ATTENTION SF BAY Veterans - Are you using your up to $1.5M VA loan benefit?

Preliminary loan approval in 5 days! 

I'm helping a friend purchase a home just under $600K and he is using his VA Loan benefit.  VA loans are not something you hear much about these days.  However, with so many single family homes in San Francisco and the Bay Area under $700K, this is a good option for local veterans.  There is no minimum credit scored required for loans under $700K¹.  The loan benefit can go up to $1.5 Million.

Most people don't understand how to do it and whether they are eligible or not.  It takes a good loan agent who knows the process and a buyer that's willing to take an hour to get the paperwork done.  It's that simple.  We received preliminary approval within 5 days of submission.

There are over 30 million people eligible to get a VA loan.

Who qualifies?

• Active duty personal & personnel with previous qualifying military service
• Reservists, National Guard and Coast Guard personnel with qualifying service
• Unmarried surviving spouse of a veteran killed as a result of service-related activities
• Honorably discharged individuals… the list goes on.

 

Borrowers with limited funds for down payment or less-than-perfect credit can use their VA benefits as well.  Huh?  You’re kidding!  Nope!  There is NO MINIMUM credit score requirement for loans under $700,000.  VA loans can finance up to 100% loan-to-value.

Most 3-5% down buyers have to purchase Mortgage insurance

• No MORTGAGE INSURANCE required¹

What does it take?  2 Saavy agents. 

One Saavy Real Estate Agent (me of course!) and a Saavy Mortgage professional.  My colleague, Cesar Aravena is very knowledgeable and can walk a buyer through this painless process.  Whether you are considering a single family home or a 2-4 unit building; it is much the same process.  Maybe it’s time you dust off those VA benefits!

Many of our friends and neighbors have honored us by their service but don’t realize what’s available to them or they think, “I can’t buy anything in San Francisco with a VA loan.”  Not true!

If you know someone who has taken time to serve in the NAVY, NATIONAL GUARD, ARMY, AIR FORCE, MARINES or COAST GUARD and they don’t own a home; ask them if they know about their VA loan options.  In fact, invite them to dinner and ask them:

• “Did you know that your VA loan benefit amount can go up to $1.5M?”

If they say no, call me with their name and number, I will help them understand their options and put them in touch with the right person.

Footnote:

1. Final eligibility determination is made by the VA.