VA Loan

VA Loans:

 

Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.

Here's how it works:

 

  • 100% financing without private mortgage insurance or 20% second mortgage.
  • A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
  • When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
  • When refinancing a home, veterans may borrow up to 100% of reasonable value in order to refinance where state law allows.
 

Here are some VA Loan FAQ’s:

 

1. I want to use my Veteran eligibility to purchase a home. Can you do this for me?

Answer: Absolutely, this is what I do!

 

2. I don’t have my certificate of eligibility, can you help me get one?

Answer: Yes as long we have a DD-214 or Statement of Service we can retrieve your certificate of eligibility electronically

 

3. I used my VA eligibility to purchase a home before can I use  it to purchase another home?

Answer: Yes

 

4. Why is the loan amount higher than the sales price for VA loans?

Answer: All VA loans have a “funding fee” which is financed on top of the loan amount? This fee negates the need for mortgage insurance

 

5. I am VA disabled (service related), is there is an additional discount available to me?

Answer: If you are at least 30% VA disabled, your loan will not have the traditional VA Funding Fee financed on top of the loan amount

 

6. Can I purchase a home with someone other than my spouse as the co-borrower?

Answer: Yes but the other applicant must be a veteran as well.

 

7. I don't live near Petaluma, California can you still handle my loan?

Answer: Since we do California mortgage loans,  We can handle your loan anywhere in the state of California

 

8. Can I close my home loan in my home town?

Answer: Absolutely.

 

9. How do all those documents get to my local Title Company?

Answer: FedEx or email.

 

10. I already applied to another Lender for my Home Loan; do I have to stay with them?

Answer: No you don't. You can change your mind, and decide who you want to close your loan. Transfer of your loan is an easy process.

 

11. Can I use my VA eligibility for a Rental Property purchase?

Answer: No

 

12. Can I refinance my primary residence using my Veteran benefits?

Answer: Yes

 

13. How will I know what the prospective home or my primary residence is worth?

Answer: We will order an appraisal done by a licensed VA appraiser in your area.

 

14. Who controls the interest rate on Veteran Mortgages?

Answer: The market and investors but VA loan rates are typically the same or lower than conventional loans.

 

15. How will I know what interest rate I will get on my home loan?

Answer: After submitting the required paperwork, we lock your interest rate the same day.

 

16. I am a Widow of a Veteran, can I qualify?

Answer: Yes you can, provided deceased husband died in the line of duty or from a service related cause.

 

17. I hate to fill out forms online; can I talk to a person?

Answer: Sure just call me at 707-763-6290!

 

19. I don't feel comfortable giving my financial information over the Internet, what can we do?

Answer: We will do everything over the telephone or in person

 

21. How long does it take to close my loan?

Answer: It varies but typically 15 to 30 days after all paperwork is submitted.

 

22. I am working with a Real Estate Agent…..is this O.K.?

Answer: No problem.

 

23. Another lender botched my loan, can I transfer my loan to you?

Answer: Sure, no problem. Unfortunately, this is all too common.

 

24. I want to place my loan in your hands, what's next?

Answer: Call me at 707-763-6290.

 

25. I want to move forward with you, what do I tell my Realtor?

Answer: Ask them to fax a copy of your contract to us at 707-762-9698, and I will give the Realtor a call to coordinate.

 

26. I just want to talk, can I call you?

Answer: Sure, please call me at your convenience – 707-763-6290

 

Apply for a VA Loan with a VA Qualified Lender.

 

Thinking of Purchasing a Home?

You can start the process by visiting our Purchase Assistant or by testing out different financial scenarios on one of our online calculators.

 

Considering a Refinance?

There are many ways to go when you refinance your home. Start by narrowing down your options based on your individual needs on our Refinance Advisor page.

 

Ready to start the home mortgage process today?

Complete a  secure online loan application or call me for a friendly chat and free mortgage consultation today at 707-763-6290

 

Questions about your California mortgage loan? Or your California mortgage rates? We always strive to bring you the lowest mortgage rates in California. We always strive to bring you the lowest mortgage rates in California. Feel free to call us at (707) 763-6290, Click here to submit a question through our website or email to js@emortgages.com