California VA Mortgage Lenders
Thank you to all of the California veterans for their service to our country. Without all of you, we would not enjoy the freedoms that we have now.
There is a great mortgage program for our veterans in California and we are connected to the lenders who can help. If you qualify for a VA loan in California, you will most likely have access to one of the best mortgage programs available anywhere. We will describe the basics of the program for you and then one of our California VA mortgage lenders can get back to you to have a free no obligation discussion on your personal scenario.
These are the main benefits of a VA Mortgage in California… No Down Payment and No Mortgage Insurance. Our California VA Lenders can walk you through all of the other advantages.
You can click to read our full detailed explanation of how VA Mortgages work along with the following information…
- VA Closing Costs
- VA Funding Fee
- VA Credit Score Requirements
- VA Loan Eligibility
- VA Service Requirements
- VA Loan Income Requirements
OR, you can click to get connected to a VA Mortgage Lender in California now.
Below are just some quick benefits of a VA Loan for Veterans in California
California VA Loan Pros and Cons
- 100% loan to value ratio – which means zero down!
- No mortgage insurance
- Lower interest rates for VA loans in California
- Debt to Income ratio much higher than non government loan products
- Lower closing costs
- Easier to qualify for your VA loan in California
- VA Funding Fee is an added expense
- VA loans are only for primary residences, not second homes or investments
- Some sellers prefer not to accept offers from borrowers who are using VA funding. However, what they do not know will not hurt them.
VA Service Requirements
- You will need at least 90 consecutive days of active duty service
- You will need 181 days of active duty service during peace time
- At least 6 years of service in the reserves or national guard
- Service persons on active duty who have also served for 90 consecutive days of active service
- Members of the National Guard as well as Reservists
- Cadets or Midshipmen from the Military Academy, Air force Academy, Coast Guard Academy or US Naval Academy
- World War II Merchant Seamen
- US Public Health Service Officers
- National Oceanic and Atmospheric Administration Officers
* If you have been dishonorably discharged, then you are ineligible.
California VA Mortgage Loan Limits for 2018
In most areas of the United States, veterans can buy a home up to $424,100 with no money down. However, some high cost counties have been added with higher limits up to $636,150. Click to see the VA loan limits in your area.
For VA Jumbo loans, the veteran will have no down payment against the first $424,100 of the purchase price. However, they must pay 25% down for ever dollar over $424,100. As en example, if the purchase price was $524,100 ($100k more than $424,100), the down payment required would be $25,000.
California VA Streamline Refinance Loans or IRRRL (Interest Rate Reduction Refinance Loan)
These are even better than a purchase VA loan. For refinances, you must currently have a VA loan. With a VA streamline refinance loan, you must first have had your current loan for at least 210 days. Then, there is no credit check or income verification. It is as simple as just getting a lower rate and lower payment.
VA Loan Frequently Asked Questions (FAQ)
Is a VA loan better than a traditional loan? We believe so because VA loans have low rates, no down payment and no mortgage insurance. Therefore, in our opinion VA loans are better.
Which lenders offer VA loans? All lenders do not offer VA loans. We have done the research for you. Just complete the short form by answering a few questions and a qualified California VA loan officer will get back to you.
Are California reservists eligible for a VA loan? Yes, reservists as well as those serving in the National Guard.
Can I get a California VA loan to buy my vacation home? The VA requires that you use the California home being financed as your primary residence.
Does the VA offer no income or no documentation loans? No they do not. These loans are flexible enough to qualify for without having to go for a no income or no documentation loan.
Does the VA offer home equity loans? No, and when you think about it…. if you bought a home with 0% down, how much equitty could be available for a home equity loan? Not unless you are inquiring years later.
Do I need to be in contract on a home in California before applying for a VA loan? Not at all… you can start the application process and get pre approved, then fill in the details on the actual home purchase later.
Do I need a statement of service? Yes, you will need that from your commanding officer to verify your service in the military. This should be fairly easy for you to obtain.