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!