VA Approved Real Estate in San Diego

Using your VA Loan to buy Real Estate in San Diego

When you use your VA Loan to purchase real estate there are a few guidelines that you will need to take into consideration. Here at The Lewis Team, not only are some of us Veterans but we have also helped hundreds of active duty military and veterans through the home buying process. We have also help many active duty military and veterans relocate to San Diego.

Here is some information on buying San Diego real estate with a VA Loan.

VA Home Loans can be used to purchase the following:

• An existing single family detached home. 
• A condominium or townhome in a VA Approved Project. [For condominiums and townhomes, the entire complex must be approved by the VA before the buyer can receive a loan for a unit in the complex.]

Click here to search the Department of Veterans Affairs website to see the VA’s list of approved complexes.

“You can also contact The Lewis Team and we can find out for you.”

• A multi-unit property (up to four-plex), provided the buyer occupies one of the units. If more than one veteran is buying, then one additional unit can be added to the four. Additionally, if rental income from the property dictates whether or not the veteran can qualify for the loan, then the veteran must show that he or she has the background needed to be a successful landlord and have enough cash reserves to make payments on the property for six months without rental income.
• A manufactured (mobile) home or a modular home. Finding a lender to finance these types of homes can be difficult because they’re considered depreciating properties, although modular homes are more likely to appreciate – making finding a lender slightly easier. Additionally, manufactured and modular homes must meet certain conditions, like being affixed to a permanent foundation.
• New construction. However, builders, plans, and building sites must be VA-approved, require several inspections, and the builders must provide at least a one-year warranty. Also, many lenders are hesitant to accept zero down financing for new constructions. Alternatively, veterans can obtain a non-VA Home Loan and refinance the home with a VA Home Loan once the building is complete.

Eligibility

You must have satisfactory credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Servicemembers and Veterans, spouses, and other eligible beneficiaries.

Eligibility Requirements for VA Home Loans

Service during wartime:

• World War II - September 16, 1940 - July 25, 1947
• Korean War - June 27, 1950 - January 31, 1955
• Vietnam War - August 5, 1964 - May 7, 1975

Service Requirements:

• At least 90 days active duty - with other than dishonorable discharge
• Less than 90 days active duty - if discharged for a service-connected disability

• Gulf War - August 2, 1990 - to be determined

Service Requirements:

• 24 months continuous active-duty - with other than dishonorable discharge
• At least 90 days or completed the full term that he or she was ordered to active duty with other than dishonorable discharge
• At least 90 days active duty - and discharged for hardship, reduction in force, condition interfered with duty or compensable service-connected disability
• Less than 90 days active duty - if discharged for a service-connected disability

Service during peacetime:

• All - July 26, 1947 - June 26, 1950 and February 1, 1955 - August 4, 1964
• Enlisted - May 8, 1975 - September 7, 1980
• Officers - May 8, 1975 - October 16, 1981

Service Requirements:

• At least 181* days continuous active duty - with other than dishonorable discharge
• Less than 181 days active duty - if discharged for a service-connected disability

If you were separated from service:

• Enlisted - After September 7, 1980
• Officers - After October 16, 1981
• Service Requirements:
• 24 months continuous active duty - with other than dishonorable discharge
• At least 181 days or completed the full term that he or she was ordered to active duty with other than dishonorable discharge
• At least 181 days active duty - and discharged for hardship, reduction in force, condition interfered with duty or compensable service-connected disability
• Less than 181 days active duty - if discharged for a service-connected disability
• * 90 days applies for wartime

Active-duty service personnel:

If you are now on active duty, eligibility can be established after 90 days of continuous active duty.  Upon discharge or release from active duty, eligibility must be reestablished.

Selected Reserve or National Guard:

• If you are not otherwise eligible and you have completed a total of six credible years* in the Selected Reserve or National Guard (member of an active unit, attended required weekend drills and two-week active duty for training) and one of the following:
• Were discharged with an honorable discharge
• Were placed on the retired list
• Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable service
• Continue to serve in the Selected Reserve
• *Individuals who completed less than six years may be eligible if discharged for a service-connected disability.

You may also be determined eligible if:

• You are an un-remarried spouse of a Veteran who died while in service or from a service-connected disability
• You are a spouse of a Servicemember missing in action or a prisoner of war
• You are a surviving spouse in receipt of Dependency and Indemnity Compensation (DIC) benefits in cases where the Veteran's death was not service-connected
• Note: A surviving spouse who remarries on or after age 57 and on or after December 16, 2003, may be eligible for the home loan benefit.  However, a surviving spouse who remarried before December 16, 2003, and on or after age 57, must have applied no later than December 15, 2004, to establish eligibility.

Spouses

• The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:
• Unremarried spouse of a Veteran who died while in service or from a service connected disability, or
• Spouse of a Servicemember missing in action or a prisoner of war
• Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003
• (Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
• Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death 

Other Eligible Beneficiaries

You may also apply for eligibility if you fall into one of the following categories:

• Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II
• Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others

Restoration of Entitlement

Veterans can have previously-used entitlement "restored" to purchase another home with a VA loan if:

• The property purchased with the prior VA loan has been sold and the loan paid in full, or
• A qualified Veteran-transferee (buyer) agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the Veteran seller. The entitlement may also be restored one time only if the Veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan. Remaining entitlement and restoration of entitlement can be requested through the VA Eligibility Center by completing VA Form 26-1880.

If you are active duty military or a veteran and you have questions about buying a home or condo in San Diego then please contact The Lewis Team, we would love to answer any questions that you have.

Branches of the Military are eligible for a VA Loan?

The VA considers service in these branches of the military and other organizations when deciding whether to issue a Certificate of Eligibility:

• The Army, Navy, Air Force and Marine Corps
• Selected Reserve and National Guard
• Cadets in the United States Military Academy, United States Air Force Academy or United States Coast Guard Academy
• Officers serving in Public Health Service and National Oceanic and Atmospheric Administration
• Midshipmen at the United States Naval Academy

  

Let us help you with your VA Home Buying Process.

Dawn Lewis – San Diego Realtor with over 30 years experience!

619-981-3917