Many veterans who leave the military have some level of disability rating and therefore receive disability pay from the VA. For these veterans who receive any level of disability pay, VA will waive the funding fee when these veterans close on a VA home loan. This is a really huge benefit and can amount to a savings of tens of thousands of dollars. VA home loan requirements have a VA funding fee of 2.15% for VA borrowers first use of their VA home loan benefits and 3.3% for their second and subsequent uses. So on a $350,000 home purchase, the savings for veterans who receive disability pay amounts to a $7,525 on first use of VA eligibility and a $11,550 savings on second and subsequent use. So for a veteran who receives disability pay, the VA home loan is an even more incredible benefit. It is 100% financing without any funding fee. That amounts to a zero down loan without any mortgage insurance (as the funding fee is mortgage insurance). That is the very best loan out there today without comparison!
So make sure when you talk to us about getting approved for a VA loan in California, mention if you receive any VA disability pay. But we will definitely ask during the VA loan application process anyway. If you have any questions about getting approved for a VA loan in California please don’t hesitate to give us a call at 858-922-7899 or email at homeloan8@gmail.com.
Here are some of the very latest up-to-date benefits of VA loans in California:
- VA loan limits in California go all the way up to $1 million with zero down in many areas such as the San Francisco and San Jose area. VA loan limits go up to $697,000 with zero down in Los Angeles and Orange County. San Diego VA loan limits go up to $537,750. You can go above these limits putting 25% down of the difference between your purchase price and the VA loan limit.
- VA financing is 100% zero down financing
- VA loan interest rates are still near 60 year lows
- VA loan credit score does not have to be perfect to get a zero down VA loan
Regards,
Rob Chomentowski
858-922-7899
Sr. Loan Officer (and VA specialist)
Related posts:
- VA Financing Waives Funding Fee For Veterans With Disability One of the very special aspects of VA home loans...
- VA Loan Borrowers Getting Any VA Disability Get to Waive Funding Fee If you are veteran and you are getting any service related disability...
- Facts About the VA Loan Funding Fee in California VA financing includes a VA funding fee that is rolled...
Comments on this entry are closed.
{ 1 trackback }