Applying for a VA Loan

Better interest rates with no down payment.

Apply for a VA Loan today!

Applying for a VA Loan

Better interest rates with no down payment.

Apply for a VA Loan today!

What is a VA Loan?

A VA loan is a mortgage loan that’s issued by private lenders and backed by the U.S. Department of Veterans Affairs. It helps U.S. veterans, active duty service members, and widowed military spouses buy a home.


VA loans were introduced as part of the GI Bill in 1944, but they’ve become increasingly popular in recent years. In the first quarter of 2019, 8% of home purchases were made with a VA loan. This type of loan is an attractive option because it’s pretty easy to qualify for and doesn’t require a down payment.

How Does a VA Loan Work?

  • A VA home loan is a mortgage that is guaranteed by the U.S. Department of Veterans Affairs


  • They are issued by private lenders that are approved by the VA, the VA does not offer loans, they just guarantee them


  • They do not require a downpayment, you can finance 100% of the price of the home Military service persons and their spouses may be eligible


  • Mortgage insurance premiums (PMI) is not required


  • VA funding fee of 2.15% for first-time buyers or 3.3% for repeat buyers is needed

Eligibility Requirements

  • 90 days of consecutive active duty service


  • More than 180 days of active duty service during peacetime


  • 6 or more years in the National Guard or Reserves


  • Active-duty Military


  • Cadets of the U.S. Military, Coast Guard Academy, or Air Force


  • U.S. Naval Academy Midshipmen


  • Atmospheric and National Oceanic Administration officers


  • U.S. Public Health Service officers

VA Loan Advantages

  • No down payment


  • No mortgage insurance premium (MIP)


  • Low credit scores may be approved


  • Flexible requirements


  • Lower rate than conventional loans


  • Higher debt-to-income ratios accepted


  • VA negotiates with the lender if you are facing foreclosure


  • Higher loan limits than FHA loans


  • Seller can pay 6% of closing costs


  • Fixed-rate and adjustable-rate loan terms

To start the process

Still Have Questions?

Give us a call at 619-LOW-RATE (7283) or fill out this form and one of our

Cal Coast Funding Loan Officers will be happy to assist!

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