VA Home Loans
in California

A VA home loan refers to mortgage loans given by private lenders and guaranteed by the U.S. Department of Veterans Affairs. These loans assist veterans, active-duty service members, and eligible surviving spouses in buying, building or improving a home. Eligibility depends on several variables, including the individual’s service history, requirements based on different service periods, and statuses.

VA loans offer the following benefits:

• No down payment: Eligible borrowers can purchase a home with no down payment.
• No private mortgage insurance (PMI): VA loans have no PMI, unlike conventional loans.
• Competitive interest rates: VA loans may have lower rates than conventional loans.
• Flexible credit requirements: The credit requirements for a VA loan are more liberal, allowing more veterans to buy homes compared to other options.

The requirements to be eligible for a VA home loan are described as any of the following service requirements:

• Active duty service: 90 days continuous during wartime or 181 continuous days during peacetime.
• National Guard or reserves: Six years of service or 90 active days under Title 32, with at least 30 consecutive days.
• Surviving spouses: Unmarried spouses of those who served and who died either in service or from a service-connected disability.

To get a VA home loan, you will need:

• Certificate of Eligibility (COE): Document your eligibility for a VA home loan.
• Proof of service: DD Form 214 for veterans or a statement of service for active-duty personnel.
• Financial documents: Recent paystubs, W-2s, tax returns, and bank statements.
• Credit report: A full credit statement to assess creditworthiness.

Yes, the VA has numerous refinance options open to you:

• Interest rate reduction refinance loan (IRRRL): This VA loan option, also known as a VA streamline refinance, is available to you if you have an existing VA loan that you would like to refinance into a lower interest rate.
• Cash-out refinance: This option allows you to withdraw cash from your home equity for any purpose while you refinance into a new VA loan, even when your current mortgage is not a VA loan.

VA home loans carry a funding fee, which offsets the program’s cost to taxpayers. The fee amount will vary depending on the loan type, the down payment amount, and if this is your first VA loan. If you borrow for the first time with no down payment, you’ll probably pay 2.3% as the funding fee. Again, this amount may be financed using the loan amount.

While VA loans have several advantages, they also have a few disadvantages. 

• The funding fee: Since it can be an added cost, the VA funding fee may be financed into the loan.
• Property requirements: Homes must meet the minimum standards the VA sets, which could limit options.
• Primary residences only: VA loans are for primary residences only, not to purchase investment properties or vacation homes.

Here at ID Mortgage Broker, we specialize in taking veterans and service members through the VA home loan process. Our team will take you through the following:

• Eligibility verification: Assist you in obtaining your Certificate of Eligibility (COE).
• Loan application: Guide you through the application process and gather documentation.
• Loan options: Explain your loan options and find the best rates and terms for your situation.
• Closing process: Make the closing process smooth, handling all the details from start to finish.

Since we at ID Mortgage Broker are aware of the essence of personalized assistance, contact us today for personalized help exploring your VA home loan options. Our experts are committed to seeing that you get the best mortgage to fit your needs. We can be reached at 323-741-5858 or at our office: 13317 Ventura Blvd #H, Sherman Oaks, CA 91423.