VA Loans

Are you someone that is currently serving in the military or are you a United States veteran and interested in owning a home? The U.S. Department of Veterans Affairs, (VA), offers a unique type of home loan that helps men and women who have served our country buy a home. If you are a military serviceman or woman interested in becoming a homeowner near the areas of Carmel Valley, Carlsbad, or Encinitas, California, Mitchell Bonilla with C2 Financial is here to help. Continue reading to learn more about financing a property with a VA loan.

How Do VA Loans Work?

A VA loan is issued by a private lender, but is backed by the Department of Veterans Affairs. They were originally created after World War II to help soldiers returning home from the war have the opportunity to become a homeowner. Because VA loans are insured by the federal government, they have less restrictive credit requirements since the government will compensate the lender if a borrower defaults on the loan. VA loans are an excellent financing option because they do not require a down payment, can offer 100% financing, have low interest rates, and have lower credit requirements.

The Benefits Of A VA Loan

VA loans offer a variety of advantages for a borrower. There are zero down payment options that are available for qualified applicants, and the interest rates on these loans generally tend to be much lower than conventional loans. Closing costs for VA loans also tend to be significantly lower than most other loan types, and borrowers are not required to pay for private mortgage insurance, (PMI), costs.

Since there are no prepayment penalties, a borrower can pay off a VA loan early if they are able, and VA advisors can help with financial assistance if you are unable to afford monthly mortgage payments. Also, there is the possibility to purchase a different property with a VA loan, and they can be refinanced for a better rate or term.

There are loan limits for VA loans based on the county you live in. In San Diego County the VA loan limits are:

One-Unit: $977,500

Two-Unit: $1,251,400

Three-Unit: $1,512,650

Four-Unit: $1,879,850

How Do You Qualify For A VA Loan?

In order to be eligible for a VA loan, certain requirements must be met. Some common eligibility requirements include:

  • You must be an active military service member who’s served 90 or more days of active duty during wartime, or,
  • You must be an active military service member who has served 181 or more days of active duty during peacetime, or
  • You must be a National Guard member with six years of service
  • You must be a military veteran
  • You must be discharged from the military because of a service related injury
  • You must be a single spouse of a veteran that has passed away as a result of service or from a service-related injury

If you are a military service member interested in buying a home with a VA loan in Carmel Valley, Carlsbad, or Encinitas, California, contact Mitchell Bonilla with C2 Financial for a consultation.


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Mitchell Bonilla - C2 Financial
10509 Vista Sorrento Pkwy Ste 400
San Diego, CA 92121
(858) 213-1117