Denice Dobbins/Realtor Military Wife
Understands Your Military Needs
Give Denice a Call Today at: (760) 421-6416
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The 2019 VA Home Loan limit increased to $690,000 a 6.19% increase in San Diego Counties.
The maximum conforming VA loan limits for mortgages acquired by Fannie Mae and
Freddie Mac are determined by the The Federal Housing Finance Agency (FHFA).
2019 VA Loan limits apply to all loans closed January 1, 2019 through December 31, 2019.
These limits do apply to most military borrowers. These increased VA loan limits are intended to allow
Military borrowers in more expensive loan markets to borrow more without having to put
any money down. In most markets the VA loan limit is $453,100.
VA Home Loan Myths
There are many VA home loan myths out there that deter people from fulfilling their dream to own a home.
Within the VA Loan field there tends to be multiple myths concerning when and who can be eligible for a VA Loan. Do not allow these typical misconceptions to deter you from searching into it and hopefully the data given here will assist you in securing a loan for your house. Here are a few myths explained.
I Don't Have a Full 2 Years of Service - Therefore I'm Not Qualified.
This isn’t necessarily the whole truth across the board. As a general rule for eligibility, the Veteran handbook reports that a veteran is qualified for VA housing loan benefits if she or he served on active duty within the Coast Guard, Marine Corps,
Air Force, Navy, or Army and was discharged underneath conditions other than dishonorable following either:
ninety days or more, or any portion of which happened within wartime.
181 continual days or above (Peacetime). Two-Year Requirement: A longer length of service requirement has to be met by veterans who: Enlisted (then service began) following September 7th, 1980
Was an officer, plus service started following October 16th, 1981
Those veterans must have either completed: Twenty-four continual months or beyond
The complete span for which ordered to active duty, yet not less than ninety days
(any portion within wartime) or 181 continual days (peacetime).
I Can Only Use My VA Benefit for My Initial Home.
There are multiple situations where you might reuse your VA entitlement to secure a housing loan, according to VA guidelines:
Entitlement that was previously utilized in conjunction with a VA housing loan might be restored
underneath specific circumstances. When restored, it could be used again for additional VA Loans.
Restoration of previously utilized entitlement is probable if:
The property that secured the VA guaranteed loan was sold, and the loan was paid in full.
A qualified veteran-transferee agreed to assume the outstanding balance upon the VA loan
and substitute her or his entitlement for the same quantity initially utilized upon the loan.
The assuming veteran has to additionally meet occupancy, credit and income requirements of the law.
The previous VA loan was paid in full and a veteran has made application for the loan to be
secured by the exact same property that secured the previous VA loan.
The previous VA loan was paid in full, yet the veteran hasn’t disposed of the property that secured the loan.
I Need Excellent Credit to Get a VA Loan
False. VA Loans are more lenient than conventional when it comes to your credit history. In fact, VA has no credit limit, though it is true that most VA lenders Generally look for a 620 FICO score or Above, which, in layman’s terms means “Fair” credit (followed by “Good” and then Excellent”). Conventional loans often require a 660 minimum credit score, although you may need more like a 740 to have a shot at the best rates and terms.
VA Loans also allow Veterans and active military to bounce back faster after a bankruptcy, foreclosure or short sale. You can be eligible for a VA Loan two years after a Chapter 7 bankruptcy discharge; one year after filing a Chapter 13 bankruptcy; and two years following a foreclosure. Some lenders have no required waiting period following a short sale.
With Conventional loans, you’re usually talking about a four-to seven-year wait before being able to buy again.
VA Occupancy Rule Is Too Hard For Active Duty Serving Overseas
Not True. VA requires owner occupancy within a reasonable time after closing ― usually 60 days. Those serving away on active duty can receive an extension of up to 12 months if needed.
Before you believe something you hear or assume about VA loans, take a moment to research it. VA loans are originated by approved lenders and backed by the U.S. Department of Veterans Affairs. The guaranty enables lenders to offer favorable terms such as:
$0 Down Payment (up to loan limit)
>No (PMI) private mortgage insurance premium
>Limit on what fees you can be charged per VA guidelines
>Closing costs may be paid by the seller
>No penalty fee if you pay the loan off early
>Free VA assistance if you have trouble making payments
For More Information Call....
Denice Dobbins - Realtor
DRE Lic# 02083129