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VA Loan Comparison for People Seeking Military Home Mortgage Loans
VA Loan Opportunities with No Money Down Required
Do you qualify for a low rate zero down VA loan? VA Home Mortgage Loans specializes in 100% VA loan programs. Our VA lenders offer 100% home purchase loans, streamline refinancing and cash out refinance loans. We are a VA approved lending company who prides itself in offering the best government mortgage loans to veterans online. Getting a VA loan can be easy if you meet the Veteran's loan eligibility.
VA is the last mortgage program that still allows no money for purchasing owner occupied real estate and 100% VA refinancing for existing veteran loans. Credit guidelines continue to be flexible and forgiving. Limited or bad credit borrowers do have a good opportunity to qualify for military financing. Please take a moment and complete one of our mortgage applications and one of our experienced loan professionals will get back to you shortly.
Powerful Loan Programs Guaranteed by the VA: According to My Loan Quote.com, "The VA offers the most comprehensive home loan in the marketplace." MLQ is a loan referral company that specializes in loans for first time home buyers and they have worked with over 100 lenders who offer VA loan programs across the country. The "no money down mortgage" helps new buyers preserve their capital and the fact that these Veterans do not have to pay mortgage insurance monthly makes this an unbelievably rare loan offer.
Compare Local California VA Loan Specials for Veterans and Active Military!
|San Diego VA Loan – VA loan applicants in San Diego can benefit from local loan specials to reward our military families. VA rates are available near record lows.
||VA Loans Los Angeles – Take advantage of Southern California incentives that are available to VA borrowers located in the greater Los Angeles Area.
What is a VA Home Loan?
The VA home loan programs have become very popular within the military networks. The VA home loan is a government-insured home loan program specifically for active duty military, surviving spouses, reservists and veterans who meet the minimum VA requirements that include the certificate of eligibility and income documentation. A portion of each loan is guaranteed by the VA to protect the lender's investment if the borrower defaults. This portion is called an "entitlement." Because of the decreased risk to lenders, eligible borrowers may receive home mortgage loans with up to 100% financing. However borrowers will need money towards closing costs and the earnest money deposit, which the seller generally requires when a sales contract is signed.
The VA Loan Guaranty Service is the organization within the Veterans Benefits Administration (VA) charged with the responsibility of administering the home loan program. Their mission is to help veterans and active duty personnel purchase and retain homes in recognition of their service to the Nation.
VA Funding Fee
Unlike FHA and conventional loans, VA does not charge a private mortgage insurance (PMI) premium for those who are not able to come up with a down payment. Instead, a fee of 2% of the loan amount (2.75 percent for Reservists) is payable when the VA loan closes your loan, and can be included in the loan. The fee is reduced if the veteran makes a down payment of at least 5 percent.
Certificate of Eligibility
VA Loan Resources
Before applying for a VA loan, you will need to get a Certificate of Eligibility. Your lender may be able to get it. But, if the VA doesn't have enough information about you in its database, you may have to request it directly from the VA. Getting a Certificate of Eligibility does not guarantee that you'll get the loan. It just lets the VA mortgage lender know that you are eligible for a veteran loan, and it is necessary in order for you to apply for the loan.