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LEARN ABOUT VA LOANS IN CA
VA Loans in California
For military veterans, a VA loan is perhaps the most flexible lending option on the market. The VA (Department of Veterans Affairs) pledges to repay about a quarter of every mortgage loan it guarantees in the unlikely event that the borrower defaults. This guarantee gives VA-approved lenders greater protection when lending to military borrowers and often leads to highly competitive rates and terms for qualified veterans. VA Home loans offer advantages that can include:
- No required down payment
- No private mortgage insurance requirement
- Flexible credit underwriting
- Low-interest rates
WHAT ARE THE BENEFITS OF A VA HOME LOAN?
The most significant benefit of a VA loan is the borrower’s ability to purchase a mortgage loan with no money down. Apart from the government’s UDSA’s Rural Development home loan and Fannie Mae’s Home Path, it’s all but impossible to find another lending option today that provides borrowers with 100 percent financing.
VA mortgage rates and loans also come with less stringent underwriting standards and requirements than conventional loans. In fact, about 80 percent of VA borrowers could not have qualified for a conventional loan. These loans also come with no private mortgage insurance (PMI), a monthly expense that conventional borrowers are required to pay unless they put down at least 20 percent of the loan amount.
What Are Some Requirements for Obtaining a VA Home Loan?
- You must be entitled to a Certificate of Eligibility (COE) based on your military service record. According to the VA, this generally applies to:
- Veterans or Active-Duty individuals who meet minimum service requirements
- Active-duty service members who have served a minimum period
- Eligible surviving spouses
- The home must be your primary residence.
- Underwriting requirements must be met, including those for credit and income.
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