Below are some important facts about California VA loans. These are some facts you may have not been aware of when getting a California VA home loan to buy or refinance:
- You can only use a VA loan to buy your primary residence, you cannot use you VA loan eligibility to buy a 2nd home or investment property
- VA loans are assumable by any buyer you want to sell to, even if they are not VA eligible. This will help you sell if rates rise in the future, you can allow a buyer to assume your low 30 year fixed VA interest rate.
- You can do a VA IRRRL streamline refinance loan in California even if that property is now used as a rental and you no longer live there.
- There is no funding fee on a VA loan in California if you receive VA disability pay.
- VA loans are 100% financing and require NO down payment (that is 100% financing up to $962,000 VA loan limits in the counties of San Francisco, Alameda, Contra Costa and 100% to almost that much in San Diego, Los Angeles and Orange County).
- VA loans have NO monthly mortgage insurance (unlike FHA and conventional loans with <20% down that do require monthly mortgage insurance)
- National Guard and Reserves members are also eligible for VA financing after 6 years of service (can be less if called up for active duty)
- Sellers can credit up to 4% to pay the VA borrower closing costs
Those are some known and little know facts about VA financing in California. Please don’t hesitate to call (858-922-7899) or email (homeloan8@gmail.com) if you have any questions or would like to be approved for a VA loan in California.
Best Regards,
Rob Chomentowski
Sr. Loan Officer (and VA specialist)
858-922-7899
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