Home Loans California & Arizona

San Bernardino, CA VA Purchase home loans

March 4th, 2020 1:37 PM by Nathan Rufty

One of the most significant benefits of military service is the VA home loan in San Bernardino, which can help you purchase a home with no down payment or refinance an existing loan. This gives you the opportunity to get a mortgage with a competitive interest rate as well as a lower cost at closing without prepayment penalty. With all these benefits, you have the potential to purchase a more expensive home than you might otherwise have been able to afford.



VA does not give you the actual loan for your home; rather, they simply guarantee a loan made to you by private lenders (such as banks, savings and loans, or mortgage companies). If a home loan is approved by your lender, VA will guarantee a portion of the loan to the lender.

A VA loan is guaranteed by the U.S. Department of Veterans Affairs. The loan itself isn’t actually made by the government, but the fact that it’s backed by a government agency makes lenders feel more comfortable in offering these loans, as they pose less risk.

As a result, it’s possible to get a VA loan without a down payment, and with sometimes-looser credit requirements. While you still need to meet certain requirements, and the lender still needs to approve you, if you qualify for a VA loan, it can help you attain homeownership.

There is no maximum loan amount; however, VA does limit its guaranty. Veterans in San Bernardino can borrow up to $417,000 without a down payment in most of the country. If you make a down payment your lender may loan a larger amount. While not a down payment, the guarantee often satisfies the lenders’ requirement that a portion of the home price be paid for up front (i.e., the down payment). This can save the home buyer the burden of making a down payment. The loan maximum itself may be up to 100% of the VA established reasonable value of the property, though generally it may not exceed $417,000. In addition, certain funding fees and closing costs apply, and you must be able to pay a portion of these fees up front. Generally, these fees range from 1.25% to 3.3% of the total loan.

San Bernardino, CA VA Purchase home loans Benefits:

  • No Down Payment
  • Lower Rates
  • No Private Mortgage Insurance
  • Lower Costs
  • The VA is Flexible
  • Refinancing Options Available
  • BAH (Basic Allowance Housing) Can Count as Income

Ready to purchase a house in San Bernardino County? Call Nathan Rufty at 909-503-5600
Posted by Nathan Rufty on March 4th, 2020 1:37 PM

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