Home Loans California & Arizona

VA Home Loan program to purchase your First Home?

February 23rd, 2013 7:21 AM by Nathan Rufty

Military families can take advantage of purchasing their first home with no money down. A Veteran (active or retired) has a benefit to purchase a home at 100% financing as long as the military personnel is in good standing with the Veteran Affairs and can obtain his or her Certificate of Eligibility. This is the best performing home loan program on the market today, has the fewest default rate among all other home loan programs.

    The benefits to this program:

  • No money down
  • 100% Financing
  • No Monthly Mortgage Insurance
  • If the Veteran is disabled at 20% or more then the VA funding is waived
  • No prepay penalty, can pay off at any time
  • Loan is assumable, can transfer to other person as long the new homeowner meet underwriting guidelines
  • No Income Limits
  • Interest rates are just as low as other loan programs if not better
  • There are fees to the loan that the Veteran can not pay for, called non-allowables 
  • Can refinance into a lower rate without having to to do an appraisal
  • High loan amounts per county
  • Has Down Payment Assistance home loan programs to assist with closing cost
  • Program that can assist just in case you hit a bump in the road and need to mortgage your mortgage payment USA Cares
  • Termite in California is always required on a VA home loan regardless if the purchase contract not have it stated

To see what you can budget for each month check out a VA mortgage calculator or call me and we can review the numbers together. Working with the right experienced team on the lending and Realtor side is key for a Veteran to obtain a home today.

We have a tight market here in California and most sellers are not accepting offers on VA financing because the sellers thinks the worst such as: the appraisal will not come in at value, the VA appraiser is much more thrall in the inspection. Which is not the case, all loan programs have the same concerns, are there any Health, Safety, Soundness or Security issues with the property. This 4 concerns on concerns with FHA, USDA and Conventional type financing.

Lets get started on finding and financing your VA home loan program right away. I look forward in hearing from you!

Posted in:General
Posted by Nathan Rufty on February 23rd, 2013 7:21 AM

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