VA Loans Mortgage Product

Veterans Administration (VA) Loans are loans that are made by financial institutions and guaranteed by the Veterans Administration. VA Loans are for veterans and active duty military personnel. In most cases, eligibility includes 6 months of peacetime service, 3 months of war time service, or 6 years in the reserve or National Guard. In certain situations, some surviving spouses of veterans who died while serving or from a service related disability may also be eligible.

With lenders protected against total loss in the event of borrower default, lenders are able to provide financing with very attractive terms.

How It Works:

The Veterans Administration allows for purchases of homes, condos, townhouses, and new construction. The VA does not require any down payment (i.e. 100% Financing) to be made. To be able to provide such terms and guarantee the lender against loss, the VA collects a VA Funding Fee on every loan it guarantees. The Funding Fee is paid to the VA and can be financed. The Funding Fee ranges from 2.15 to 3.3 percent of the purchase price of the home. The Funding Fee does not apply to veterans that have a service related disability.

Features & Benefits:

  • 100% Financing (i.e. Zero Money Down)
  • It's easier to qualify: Those with a less-than-perfect credit history and higher debt-to-income ratios are still able to qualify for a VA Loan
  • Sellers are allowed to pay most, or all, of the borrower’s closing costs.
  • There are no prepayment penalties when refinancing or selling the home.
  • No Private Mortgage Insurance is required (or allowed.)
  • VA Loans are assumable.

Get Started Today: Call (949) 289-7410
[an error occurred while processing this directive]