VA Home Loan Requires No Money Down To Purchase A Home In California!
VA assist Service members, Veterans, and eligible surviving spouses become homeowners in Rancho Cucamonga as well as through out Southern California. As a part of our mission is to serve you, we provide a home loan and other housing-related programs to help you buy and repair a home for your own and retain as your personal residency.
A VA Home Loan are provided by private lenders, such as banks and direct mortgage lender. VA guarantees a portion of the loan, enabling the lender to provide you with favorable terms.
The VA home loan program is available to current and active military personal as long as he or she is in good standing with the VA and can obtain a Certificate of Eligibility.
The benefits of a VA Home Loan program are:
- 100% Financing up to the county loan limit (each county has a limit on loan amount)
- No money down required (can bring in funds if chose to) as long as the sells price does not exceed the appraised value of the home
- No monthly mortgage insurance
- Competitive interest rates, lower then conventional rates with 20% down
- VA loans require a funding fee unless exempted by way of being 20% or more disabled by the Veteran’s Affairs
- Loan can be assumable as long as the person assuming the loan qualifies
- Has a sub-program to improve the energy efficient of the home, such as windows, heating and a/c unit
- VA rules limit the amount you can be charged for closing costs.
- Closing costs may be paid by the seller or lender
- No penalty fee if you pay the loan off early
- VA may be able to provide you some assistance if you run into difficulty making payments
- You do not have to be a first-time homebuyer
- You can reuse the benefit over and over as long as you are in good standing with the VA
You can see why the VA Home Loan program is a benefit to our active and retired service members when purchasing a home.
Service members and Veterans:
To obtain a COE, you must have been discharged under conditions other than dishonorable and meet the service requirements below:
|Status||Qualifying Wartime & Peacetime Periods||Qualifying Active Duty Dates||Minimum Active Duty Service Requirement|
|Veteran||WWII||9/16/1940 – 7/25/1947||90 total days|
|Post-WWII||7/26/1947 – 6/26/1950||181 continuous days|
|Korean War||6/27/1950 – 1/31/1955||90 total days|
|Post-Korean War||2/1/1955 – 8/4/1964||181 continuous days|
|Vietnam War||8/5/1964 – 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961||90 total days|
|Post-Vietnam War||5/8/1975 – 9/7/1980 *The ending date for officers is 10/16/1981||181 continuous days|
|24-month rule||9/8/1980 – 8/1/1990 *The beginning date for officers is 10/17/1981||
|Gulf War||8/2/1990 – Present||
|Currently On Active Duty||Any||Any||90 continuous days|
|National Guard & Reserve Member||Gulf War||8/2/1990 – Present||90 days of active service|
*If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.
Working with a lender that knows the VA home loan process is key in California, I had the privilege in working with many veterans in securing a 100% no money down VA home loan program over my 25 years of lending. I welcome the opportunity to discuss the requirements of this great loan program and how can start the path towards homeownership.
by Nathan Rufty