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

(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.

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

1391 Properties
Page 1 of 39
$1,865,000
Neighborhood: Trails
4
Beds
3
Baths
2,738
Sq.Ft.
2000
Year Built
1
Day on Site
220011917
MLS
This immaculate canyon view home built in 2000 is light, bright, south facing and sits on a double cul-de-sac Scripps Ranch street in the lovely Trails neighborhood built in 2000. Recently...
3
Beds
2
Baths
1,426
Sq.Ft.
1975
Year Built
1
Day on Site
305368805
MLS
3-bedroom, 2-bathroom, 2-car garage in Rancho del Rey. Home has been maintained and updated by current owner. New paint, updated kitchen, new kitchen flooring, solar panels, and new landscape with a...
$700,000
Condo: The Village At Escaya
3
Beds
2F11/2
Baths
1,495
Sq.Ft.
2019
Year Built
1
Day on Site
305393142
MLS
FLORA The Village of Escaya Community in Otay Ranch Chula Vista presents a stylish 3 bedrooms 2 1/2 bathrooms 2 story townhome. Your opportunity to own in San Diego Vibrant South County at Flora. The...
5
Beds
4
Baths
3,745
Sq.Ft.
2009
Year Built
1
Day on Site
305399106
MLS
Your Dream Home awaits in this area of hard to find listings in Eureka Springs! This large, open, light and bright floor plan has high ceilings and a cozy fireplace. This home has many upgrades...
4
Beds
2F11/2
Baths
1,098
Sq.Ft.
1966
Year Built
1
Day on Site
305450421
MLS
Charming Chula Vista home sitting on a 10,000+ sqft lot! This home features 4 bedrooms, 2.5 baths, PLUS a BONUS ROOM! This home has a ton of potential. Enjoy entertaining your guests in the spacious...
Coming Soon on 05/19
12054 Oakview Way San Diego, CA 92128
$1,800,000
Neighborhood: Sabre Springs
5
Beds
3F11/2
Baths
3,073
Sq.Ft.
1999
Year Built
1
Day on Site
220011919
MLS
This Sabre Springs Belle Fleur home is extraordinary! Fully owned solar, hilltop location, and a corner lot with two fantastic yard areas. The entertainers backyard has a sparkling swimming pool with...
Coming Soon on 06/05
9970 Scripps Vista Way #113 San Diego, CA 92131
$759,000
Condo: Scripps Townhomes
2
Beds
2F11/2
Baths
1,216
Sq.Ft.
1994
Year Built
1
Day on Site
220011920
MLS
Come check out this beautifully upgraded 2 bedroom 2 and half bathroom townhome in Scripps Ranch in the Scripps Townhomes complex. Both bedrooms are primary suites with en-suite baths. Attached 2-car...
3
Beds
2
Baths
1,140
Sq.Ft.
1960
Year Built
1
Day on Site
305392684
MLS
Back on the market at no fault to the sellers. Welcome Home! This corner lot affordable home in Vista needs to be yours. This single level home with three bedrooms and two bathrooms has the perfect...
5
Beds
4F11/2
Baths
4,117
Sq.Ft.
2014
Year Built
1
Day on Site
305399359
MLS
Turnkey two story home nestled in the beautiful La Mesa Meadows community. Entertainment is easy in this spacious floor-plan w/ separate living and family rooms. Large quartz island with enough room...
$599,000
Neighborhood: Serra Mesa
4
Beds
2
Baths
1,275
Sq.Ft.
1975
Year Built
1
Day on Site
305451650
MLS
Rare 4 bedroom Top Floor Corner unit with Vaulted Ceilings and views facing the airport! This home features dual pane windows, in unit Washer/Dryer hookups & private balcony with large storage closet....
$849,000
Neighborhood: San Elijo Hills
3
Beds
4
Baths
1,768
Sq.Ft.
2019
Year Built
1
Day on Site
305451652
MLS
Newly built San Elijo Townhome in a perfect Location! This spacious open concept home flooded with natural light and an ocean breeze is a must see in the highly sought after Prato neighborhood. Prime...
$2,450,000
Neighborhood: Verana
4
Beds
3
Baths
2,645
Sq.Ft.
2016
Year Built
1
Day on Site
220011924
MLS
