VA Home Loans
VA Mortgages from experienced, seasoned loan officers at America's Home Loans in Santa Rosa CA
The VA mortgage loans are one of the best and safest methods to use when buying a home. Now even active duty personnel can qualify. The VA Home Mortgage Program does not limit the number of times a veteran may use the program.
The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.
Some of the benefits of the VA Mortgage Loan Program are:
- The VA Mortgage Loans are guaranteed--with no down payment, and no cap on loan the amount
- No monthly mortgage insurance
- VA Mortgage Loans are assumable
- It can be easier to qualify for a VA Loan than a conventional loan
- Can be refinanced with limited or no documentation through an Interest Rate Reduction Loan (IRRL)
No Money Down Required
You do not have to put any money down to qualify for a VA Home Loan in Sonoma County. If the seller agrees to pay the closing costs, or if you elect to secure a lender credit, you may purchase the home with little or no out-of-pocket costs. It is very easy for a VA Saavy loan officer to set up your purchase with little up-front expense to the VA borrower.
The VA Funding Fee
The Veterans Administration assesses a Funding Fee to all VA loans between .5% and 3.6% of the loan amount. The fee is added into the amount of the loan to be paid over the life of the mortgage. The VA Funding Fee replaces the much higher priced monthly mortgage insurance required when you get a conventional home loan with less than 20% down. Many veterans may be exempt from this fee.
Assumable VA Mortgage Loans
VA loans are assumable. If the person assuming the mortgage is a veteran with VA eligibility, the original veteran will not be giving up the amount of eligibility that they used to get the loan in the beginning.
Qualifying for a VA Mortgage Loan
The VA offers excellent qualifying standards. Even if you have experienced some financial difficulties in your life that caused your credit scores to be low but have maintained a good payment record over the past year or so, you may qualify for a VA mortgage. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low.
VA Mortgage Loans may be refinanced
VA mortgage loans have built in features allowing a loan to be refinanced to a lower interest rate without all of the criteria normally associated with a conventional loan. This is called an Interest Rate Reduction Loan; the veteran can secure a lower interest rate without an appraisal, or income and asset verification, and can roll the costs of the transaction into the loan so there are no out of pocket costs as an option.