Since 1944, millions of veterans, active duty service members and eligible surviving spouses have been able to move affordably into homes of their own thanks to the VA mortgage program.
While VA loans have government backing, you need to apply for a VA mortgage through a private mortgage company. Mortgage Consultants Group can help you figure out if you qualify to move into a home with a zero down VA home loan.
What is a VA Mortgage?
VA mortgages are home loans guaranteed by the US Department of Veterans Affairs. The program exists as a way of thanking those who have served our country for their service. By backing the loans with a guaranty, the VA reduces the risk of VA loans for lenders. Those lenders may in turn offer competitive terms to borrowers. Along with home purchase, VA loans can also be used for refinancing and retrofitting.
Benefits of VA Loans in CA
Being able to purchase a home with a VA mortgage is a wonderful opportunity. Here are the advantages you can look forward to if you qualify:
- You can buy your home with zero down payment. If difficulties affording a down payment were holding you back from your home purchase, you can buy right away.
- The qualification requirements for VA loans are relaxed. You can move forward without perfect credit.
- You do not have to pay for mortgage insurance, even if you opt not to make a down payment.
- The seller may give a credit at closing to pay a portion or all of your closing costs.
- There is a funding fee for the VA mortgage. If you are an eligible disabled veteran, however, it may be waived.
- Affordable interest rates are offered for VA loans even without perfect credit.
- There is no limit to how many times you can use your VA loan benefits.
With the benefits above, VA mortgages are arguably the most competitive loans available.
Types of VA Loans
Here are the different types of VA mortgages for which you can apply:
- VA purchase loans. Use this type of VA mortgage to buy a single-family home, multi-unit property, condo, or manufactured home. You can also build a home with a VA loan.
- VA Interest Rate Reduction Refinance Loan (IRRRL): If you want to refinance an existing VA mortgage, an IRRRL is a fast and affordable option. Depending on the specific scenario, you might be able to proceed without verifying your income, getting an appraisal, or awaiting credit underwriting. Another name for this type of loan is a VA Streamline loan.
- VA Cash-Out Refinance: This VA refinancing product allows you to convert some equity to cash.
- VA Energy Efficient Mortgage: This is an option you can use to borrow additional funds to make energy efficiency upgrades.
Qualifying for a VA Mortgage
- You may be eligible for a VA mortgage if:
- You are a veteran, active-duty service member, or eligible surviving spouse.
- You have a Certificate of Eligibility (COE) – we can pull this for you!
- You want to purchase a home as a primary residence.
- You have met the minimum service requirements.
The minimum service requirement is usually 90 days of active duty wartime service or 181 days of continuous active duty peacetime service. For some service eras, however, it differs.
How do I get a VA Loan in Rancho Cordova and Beyond?
Mortgage Consultants Group can help you determine if you qualify for a VA mortgage. We also can help you obtain your Certificate of Eligibility and walk you rapidly through the application steps so you can focus on your home search.
To begin, please contact us today at (916) 669-1682 to schedule your consultation. We work with veterans in Rancho Cordova, Gold River, and throughout Sacramento, El Dorado, Placer, San Joaquin and Stanislaus Counties and throughout the state of California and Idaho.