds
2
Baths
1,288
Sq.Ft.
1956
Year Built
1
Day on Site
220021427
MLS
An Investors Dream Property In San Diego...also for a family too! Current main level home is a 2 bed / 1 bath with a studio ADU below. A development potential for 3 new homes on this sizable lot of...
Open 8/20
723 Foxhall Court San Marcos, CA 92078
$1,395,000
Neighborhood: San Marcos
5
Beds
3
Baths
2,273
Sq.Ft.
1999
Year Built
1
Day on Site
220021428
MLS
LOCATION LOCATION LOCATION! NO HOA NO MELLO ROOS! Turnkey home and entertainer s dream. 4 bedrooms upstairs plus a downstairs bonus room that can be used as an office, a bar, kids playroom or even a...
$649,900
Neighborhood: Alta Vista
3
Beds
2
Baths
1,329
Sq.Ft.
1959
Year Built
2
Days on Site
305719642
MLS
Charming and well-maintained single story cottage ideally located in the highly coveted Alta Vista neighborhood. Situated on a large lot with plenty of usable space, with a wonderful country feel, no...
Open 8/21
5625 Lake Vista Dr Bonsall, CA 92003
$880,000
Neighborhood: Bonsall
3
Beds
2F11/2
Baths
2,435
Sq.Ft.
1973
Year Built
2
Days on Site
220021334
MLS
LOCATION, LOCATION, LOCATION...This spacious and charming home sits on a private lot in a highly desired neighborhood of Bonsall. There are No HOA's, no Mello-Roos & located in the Bonsall school...
$695,000
Condo: Corte Bella
3
Beds
3
Baths
1,238
Sq.Ft.
2004
Year Built
2
Days on Site
305717619
MLS
Coming soon! Beautiful 3 bed/3 bath with modern upgrades, hill views and a great location in the gated Coronado Ranch community! This turn key townhome has wide plank hardwood flooring throughout...
3
Beds
2
Baths
900
Sq.Ft.
1997
Year Built
2
Days on Site
305723581
MLS
Price reduction! This is the lowest priced 3 bedroom townhouse in the entire San Diego county! Period! This is a townhouse, not a condo. Property has 3 bedrooms, 2 full bathrooms, single story and...
4
Beds
3
Baths
2,515
Sq.Ft.
1989
Year Built
2
Days on Site
305723586
MLS
LOOKING FOR A BEAUTIFUL, RARE PROPERTY WITH NO HOA, NO MELLO ROSS BUILT IN A LARGE 26,571 SQUARE FT LOT? DON'T MISS OUT, THIS IS WHAT YOU'RE LOOKING FOR!!! 4 BEDROOMS, 3 FULL BATHS, PERMITTED BONUS...
$599,000
Neighborhood: Point Loma / Ocean Beach
2
Beds
2
Baths
986
Sq.Ft.
1966
Year Built
2
Days on Site
220021337
MLS
Beautifully upgraded top floor end unit at Point Loma Villas. Quiet location facing Jacaranda trees inside the complex (not facing street). Just blocks park and dog park, 1 mile to beach. This unit...
Coming Soon on 08/26
1075 Hayuco Plz Chula Vista, CA 91910
$649,900
Neighborhood: Rancho Del Rey
3
Beds
2
Baths
1,242
Sq.Ft.
1989
Year Built
2
Days on Site
220021338
MLS
Turn key 3 bedroom 2 bath single level home in quiet Villa Palmera complex. Attached 2 car garage with direct access to home. Refrigerator, washer and dryer included. Skylights, vaulted ceilings in...
$774,000
Neighborhood: Rancho Penasquitos
3
Beds
2F11/2
Baths
1,510
Sq.Ft.
1995
Year Built
2
Days on Site
220021339
MLS
This clean, light and bright town home is ready for you to move right in. With an attached 2 car garage it lives like a house. The spacious floor plan offers a huge kitchen that is open to the living...
Open 8/19
3140 Xenophon St San Diego, CA 92106
$2,075,000
Neighborhood: Loma Portal
3
Beds
2
Baths
1,682
Sq.Ft.
1956
Year Built
2
Days on Site
220021340
MLS
Listed at recent appraisal value of $2,075,000!!! Point Loma hidden gem is now on the market. WOW, I'M OBSESSED! 180 degree harbor and city views, located on a secluded driveway (additional privacy),...
Open 8/20
3106 Maple St San Diego, CA 92104
$2,249,000
Neighborhood: Burlingame
3
Beds
2F11/2
Baths
2,269
Sq.Ft.
