• VA Loans in Sacramento CA

    October 13, 2017
  • VA Loans in Sacramento, CA

    Purchasing a home can seem like a daunting task one you start getting into the numbers of it all, but fortunately VA loans were created to help returning service members and veterans with the process of becoming homeowners. However, a big question for many people is “Am I eligible?”

    To get qualified for VA Loans in Sacramento, CA, you should make sure you understand what exactly a VA loan is and the eligibility requirements surrounding it.

    What Is a VA Loan?

    A home loan that is funded by the Department of Veterans Affairs (VA) provides affordable home financing options for eligible citizens. To be eligible for a VA loan, you need to be a service member, veteran, spouse, or another possible beneficiary. VA loans were created by the US government to help service members buy a home without perfect credit or a down payment.

    VA loans for veterans in California require no down payment* and tend to have lower closing costs, meaning your savings won’t be damaged too much. There is also no minimum set in California for required credit score, but an individual lender that is issuing the money is permitted to set their own VA credit minimum.

    There are many benefits that come with using a VA loan, including that there are zero repayment penalties, there are a variety of eligible home property types, and there is no PMI (private mortgage insurance).

    How to Use a VA Loan to Buy a Home in Sacramento

    The first step is to find a lender. You should preferably find a lender that is familiar and proficient in the VA home loan process; choosing a lender with no experience with the process could slow the whole journey down for you. Fairway Independent Mortgage Corporation has a lot of experience with helping eligible veterans find their dream home in an affordable manner.

    To be eligible for a VA home loan, you need to obtain a Certificate of Eligibility – this is where your experienced lender comes in. A VA home loan specialist can save you a lot of time when going through the steps to get this certificate. The evidence of your eligibility depends on the category of your service. For example, a veteran might need to provide a copy of their DD Form 214 while an active duty service member would need a statement from their commanding officer.

    Get Qualified for a VA Loan in California

    To apply for your Certificate of Eligibility, you can either apply online or through your lender. Applying online is a whole process, while applying through your lender is usually quick and painless, not to mention stress-saving. Most lenders can access a VA loan internet-based application online and can get an online COE within minutes.

    Getting a VA loan and purchasing a home within your means is so special and important because it lets veterans and other service members live affordably while still being able to spend a little at the end of each month on themselves or family.

    *A down payment is required if the borrower does not have full VA Entitlement, or if the loan amount is greater than $453,100. VA loans subject to individual VA Entitlement amounts and eligibility, qualifying factors such as income and credit standards, and property limits.