VA Loans for San Diego Home Buyers

Due to the high number of military personnel in San Diego, there is a large amount of VA home loan help within the county. If you are looking for a home in San Diego and have served in the military, a Veterans Administration (VA) loan could help make your dream of owning a home in San Diego a reality.

The San Diego VA loan is a federal guarantee of a home loan amount. The VA loan formula allows eligible members to obtain a maximum loan amount of $417,000 (as of 2006). Many active-day members, retirees and other service veterans are eligible for special loan programs guaranteed by the VA.

To be eligible for a VA guaranteed loan, you must have served on active duty and have a discharge status other than dishonorable after a minimum of 90 days of service during wartime, or a minimum of 181 continuous days during peacetime. There is a minimum two year service requirement for veterans who enlisted after 1980. The two year requirement also applies to Officers who began service after 1981. There is a minimum six year service requirement for National Guard members and Reservists. Surviving spouses are also eligible under some conditions. There are other special conditions in which a person may be eligible, so contact the San Diego VA office to get more information.

Private San Diego lenders are the source of funds for San Diego VA guaranteed loans. The guarantee provides these private lenders assurance that the federal government will reimburse the lender up to the maximum allowable amount if the borrower fails to repay the loan. Because of this guarantee, San Diego lenders are more favorable to offering loans without a down payment.


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