Located in highly sought after Pacific Highlands Ranch neighborhood in Carmel Valley. 2 story Pardee Verana Plan 1 home built in 2016. The modern open concept design has a perfect flow with an...
Coming Soon on 05/28
8531 Tyler Street Santee, CA 92071
$1,199,000
Neighborhood: Mesa Heights
5
Beds
3
Baths
2,550
Sq.Ft.
1996
Year Built
1
Day on Site
220011922
MLS
Don t miss this SANTEE STUNNER! Perfectly situated at the end of a Cul-de-sac on nearly one half of an acre and lovingly maintained this home has it all. Enjoy the sweeping panoramic views of the...
Coming Soon on 05/18
1129 Coast Oak Trl Campo, CA 91906
$469,000
Neighborhood: Campo Hills
3
Beds
2
Baths
1,427
Sq.Ft.
2018
Year Built
1
Day on Site
220011926
MLS
This is a wonderful ONE STORY, corner lot single-family home located in the Campo Hills gated community with peaceful views of the hills, mountains and trees. Newly built in 2018, this home boasts an...
Coming Soon on 05/18
7535 Olive Place La Mesa, CA 91942
$699,000
Neighborhood: La Mesa
2
Beds
1
Baths
796
Sq.Ft.
1944
Year Built
1
Day on Site
220011929
MLS
Welcome the hills of La Mesa and a home with beautiful peak views. Take a look at this cared for retro style home built n 1944. Nice bath tiling, wood flooring, pop out ironing board and wooden...
2
Beds
1F11/2
Baths
936
Sq.Ft.
1975
Year Built
1
Day on Site
305451659
MLS
Welcome to 3262 Ashford St Unit I, this property features a 2 bedroom 1 and half condo with wood and laminate flooring. The bathrooms have beautiful white counter tops with tub and shower combo....
4
Beds
3F11/2
Baths
3,003
Sq.Ft.
2003
Year Built
1
Day on Site
305451737
MLS
AMAZING DEL MAR OPPORTUNITY WEST of 5 WITH SIT DOWN LIVING ROOM OCEAN VIEWS..This Architecturally sophisticated executive panoramic ocean view home features Pella Windows..Hardwood flooring.....
2
Beds
2
Baths
1,995
Sq.Ft.
1973
Year Built
1
Day on Site
305451741
MLS
Located in the highly desirable hills of Vista, this Phil Mar Heights home has all you want and more! This entertainers delight features 2 spacious bedrooms, 2 bathrooms, large walk in closets, and...
$736,000
Neighborhood: Riverview At Santee
3
Beds
3
Baths
1,384
Sq.Ft.
2022
Year Built
1
Day on Site
305451744
MLS
MLS# EV2210222 * REPRESENTATIVE PHOTOS ADDED! November Completion - Plan 2! With 3 bedrooms, 3 baths, and 1,384 sqft of living space, the Plan 2 at Riverview is a luxurious townhome style condo with...
$792,000
Neighborhood: Unknown
3
Beds
2
Baths
1,202
Sq.Ft.
1976
Year Built
1
Day on Site
220011931
MLS
This San Diego one-story home offers quartz countertops, and a two-car garage.
Coming Soon on 05/20
1576 Willow Street San Diego, CA 92106
$1,945,000
Neighborhood: Roseville
3
Beds
3F11/2
Baths
1,606
Sq.Ft.
1928
Year Built
1
Day on Site
220011940
MLS
An historic Spanish home located in the heart of Point Loma. Situated on an expansive lot with city and bay views. Featuring a classic front porch with tile stair risers, hard wood floors throughout,...
Coming Soon on 05/19
2155-57 Euclid Ave El Cajon, CA 92019
$1,550,000
Neighborhood: Rancho El Cajon
4
Beds
3F11/2
Baths
2,861
Sq.Ft.
1987
Year Built
1
Day on Site
220011938
MLS
RARE FIND!! CUSTOM BUILT 2,861 SQUARE FOOT HOME/ .9 ACRE IN RANCHO EL CAJON/GRANITE HILLS-NEAR SHADOW MOUNTAIN!! LONG TERM OWNERS HAVE LOVINGLY CARED FOR THIS PROPERTY, AND UPGRADED WITH NEWER OWNED...
5
Beds
3
Baths
2,615
Sq.Ft.
2014
Year Built
1
Day on Site
305451872
MLS
This immaculate rare-find turnkey home consisting of 5 bedrooms & 3 baths is situated on a prime quiet street backing to panoramic canyon views. Beautiful setup, 1762 offers a desirable open floor...
Open 5/18
3419 28Th Street San Diego, CA 92104
$1,495,000
Neighborhood: North Park
3
Beds
1F11/2
Baths
1,350
Sq.Ft.
1924
Year Built
1
Day on Site
220011932
