VA Loan: For Our Military
If you’re a U.S. military service member, veteran, or surviving spouse, a VA loan has some excellent perks that can make it easy for you to buy your dream home in Pasadena, Los Angeles County, or anywhere else in California.
VA Home Loans Have Excellent Benefits
No Down Payment
That’s right—you can buy a home with no money down when utilizing your VA loan benefits.
PMI Not Required
Private mortgage insurance is not required for VA loans, which can save you thousands.
Competitive Interest Rates
You can lock in a great interest rate—VA loans offer some of the best rates in the market.
You can use your VA home loan benefits throughout your lifetime, as many times as you like.
VA loans are designed to benefit active duty service members, veterans, and surviving spouses. To qualify, you must meet one of these requirements:
- You served at least 90 consecutive days of active service during wartime or 181 days of active service during peacetime
- You served in the National Guard or Reserves for at least six years
- You’re a surviving spouse of a service member who died in the line of duty or from a service-related disability
Frequently Asked Questions
WHAT IS A VA LOAN?
A VA loan is available to military service members, veterans, and their surviving spouses. It’s a program provided by the U.S. Department of Veterans Affairs, which sets the standards and terms, and backs the loan. However, they do not provide the financing. Banks and private lenders do.
HOW DO I APPLY FOR A VA LOAN?
- Complete our simple VA Loan Qualifier
- We’ll show you options based on your situation and goals
- We’ll help you compare mortgage interest rates and terms
- You’ll choose the offer that best fits your needs
WHO QUALIFIES FOR A VA LOAN?
VA loans are provided to qualified active military members, veterans, reservists, and surviving spouses.
WHAT TYPES OF LOANS ARE THERE?
There are several types of VA home loans, including:
- Purchase Loan
- VA Streamline
- VA Jumbo
- Native American Direct Loan (NADL)
WHAT DOCUMENTS DO I NEED TO QUALIFY FOR A VA LOAN?
First, all applicants will need to provide their lender with a Certificate of Eligibility (COE). This document shows you meet the requirements to obtain a VA loan.
Active military members must also provide a Statement of Service, which verifies current or past employment in the military.
Veterans must also provide a DD Form 214, which is the Certificate of Release or Discharge from Active Duty.
Surviving spouses must provide only the Certificate of Eligibility and one of the following must be true:
- Their veteran spouse died while serving
- Their veteran spouse died from a service-connected disability
- Their veteran spouse is missing in action
- Their veteran spouse is a prisoner of war (POW)
HOW DO I GET A CERTIFICATE OF ELIGIBILITY?
Visit the U.S. Department of Veterans Affairs Certificate of Eligibility page for instructions on requesting a COE.
CAN MY LENDER GET MY CERTIFICATE OF ELIGIBILITY FOR ME?
Yes, you can ask your lender to obtain your Certificate of Eligibility on your behalf.
CAN I GET AN FHA LOAN IF I HAVE STUDENT LOAN DEBT?
Yes, you can. Your student loan debt is, however, included in your monthly debts, and if it pushes your debt-to-income ratio too high, you might not qualify for a mortgage.
HOW MANY TIMES CAN I USE A VA LOAN?
VA loans are a lifetime benefit and can be used as many times as you like.
WHEN DOES THE VA FUNDING FEE APPLY?
All VA loans include a VA funding fee, which is due at closing. Your lender sends the funds to the U.S. Department of Veterans Affairs, which they use to fund the program
There is an exemption for:
- Veterans with a disability rating over 10%
- Purple Heart recipients
- Surviving spouses of veterans who died in the line of duty
WHAT ARE THE VA LOAN LIMITS?
There is no loan limit for VA loans.
DO ALL LENDERS OFFER VA HOME LOANS?
No, not all lenders participate in the VA home loan program.
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