New-home financing from the Veterans Administration is now offered by Shea Homes.
"At a time when the mortgage application and approval process is getting tougher and more restrictive, Shea Homes is increasing the options available by bringing back VA loans," said Vanessa Linn, director of sales for the San Diego builder. "Not many lenders in the industry right now are well versed in how to originate these types of loans, so we think this is a great way to help veterans, especially when the market is as buyer-friendly as it has been in several years."
Buyers who qualify, for as much as 100 percent for loans up to $417,000, will find the process fast and easy, Linn explained, with flexible underwriting standards and gift funds allowed. Down payment is required with loan limits up to $1 million, and contributions from seller Shea Homes can be applied towards debt, discount points, closing costs and funding fees, within certain limits.
"For the past few years VA loans have not been utilized because of the availability of other 100 percent financing alternatives," Linn said. "Now that those types of loans have gone away, the VA financing looks very attractive again. So much so, in fact, that Shea Mortgage received training from the Veterans Administration on how to originate these loans more effectively."
The San Diego builder is now selling at 16 different neighborhoods throughout the county. Choices range from affordably priced condominiums and townhomes to traditional single-family detached homes and magnificent luxury residences. In San Diego, neighborhoods are now selling in La Costa, Escondido, Scripps Ranch, Carmel Mountain Ranch, Del Sur and Chula Vista.
For information, visit www.SheaHomes.com.