Academy Properties specializes in San Diego VA loans – offering military buyers the ability to purchase a home with no down-payment.  VA loans have helped thousands of local San Diego buyers to obtain homes.

VA helps Servicemembers, Veterans, and eligible surviving spouses become homeowners. As part of our mission to serve you, we provide a home loan guaranty benefit and other housing-related programs to help you buy, build, repair, retain, or adapt a home for your own personal occupancy. VA Home Loans are provided by private lenders, such as banks and mortgage companies. VA guarantees a portion of the loan, enabling the lender to provide you with more favorable terms.

VA Loan Features:

  • Ensures that all veterans are given an equal opportunity to buy homes with VA assistance without regard to their race, color, religion, sex, handicap, familial status, or national origin.
  • No downpayment (unless required by the lender, the purchase price is considered a reasonable value of the property as determined by the VA or the loan is made with graduated payment features).
  • A freely negotiable fixed interest rate competitive with conventional mortgage interest rates.
  • The buyer is informed of the estimated reasonable value of the property.
  • Limitations on closing costs.
  • Long amortization (repayment) terms.
  • Right to prepay without penalty (lenders may require that any partial prepayments be in the amount of at least one monthly installment of principal or $100, whichever is less)
  • For houses inspected by the VA during construction, a warranty from the builder; the VA assists with obtaining the builder’s cooperation in correcting any justified construction complaint.
  • Forbearance extended to VA homeowners experiencing temporary financial difficulty.

VA Loan Usage:

You may use VA-guaranteed financing:

  • To buy a home
  • To buy a townhouse or condominium unit in a project that has been approved by the VA
  • To build a home
  • To repair, alter, or improve a home
  • To simultaneously purchase and improve a home
  • To improve a home through installment of a solar heating and/or cooling system or other energy efficient improvements
  • To buy a manufactured (mobile) home and/or lot
  • To buy and improve a lot on which to place a manufactured home which you already own and occupy
  • To refinance a manufactured home loan to acquire a lot

VA Loan Costs & Maximums:

There is no maximum VA loan, except that the loan cannot exceed the lesser of the appraised value or purchase price, plus VA funding fee and energy efficient improvements, if applicable.

Note:  The VA regulates closing costs.  No commission or brokerage fees may be charged to you for obtaining a VA loan.  However, you may pay reasonable closing costs to the lender in connection with a VA guaranteed loan.

Veterans must also pay a VA funding fee at the time of loan closing.  The fee may be included in the loan and paid from loan proceeds.  The fee is not required for those veterans in receipt of a service-connected compensation, or for those in receipt of military retired pay, or surviving spouses of veterans who died in service or from a service-connected causes.