The VA (Veterans Administration) guaranteed mortgage has been the preferred home loan program for active, non-active, Reserve, National Guard, and retired California military. VA still offers 100% financing with no private monthly mortgage insurance for eligible borrowers. A VA home loan can be used to purchase a home or refinance an existing VA loan.
Vets have the option of a standard rate/term streamline refinance (IRRRL) or cash out refinance up to 100% LTV. We will discuss what role the VA plays in a VA guaranteed mortgage, the benefits of a VA home loan, who is eligible for a VA loan, and the paperwork needed by banks and lenders.
More than 27 mil veterans and service personnel are eligible for VA financing, yet many are not aware it may be possible for them to buy homes again with remaining or restored loan entitlement. Be sure to contact us about using your VA loan benefits a second time.
VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.
VA does not actually lend the money to you directly. They offer a guaranty to an approved bank or lender that if you should default on the mortgage obligation, they will pay the mortgage company a percentage of the loan balance. The word GUARANTY does not actually guaranty the veteran will qualify for a VA home loan. VA has basic guidelines that must be met, just like FHA, conventional or Jumbo loans.
Top Benefits of a VA Home Loan:
- 100% financing
- No monthly private mortgage insurance is required
- There is a limitation on buyers closing costs
- You don’t need perfect credit, however, a 620 credit score is required.
- 30 year fix interest rates
- Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
- Interest rates are the lowest of any mortgage program today.
- VA Jumbo loans available to home buyers requiring larger high balance solutions. Read more about VA Jumbo
What type of borrower is eligible for a VA financing?
Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) veterans must have at least 90 days of service.
Veterans with service only during peacetime periods and active duty military personnel must have had more than 180 days of active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16,1981, must in most cases have served at least 2 years.
VA paperwork required to apply:
Lenders will need some things to determine your eligibility – DD214 for discharged veterans, a statement of service for active military personnel, and a certificate of eligibility (COE) to determine you have VA entitlement. Don’t have these things? No problem, please contact us below for assistance. You will also need your last (2) months income paystubs, (2) months of bank statements and (2) years W2/tax returns. A photocopy of your ID will be required as well.
VA Mortgage Hub serves home buyers in across the nation, including California: Los Angeles, San Diego, San Jose, San Francisco, Fresno, Sacramento, Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana, Riverside, Stockton, Chula Vista, Fremont, Irvine, Modesto CA
Contact us below 7 days a week to learn more about getting pre approved. Applicants can call ph: 800-743-7556 or just submit the info request form at the top of this page for fast service.
California VA Loan Approval