VA Loans

America's Home Loans is a Mortgage broker in Santa Rosa Ca with very experienced VA loan originators, combined with some of the lowest mortgage rates in the business.

The VA mortgage loans extend to not only the Army, Navy, Air Force and Marines but also to Reservists and National Guardsmen.

The Veterans Benefit Act signed recently removed the loan limit cap for a loan with no money down. It increased the eligibility for Veterans and of active-duty personnel and increased the benefits to Disabled Veterans. 

Some of the benefits of the VA Mortgage Program are:

  • The VA Mortgage Loans is guaranteed for no money down with an unlimited loan amount. Max loan amount will depend on the borrower's income and liabilities
  • No monthly mortgage insurance is required even with no money down
  • Many VA Mortgage Loans are assumable
  • It is easier to qualify for a VA Loan than a conventional loan
  • VA Mortgage Loans can be refinanced

No down payment

You do not have to put any money down to qualify for a VA Home Mortgage Loan. If the seller agrees to pay the closing costs, you may be able to purchase the home with no out-of-pocket cost. The loan and sales contract can be set up so that the VA Home Mortgage Loan covers 100% of the selling price and the seller covers the closing cost. Alternatively, we can structure your loan where the lender covers most, if not all of the closing costs.

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 your VA home loan. The VA Funding Fee replaces the much higher priced Mortgage Insurance required when you get a conventional home loan. If you are a Disabled Veteran, you may qualify to get the fee waived completely.

Assumable VA Mortgage Loans

VA loans are also 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 were originally entitled to. Veterans should use great care and closely investigate the terms of an assumption before allowing someone to assume their mortgage. It is too great of a benefit to give up.

Qualifying for a VA Mortgage Loan

The VA offers excellent qualifying standards. The VA does not use credit scoring in their analysis of the loan. 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 home loan. This can be a tremendous savings compared to the cost of conventional loans when the borrower's credit scores are low. Call your Petaluma VA Mortgage Broker @ 707-763-7900 and get qualified today.

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 any credit checks, appraisal, and income or asset verification and can roll the costs of the transaction into the loan so there are no out of pocket costs.