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VA Home Loan - No Money Down to Buy a House in California

December 20th, 2014 9:26 AM by Nathan Rufty

Purchase a Home in Rancho Cucamonga California with No Money Down on the VA Home Loan.

VA assist Service members, Veterans, and eligible surviving spouses become homeowners in Rancho Cucamonga as well as through out Southern California. As a part of our mission is to serve you, we provide a home loan and other housing-related programs to help you buy and repair a home for your own and retain as your personal residency.

A VA Home Loan are provided by private lenders, such as banks and direct mortgage lender. VA guarantees a portion of the loan, enabling the lender to provide you with favorable terms.

The VA home loan program is available to current and active military personal as long as he or she is in good standing with the VA and can obtain a Certificate of Eligibility.

The benefits of a VA Home Loan program are:

  • 100% Financing up to the county loan limit (each county has a limit on loan amount)
  • No money down required (can bring in funds if chose to) as long as the sells price does not exceed the appraised value of the home
  • No monthly mortgage insurance
  • Competitive interest rates, lower then conventional rates with 20% down
  • VA loans require a funding fee unless exempted by way of being 20% or more disabled by the Veteran’s Affairs
  • Loan can be assumable as long as the person assuming the loan qualifies
  • Has a sub-program to improve the energy efficient of the home, such as windows, heating and a/c unit
  • VA rules limit the amount you can be charged for closing costs.
  • Closing costs may be paid by the seller or lender
  • No penalty fee if you pay the loan off early
  • VA may be able to provide you some assistance if you run into difficulty making payments
  • You do not have to be a first-time homebuyer
  • You can reuse the benefit over and over as long as you are in good standing with the VA

You can see why the VA Home Loan program is a benefit to our active and retired service members when purchasing a home.

Service members and Veterans:

To obtain a COE, you must have been discharged under conditions other than dishonorable and meet the service requirements below:

Status Qualifying Wartime & Peacetime Periods Qualifying Active Duty Dates Minimum Active Duty Service Requirement
Veteran WWII 9/16/1940 – 7/25/1947 90 total days
Post-WWII 7/26/1947 – 6/26/1950 181 continuous days
Korean War 6/27/1950 – 1/31/1955 90 total days
Post-Korean War 2/1/1955 – 8/4/1964 181 continuous days
Vietnam War 8/5/1964 – 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961 90 total days
Post-Vietnam War 5/8/1975 – 9/7/1980 *The ending date for officers is 10/16/1981 181 continuous days
24-month rule 9/8/1980 – 8/1/1990 *The beginning date for officers is 10/17/1981
  • 24 continuous months, OR
  • The full period (at least 181 days) for which you were called or ordered to active duty
Gulf War 8/2/1990 – Present
  • 24 continuous months, OR
  • The full period (at least 90 days) for which you were called or ordered to active duty
Currently On Active Duty Any Any 90 continuous days
National Guard & Reserve Member Gulf War 8/2/1990 – Present 90 days of active service
  • Six years of service in the Selected Reserve or National Guard, AND
    • Were discharged honorably, OR
    • Were placed on the retired list, OR
    • Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR
    • Continue to serve in the Selected Reserve
*If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

Working with a lender that knows the VA home loan process is key in California, I had the privilege in working with many veterans in securing a 100% no money down VA home loan program over my 25 years of lending. I welcome the opportunity to discuss the requirements of this great loan program and how we can start the path towards homeownership.

by Nathan Rufty



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