MLS
Located steps from Morley Field on the prestigious 28th street in North Park, you'll find this historic Mills Act designated property. This cul de sac is known for block parties, wonderful families...
Open 5/20
8905 Spring Pl Spring Valley, CA 91977
$679,000
Neighborhood: Casa De Oro
4
Beds
2
Baths
1,672
Sq.Ft.
1958
Year Built
1
Day on Site
220011944
MLS
Welcome to this beautiful hidden gem located in Spring Valley. Desirable plan with attached garage and separate indoor laundry room. Nestled and tucked away on a 7,119 sqft lot, offering private...
$825,000
Neighborhood: South San Diego
4
Beds
2
Baths
1,593
Sq.Ft.
1977
Year Built
1
Day on Site
220011945
MLS
Well maintained Home & Fully upgraded! Large spacious feel! Kitchen has stainless steel appliances, quartz counter tops, center island with room for bar stools, newer kitchen cabinets with large...
$2,500,000
Neighborhood: Rolling Hills Ranch
5
Beds
5F11/2
Baths
5,012
Sq.Ft.
2006
Year Built
1
Day on Site
305451886
MLS
Highly upgraded estate with a detached one bedroom with living room and full kitchen Guest house. Elegant home with formal living room, dining room, huge kitchen offers island, pantry, nook area and...
$595,000
Neighborhood: South San Diego
2
Beds
2F11/2
Baths
1,340
Sq.Ft.
2019
Year Built
1
Day on Site
220011948
MLS
SPECTACULAR TOWN HOME- SHOWS LIKE A MODEL- FULLY FURNISHED EXCEPT SECOND BEDROOM - GATED COMMUNITY- OPEN FLOOR PLAN- A DELIGHTFULL CHEFS KITCHEN WITH HUGE CENTER ISLAND- GRANITE COUNTERTOPS THROUGH...
Open 5/17
517-19 Camino Del Mar Del Mar, CA 92014
$3,995,000
Neighborhood: Del Mar
4
Beds
4
Baths
2,240
Sq.Ft.
1975
Year Built
1
Day on Site
220011949
MLS
Rare investment opportunity for the ultimate California coastal lifestyle, walking distance to the beach and Village of Del Mar with local restaurants, shopping and relaxing trails to walk along the...
$2,600,000
Neighborhood: South Park
4
Beds
4
Baths
2,546
Sq.Ft.
1930
Year Built
1
Day on Site
220011951
MLS
Rarely available & coveted Arts & Craft style Historical South Park GEM:The Edward Quayle Residence! MILLS ACT in Place saving you thousands of dollars every year. Fabulous kitchen with eat in nook &...
$420,000
Neighborhood: Spring Valley
2
Beds
1
Baths
809
Sq.Ft.
1980
Year Built
1
Day on Site
305451959
MLS
This is an absolutely beautiful home in Spring Valley, 2 bedroom, 1 bath condo unit is located in the gated community. Open floor plan with large living room and dining area, In closet Laundry, Also...
Coming Soon on 05/23
2523 Royal Saint James Dr El Cajon, CA 92019
$760,000
Neighborhood: Unknown
4
Beds
3
Baths
1,557
Sq.Ft.
1986
Year Built
1
Day on Site
SDC0000398
MLS
No description available...
Coming Soon on 05/21
12325 Springwater Pt San Diego, CA 92128
$699,000
Neighborhood: Sabre Springs
2
Beds
2F11/2
Baths
1,049
Sq.Ft.
1993
Year Built
1
Day on Site
220011960
MLS
No description available...
Coming Soon on 05/21
12276 Eastbourne Rd San Diego, CA 92128
$1,398,300
Neighborhood: Carmel Mountain Ranch
4
Beds
3
Baths
2,119
Sq.Ft.
1988
Year Built
1
Day on Site
220011961
MLS
.
Coming Soon on 05/26
350 11Th Ave #134 San Diego, CA 92101
$1,050,000
Neighborhood: East Village
1
Beds
1F11/2
Baths
1,379
Sq.Ft.
2007
Year Built
1
Day on Site
220011962
MLS
Fully Remodeled Entertainers Dream live/work space in the desirable Icon building. Located just 1 block from Petco Park! This exceptionally designed condo offers a living space/ and store front...
4
Beds
2F11/2
Baths
2,538
Sq.Ft.
2002
Year Built
1
Day on Site
305449210
MLS
Rarely available in the market welcome to Hillsdale ranch the gated community ...ready to move and upgraded one level house with a pool

Rarely available in the market welcome to Hillsdale...

Post a Comment