Buy a house in Ontario CA on the VA purchase program with no money for the down payment is the best option to own a home Ontario CA San Bernardino County.
VA home loan program offers an active or retired service member to buy a house with no money for the down payment to qualified applicants. You must be in good standings with the Veteran’s Affairs that will allow us to obtain a current Certificate of Eligibility to fund your VA purchase home loan.
Below are the advantages of the VA home loan program in Ontario Ca within San Bernardino County:
- One loan at 100% financing up to a loan amount of $417,000
- Loan amount over $417,000 will require down payment – example: with a $500,000 purchase amount in Ontario CA would require 25% down from $500,000 minus the $417,000 which is an $83,000 difference, that will require a down payment of $20,750
- VA loans do not require Monthly Mortgage Insurance even at 100% financing
- There will be a 2.15% VA funding fee for 1st time use on the VA home loan program, 3.30% for 2nd+ use which can be financed in the loan amount – example: purchase amount of $400,000, your loan amount with be $408,600 for 1st time use and $413,200 for 2nd+ use. The VA funding is waived if you are 20% or more disabled by the Veterans Affairs
- Sellers if elected can pay up to 4% of the purchase amount towards the buyers closing costs
- When buying condo the complex must be approved to lend in, check out this video HERE to find approved condos in Ontario CA
- A termite is required in the state of California on a VA purchase loan program, at this point can not be waived, the Veteran is not allowed to pay for this service, can pay for any section 1 or section 2 items noted in the report
- Once the Veteran has the VA home loan program on a home, the refinance option is very simple, known at the IRRRL (Interest Rate Reduction Refinance Loan), does not require an appraisal report or a termite inspection. This refinance is for lowering the rate and payment on an existing VA home loan
- Can purchase a home 2 years after a Bankruptcy, Short Sale of another property and 2 years after having a foreclosure as long as the foreclosure did not have an existing VA home loan on it
- The VA home loan program is to purchases an owner occupied property
- No prepay penalty, can pay off the loan at any time without a penalty
- One of the most liberal underwriting stands among other purchase loan programs in Ontario CA, such as higher debt to income ratios, do not need reserve requirements, does help to have if looking to push higher debt to income ratios or buying of the county loan limit
- Work with an experienced licensed loan officer that understands VA lending in Ontario CA
Explore you options to buy a house in Ontario California with no money for the down payment on the VA purchase home loan program. This with out a doubt is the best home loan program on the market today for retire or active military personnel. I welcome the opportunity to discuss your goals of owning a home in Ontario CA San Bernardino county utilizing the VA home loan program.
Call or text me at 909-503-5600 or contact me via email HERE. I look forward in speaking with you and reviewing your plans of purchasing a home.
by Nathan Rufty