If you are an eligible veteran, you may be able to buy a home with 100% financing!

A VA loan is a mortgage loan guaranteed by the U.S. Department of Veterans Affairs. The VA loan program is designed to offer long-term financing to American veterans or their surviving spouses (provided they do not remarry). One of the major benefits of the VA home loan program is to help eligible veterans purchase properties with no down payment. The VA loan allows veterans to have 100% financing without private mortgage insurance. A VA funding fee of 0 to 3.3% of the loan amount is paid to the VA and is allowed to be financed. In a purchase, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less. Since there is no monthly PMI, more of the mortgage payment goes directly towards qualifying for the loan amount, allowing for larger loans with the same payment. 

Who Qualifies for a VA Loan?

There are several different eligibility requirements you must meet to qualify for a VA Loan. If you are not sure if you will qualify, you should speak with a mortgage broker or a VA Loan Specialist. One of the first steps toward getting a VA Loan is to complete a Certificate of Eligibility.

You may qualify for a VA Loan if you fall into one of the following categories:

• Active-duty Veterans discharged during WWII or later, without the status of "dishonorable"

• Active-duty Veterans with at least 90 consecutive days of service during major conflict

• Peacetime Veterans and active-duty personnel with at least 180 days of consecutive service

• Enlisted Veterans whose service began after 1980, or officers whose service began after 1981, and who have served at least 2 years.

National Guard and selected Reserve members may also qualify. Check your eligibility with one of my qualified VA Loan Specialist if you have any questions!

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Cal-Vet home loans

For home purchases here in California, you may also be eligible for a Cal-Vet home loan.

• Low interest rate on regular loans. If you are a first-time home buyer and meet certain requirements for bond funds, the rate is even lower.

• Low down payment which could be as little as 2 or 3 percent of the purchase price.

• Maximum loan of up to $250,000 for regular properties.

• Expanded Eligibility. There are no prior residency requirements. All other standard eligibility requirements apply.

• Reusable Loans. As long as you pay off all previous Cal-Vet loans, you can get a new Cal-Vet loan every time you purchase a new property.

• Home and Loan Protection Plans. Cal-Vet loans offer a deductible of $500 on flood claims, and $500 or 5% of the coverable loss (whichever is greater) on earthquake and mudslide claims. The loan also includes fire and hazard insurance coverage.

Are you eligible for a VA loan? 

Check the eligibility frequently asked questions on the Dept of Veterans Affairs web site, here. http://www.homeloans.va.gov/faqelig.htm

 

 

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