Home Loans California & Arizona

Who Does VA Purchase Home Loans in Rancho Cucamonga

November 14th, 2015 6:00 PM by Nathan Rufty

Looking to Buy a House with No Money Down for the Down Payment, then VA Home Loan is the Program You Want to Buy a House in Rancho Cucamonga California.

va home loan rancho cucamongaIf you are an active duty service member or a retired veteran of the arm services and looking to buy a house in Rancho Cucamonga California, then utilizing your VA benefit to buy a house at 100% financing. That's right no money down for the down payment, as long as you can obtain (which we can do for you) your certificate of eligibility from VA in good standing then you are on your way to start the pre-approval process to purchase a home.

The benefits of the VA home loan program are:
  • No Money down for the down payment
  • No monthly mortgage insurance
  • No pre-penalty - pay the loan off at any time
  • Easy to qualify - is the most liberal with underwriting guidelines amongst the other home loan programs 
  • Loan can be assumable 
  • Fix and adjustable term
  • Can exceed the county loan limit, will have to come in with 25% down payment from the purchase amount to the county loan limit, example: $300,000 purchase amount and county loan limit is $200,000, $100,000 difference, the buyer only needs to come in with 25% of the $100,000 which equals to $25,000 not the whole $100,000.
  • Seller can pay up to 4% of the buyers closing cost and a added benefit, the seller also can pay an additional 2% towards paying debts off for the buyer to qualify for the loan
  • If the rates should drop, the existing VA loan can be refinanced to the lower rate without an appraisal, no income needed and here in California no need for another termite report 
  • If the Veteran has a connected VA disability of 20% or more the VA funding fee is waived
  • If the Veteran has limited funds for the closing cost the lender can increase the interest rate to give a lender credit to cover the buyers closing cost 
Program guidelines are subject to change without notice and interest rates move daily til you have an open escrow. It does not hurt to explore your purchase options to buy a house in Rancho Cucamonga using your VA eligibility. 

I welcome the opportunity to speak or meet with you and discuss your options to see how we can extend a VA purchase home loan. Please call me direct at 909-503-5600 or email HERE to schedule an appointment to get started on homeownership.

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