1917
Year Built
2
Days on Site
220021341
MLS
A rare opportunity to purchase a tangible piece of San Diego history. The Edward and Blanche Gibson house, built by master craftsman Alexander Schreiber in 1917, is the only example of a Japanese...
2
Beds
2
Baths
1,050
Sq.Ft.
1995
Year Built
2
Days on Site
305722008
MLS
Turn-key 2 bedroom and 2 full bath 2nd floor Condo in one of the best areas in Spring Valley located within the Sandstone Community with easy and quick access to freeway 94 and 125. Unit assigned...
$799,000
Neighborhood: North Clairemont
3
Beds
2
Baths
1,014
Sq.Ft.
1959
Year Built
2
Days on Site
305723616
MLS
This 3 bedroom 2 bathroom North Clairemont home has granite counter tops, travertine flooring, dual pane windows, ceiling fans and central air conditioning. Enjoy entertaining in your large backyard...
Open 8/20
3907 Geogria St #11 San Diego, CA 92103
$499,000
Neighborhood: North Park
1
Beds
1
Baths
681
Sq.Ft.
1997
Year Built
2
Days on Site
220021344
MLS
Come view this one bedroom one bath unit right off University Ave, on the border of Hillcrest and North Park. This well maintained unit is in the middle of it all. Condo boosts a quiet atmosphere...
$829,000
Neighborhood: El Cajon
4
Beds
2
Baths
1,771
Sq.Ft.
1977
Year Built
2
Days on Site
305712466
MLS
Don't miss out on this single level 4 Bedroom / 2 Bathroom El Cajon home. Upgraded kitchen with stainless steel appliances, island, granite countertops, eating area, sliding doors to the outside and...
2
Beds
1
Baths
768
Sq.Ft.
1954
Year Built
2
Days on Site
305723636
MLS
OCEAN VIEW Detached home with a huge lot in Capistrano. Renovated updated bathroom and kitchen with beautiful wood style tile flooring throughout. Stainless steel appliances. All new paint, move in...
$1,175,000
Neighborhood: Pravada At Rancho Del Oro
4
Beds
2F11/2
Baths
2,392
Sq.Ft.
2002
Year Built
2
Days on Site
305723642
MLS
Paradise awaits. Welcome to Pravada at Rancho Del Oro, where the community's premier lot is paired with an upscale interior and a true entertainers dream backyard. This airy and bright floorplan...
Coming Soon on 09/01
6532 Goodwin St San Diego, CA 92111
$700,000
Neighborhood: Linda Vista Unit 5
4
Beds
3
Baths
1,180
Sq.Ft.
1942
Year Built
2
Days on Site
220021301
MLS
Live Auction! Bidding to start from $700,000! Ocean breezes, and canyon views welcome you to this centrally located, 4 bedroom, 3 bath (2 partial) well maintained home on a cul-de-sac in Linda Vista....
Open 8/20
15846 Green Haven Ct Ramona, CA 92065
$525,000
Neighborhood: Ramona
3
Beds
2F11/2
Baths
1,582
Sq.Ft.
1977
Year Built
2
Days on Site
220021347
MLS
Welcome to this Spectacular end unit that lives like a single family home! Step in to find a warm open concept with numerous upgrades that include new paint inside & out, Remodeled wood burning...
Open 8/20
1311 Haglar Way #4 Chula Vista, CA 91913
$629,000
Condo: Heatherstone Village At Otay
3
Beds
2F11/2
Baths
1,458
Sq.Ft.
2004
Year Built
2
Days on Site
220021348
MLS
Remodeled Hearthstone Village town home! Upon entry, beautiful barn doors provide a convertible use room that can be used as a bedroom or office with access to a private patio. The main floor has...
Open 8/20
3064 Marathon Dr. San Diego, CA 92123
$998,000
Neighborhood: Serra Mesa
3
Beds
2
Baths
1,056
Sq.Ft.
1958
Year Built
2
Days on Site
220021349
MLS
Charming Serra Mesa home with private backyard oasis! Spend this summer lounging by the pool, unwinding around the fire-pit, or enjoying some shade under your huge covered patio with family and...
$799,000
Neighborhood: Pine Valley
4
Beds
3
Baths
2,485
Sq.Ft.
1965
Year Built
2
Days on Site
220021350
MLS
REDUCED 40K...VA ASSUMABLE 2.25% OAC !!! This beautiful home is situated on over 1/2 acre level usable fenced lot. New wood fencing. Tree studded native Pines and Oaks. Very spacious with 4bd, 3ba. 2...
Open 8/20
2045 Mindoro Lane #2 Chula Vista, CA 91915
$615,000
Neighborhood: Suwerte & Alay At Otay Ranch
2
Beds
2F11/2
Baths
1,192
Sq.Ft.
