If you are buying a home as a current or retired member of our nation’s armed forces, you may qualify for a zero down home loan through the VA mortgage program.
What is a VA Loan?
A VA loan is a mortgage guaranteed by the Department of Veterans Affairs.
Many veterans do not realize that eligibility for a VA loan is among their benefits, and are unaware of just how much they can save with this affordable lending product.
Let’s take a look at the benefits.
California VA Mortgage Advantages
- Buy a home immediately with zero down payment.
- You do not need to pay for mortgage insurance with a VA loan, even with no down payment. If you applied for an FHA loan or conventional loan with less than 20% down, you would need to pay for PMI or MIP.
- VA mortgages feature affordable interest rates.
- VA loans never include prepayment penalties.
- The seller may cover your closing costs. Otherwise, they are capped at 3%.
- The funding fee for the VA loan is waived if you are an eligible disabled veteran.
- If you are applying for a VA Streamline Refinance loan, you do not need an appraisal unless discount points are charged.
- Easy credit qualification means that even if your score is less than perfect, you can enjoy all of the benefits listed above.
Are You Eligible for a VA Loan in California?
Do you qualify to take advantage of the great benefits of VA mortgages? Here are the basic requirements:
- You must be a veteran, an active-duty member of the military, or an eligible surviving spouse.
- You need to be applying for a mortgage for a primary residence.
- Any military branch is okay. If you were in the National Guard or Reserve, you must have been activated to qualify.
- You must provide a Certificate of Eligibility (COE). Need help with this step? We can assist you.
- You will need to meet requirements with respect to your credit score, DTI ratio, and income.
- There is a minimum service requirement before you can qualify for a VA loan. This requirement depends on the era you served. For most duty eras, 90 days of active duty wartime service or 181 days of continuous active duty peacetime service will meet the requirement.
If you are not sure whether you meet the service requirement, we can check for you when you tell us the era during which you served.
Buy a Home With a Zero Down VA Loan in San Diego or Anywhere in CA
With a zero down VA loan, the keys to homeownership in California are closer than you think. If you are ready to find out if you qualify today, please give us a call at (760) 692-4662. We will walk you through the application process step by step. Before you know it, you may be moving into your new home.