What Are the Benefits of Getting a VA Loan in Vista? - Severino FinancialSeverino Financial
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What Are the Benefits of Getting a VA Loan in Vista?

Main image for blog titled What Are the Benefits of Getting a VA Loan in Vista?

Long, tiring years at work deserve the best prize of retiring in a place you can call home. Vista, California, can be considered as one of the best places to live with its location, community, and the city’s ethnic diversity. Located in San Diego County, Vista has a population of more than 97,000 with a median income in Vista of $50,601 while the median home value is at $360,700. That amount gives one the idea of how much it costs to live in Vista, CA, and how it is worth it for the residents.

You may think that living in Vista costs way too much, but it won’t be when you learn about VA loans from an efficient mortgage specialist in Vista.

What Is a VA Loan and Why You Should Get One

A VA loan is a zero-down payment mortgage option that is available to service members, veterans, or eligible surviving spouses. These loans are offered by private lenders and are guaranteed by the U.S. Department of Veteran’s Affairs. However, the requirements for a VA loan have tightened over the years due to the housing market collapse.

To be eligible for a VA home loan, you must meet one or more of their given conditions. For one, you should have served 90 consecutive days of active wartime service or 181 days of active peacetime service.

Aspiring applicants should also have more than six years of service in the National Guard or Reserves. Other than that, you must be the spouse of a service member who has died in a service-related incident.

VA loan processing follows key steps starting from pre-approval to closing the deal.

  1. Pre-approval – this process includes interviews and document presentation.
  2. House hunting – after being pre-approved, you look for the house you want.
  3. Getting under contract – negotiation to lock down the purchase agreement.
  4. VA loan underwriting – loan processors and underwriters review your overall purchase.
  5. VA loan closing – when you sign the final paperwork and get the keys to your new home.

Giving you an advantage, VA loans give you the freedom from making a down payment. Getting a VA loan is less complicated compared to getting a conventional mortgage; however, there are differences when getting these loans. This means that you a VA lender that has the expertise to make the best out of your home-buying experience.

It is an excellent practice to ask questions before committing to a deal. By asking the right questions, you’ll be able to attain a clearer vision of what type of service you can expect. Therefore, as a borrower, you can accomplish buying your dream retirement home without having to set aside a sum for a down payment. Also, there will be no closing expenses or mortgage insurance to worry about. Having no mortgage insurance proves to be an advantage in the sense that you are paying a lower amount compared to others.

How Could a VA Loan in Vista Be a Good Investment?

There is a story behind every service member in the world; they are considered heroes and deserve a rewarding retirement. Hence, the VA loan program is an excellent program for many veterans, service members, and dependents. It comes with essential benefits that bring opportunities for home ownership to veterans, especially to those who struggle to obtain financing.

VA loans allow qualified borrowers to buy a home for a lower amount and no money out of pocket. They don’t require a down payment or mortgage insurance.

Additional benefits to VA loans include:

a. Basic allowance for housing (BAH)

It is a significant benefit for qualified military members wherein VA lenders can take your BAH as your active income. This means that BAH can be used to pay some or all your monthly mortgage costs.

b. No pre-payment penalty

A VA loan allows borrowers to pay for their home loan any time without the worry of the pre-payment penalty. This allows borrowers to consider future home purchases and refinance loans.

A home is an investment that pays off. In Vista, CA, you can achieve the American dream of owning a home. Reap the rewards of all your hard work and dedication.

Severino Financial Inc. can guide you in obtaining your ideal Vista home. Take the first step in making your dreams a reality — call 760-598-9366.