2019
Year Built
2
Days on Site
220021352
MLS
Welcome to your stunning, FULLY UPGRADED townhome in the highly sought-after and sold out community of Suwerte! Built in the end of 2019 and located in the heart of Otay Ranch, this turnkey 1,192...
3
Beds
3
Baths
4,320
Sq.Ft.
2009
Year Built
2
Days on Site
305722519
MLS
Rare opportunity to own this grand, contemporary Santa Fe-style estate with opulent finishes and breathtaking 360-degree views! This hillside masterpiece, located within a private, gated community...
$699,000
Neighborhood: Ramona
3
Beds
2
Baths
1,612
Sq.Ft.
1978
Year Built
2
Days on Site
220021355
MLS
Beautiful single story home with many upgrades. Gourmet kitchen with granite countertops. Open floor plan. Great room open to living room, dining room and kitchen. Spacious bedrooms. Solar with...
3
Beds
2
Baths
1,705
Sq.Ft.
1979
Year Built
2
Days on Site
305720922
MLS
Talk about serene living! Enjoy fantastic mountain views from this 3 bed/2 bath home situated on a spacious .65-acre lot! The open floor plan features a cozy fireplace in the living room and an...
4
Beds
3
Baths
1,700
Sq.Ft.
1960
Year Built
2
Days on Site
305723692
MLS
Birdland is one of San Diego's most desired neighborhoods. Centrally located to all that SD has to offer, easy access to freeways, shopping, fine dining, Downtown, and the airport makes this pocket...
$1,700,000
Neighborhood: Talmadge
3
Beds
2
Baths
1,645
Sq.Ft.
1950
Year Built
2
Days on Site
305723702
MLS
Ultra-Captivating and Luxurious One-Level Home with Backyard Paradise! Situated in the coveted subdivision of Talmadge Park Estates, this 3BR/2BA, 1,645sqft residence exudes posh vibes with...
Open 8/20
17365 Tablero Pl San Diego, CA 92127
$949,000
Neighborhood: Westwood
3
Beds
2
Baths
1,548
Sq.Ft.
1971
Year Built
2
Days on Site
220021357
MLS
Single Level Home With Views In The Prestigious Westwood Community Of Rancho Bernardo!
$2,800,000
Neighborhood: Bay Ho
7
Beds
5
Baths
3,070
Sq.Ft.
2022
Year Built
2
Days on Site
220017327
MLS
3 units, newly constructed, on one lot! 1468 Sq Ft primary Detached 3 bed 2 bath Home with a 720 Sq Ft rooftop deck with panoramic views and attached 2 car garage. 1103 Sq Ft 3 bed 2 bath ADU with an...
$949,900
Neighborhood: Sea Mesa
4
Beds
2F11/2
Baths
2,154
Sq.Ft.
1980
Year Built
2
Days on Site
220021361
MLS
Beautiful 4 Bed House with Panoramic Views and a Great Floor Plan! Plenty of Room for Entertaining! The Living Room has Vaulted Ceilings and a Stunning Fireplace. The Kitchen was Remodeled a Few...
$1,299,000
Neighborhood: Beach
3
Beds
2F11/2
Baths
1,478
Sq.Ft.
2013
Year Built
2
Days on Site
305721704
MLS
Are you looking for a turn key home by the beach? This gorgeous home built in 2013--will have you at hello....beautifully updated and very welcoming. Two blocks to the Pacific ocean this 3 bedroom, 2....
Coming Soon on 09/05
1587 Greenfield El Cajon, CA 92020
$679,000
Neighborhood: Olive Hills
3
Beds
2
Baths
1,196
Sq.Ft.
1959
Year Built
2
Days on Site
220021362
MLS
This beautiful single level home is located in the quiet olive hills neighborhood. The home boasts an upgraded kitchen with granite countertops and stainless steel appliances. Both bathrooms have...
5
Beds
4F11/2
Baths
5,328
Sq.Ft.
2000
Year Built
2
Days on Site
305723757
MLS
Gorgeous Spanish-inspired Valley Center estate on over 8 view acres. This expansive resort boasts separate revenue producing homes and leased parcel. The exquisite main home features 5,328 sq ft 5...
$1,499,900
Neighborhood: Scripps Ranch
5
Beds
3
Baths
2,401
Sq.Ft.
1972
Year Built
2
Days on Site
220021366
MLS
Rare opportunity to gain rental income prior to move-in! Property is being sold with tenants in place with the option to move-in after the lease is up or to continue using as an investment property....

Post a Comment