Military home buyers in San Diego have a new opportunity to purchase a home with the VA Conquest Program. This program offers 30 year fix interest rates starting at 2.25%. Yes, you read that correct, these rates are the lowest we have ever seen. The program is available throughout California to any qualified Veteran with a 640 or greater credit score. Let’s look at some more details below, please connect with us today with questions.
VA Loan Benefits For Approved Vets:
- 100% financing: VA is one of the last programs left today that still permits buyers to purchase a home with no down payment.
- NO monthly mortgage insurance or “PMI”: Many mortgages require home buyers pay private mortgage insurance when their down payment is less than 20%, not the case with VA loans. This alone can save some borrowers hundreds each month.
- Seller concessions permitted for closing costs: This means you can move in your home with virtually no money out of pocket. VA also has buyer protections in place that limit what closing costs a Veteran can pay.
- Secure 30 or 15-year fix rates with government backing: This government guarantee protects the lender or bank in the event of a default. This is what also allows mortgage companies to offer VA loans with such attractive terms and low rates.
- Loan limits up to $701,500 for San Diego county. Other counties in California may allow loan limits higher or lower, please see the complete 2020 loan limit list here.
- No prepayment penalties: Buyers can sell or pay off their mortgage anytime without penalty.
- Flexible debt to income ratio limits: VA loans offer some of the highest allowable debt to ratio limits.
- Attractive refinance options: VA streamline and cash-out refinance options are available to homeowners in the future.
Special VA Conquest Program Notes:
- The minimum credit score requirement does not guarantee loan approval. VA has additional waiting requirements in place for borrowers that have experienced recent financial hardships like bankruptcy or foreclosure. Please contact us today to discuss this in more detail.
- Veterans should have a VA Certificate of Eligibility (COE) before applying. If you do not have your CEO or need assistance please contact Modern Lending today. We have the tools in place to expedite the process and make it painless.
- Interest rates can and do change daily. Please contact us today for an up to date rate quote.
Modern Lending is the leader in VA loans across California. Please connect with us 7 days a week by calling the number above, or just submit the Quick Contact form above.
Please see the video below for more details on this special VA home purchase program.
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