VA Loans in California Remain Unchanged

Where so many other home loan programs have tightened their guidelines dramatically in the last few years making it harder and harder to qualify, VA home loan requirements have not changed.  Getting a VA home loan to buy a home in California or to refinance is still the same as it ever was.  VA loan guidelines still allow for 100% financing, non perfect credit and flexible guidelines to allow active military and veterans purchase homes and refinance.

VA financing is currently the only mainstream home loan program out there that still offers 100% financing.  VA loan guidelines also allow for a seller to credit you up to 4% for closing costs, this combined with 100% financing can allow a veteran or active military member to buy a home in California with very little out of their pocket.  VA home loans are also the only current loan program available that has no monthly mortgage insurance with less than 20% down payment.  FHA home loans and conventional home  loans  both require substantial monthly mortgage insurance payments with less than a 20% down payment.

So if you are a veteran, active military member or reservist, it makes a lot of sense to look into VA financing if you are considering buying a home in California.  Even in the more expensive parts of California, VA benefits are being utilized to buy homes, as VA financing goes up to $1 million with zero down in many parts of Coastal California.

Below is a summary of the benefits of VA loans in California today:

• VA loans are 100% financing, that means NO down payment required
• VA loan limits in California go up to $1 million with zero down in San Francisco and the San Jose area.  Jumbo VA loan limits in Los Angeles and Orange County go up to $697,000 with zero down.  San Diego VA loan limits go up to $537,750.  You can go above any of these VA loan limits with 25% down of the difference between the purchase price and the VA loan limits of your county
• VA loan credit score does not have to perfect.  Give us a call even if you think you have bad credit, we are experts at analyzing credit reports and assisting veterans and active military with improving their scores
• VA loan refinance allows veterans and active military to streamline their current VA loan to a lower interest rate very easily or refinance from another type of loan to a VA loan
• VA loan interest rates are still around the lowest they have ever been

So feel free to send us an email at homeloan8@gmail.com or call at 858-922-7899 if you would like to discuss getting approved for a VA home loan in California.

Rob Chomentowski

858-922-7899

Sr. Loan Officer (and VA specialist)

homeloan8@gmail.com

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