VA loan benefits from San Diego Mortgage and Loans

1. San Diego
Mortgage and
Loans
VA Home
Loan Features
Sandiegomortgageandloans.com

2. VA Loan Benefits
1) No down payment as long as the sales price doesn't exceed the appraised
value.
2) No private mortgage insurance premium requirement.
3) VA limits the amount you can be charged for closing costs.
4) Closing costs may be paid by the seller.
5) No prepayment penalty.
6) A VA loan is assumable.

3. San Diego VA Loans
Why are VA loans important to San Diego home buyers?
California is home to more veterans and military members than any other
state in the nation. In San Diego County, veterans, active duty, guard and
reserve members and their families make up a large segment of the
population and are an integral part of the community. In 2013, San Diego
County had about 225,000 veteran residents. San Diego Mortgage and
Loans works with a VA automatic lender, streamlining the mortgage process
for San Diego veterans.

4. VA Loan Eligibility
Who is Eligible?
Servicemembers
Veterans
National Guard and Reserve Members
Surviving Spouses
How do you get your Certificate of Eligibility?
Apply through San Diego Mortgage and Loans. Our VA lender has access to the Web LGY system.
We can establish eligibility and issue an online COE in a matter of seconds.
Not all cases can be processed through Web LGY - only those for which VA has sufficient data.

5. The VA Loan Process
Find a Lender
You should get “pre-qualified” at this point – that is, find out how much you can afford. San Diego
Mortgage and Loans VA loan experts can pre-qualify you, discuss the loan process, fees, interest
rates, discount points, and other VA loan questions you may have.
Find a real estate professional to work with. If you haven’t used a realtor before, San Diego Mortgage
and Loans can recommend one for you.
Get a Certificate of Eligibility
Your VA Certificate of Eligibility (COE) verifies to the lender that you’re eligible for a VA home loan.
Apply through San Diego Mortgage and Loans. Our VA lender has access to the Web LGY system.
We can establish eligibility and issue an online COE in a matter of seconds.
Not all cases can be processed through Web LGY - only those for which VA has sufficient data

6. VA Loan Process 2
Find a Home and Sign an Offer
Your realtor will help you negotiate a purchase agreement. Make sure the purchase and sales
agreement contains a “VA Option Clause.”
Here’s a sample of a “VA Option Clause”:
“It is expressly agreed that, notwithstanding any other provisions of this contract, the purchaser shall
not incur any penalty by forfeiture of earnest money or otherwise be obligated to complete the
purchase of the property described herein, if the contract purchase price or cost exceeds the
reasonable value of the property established by the Department of Veterans Affairs. The purchaser
shall, however, have the privilege and option of proceeding with the consummation of this contract
without regard to the amount of the reasonable value established by the Department of Veterans
Affairs.”

7. VA Loan Process 3
Apply for your VA Loan with San Diego Mortgage and Loans
Work with us to complete a loan application and gather the needed documents, such as pay stubs and
bank statements.
Loan Processing
Our lender will order a VA appraisal and begin to “process” all the credit and income information,
then decide whether to approve the loan.
Closing
Our lender will choose an escrow company to conduct the closing. Your escrow officer will coordinate
the date/time of signing and the transfer of title to the property.

8. San Diego
Mortgage and
Loans
VA Home
Loan Features
Call us today at 760-500-1098