VA home loans have some tremendous benefits for active military and veterans across the state of California. This article will highlight some of the top benefits:
- VA loan interest rates are still extremely low. VA 30 year fixed loan rates are lower then conventional 30 year fixed loan interest rates
- VA offers 100% financing zero down loans. No other home loans offer zero down today.
- The VA funding fee is waived for any veterans that have a disability rating
- VA loan limits in California are very generous. They are higher then conventional loan limits in many areas of California. Some examples of current VA loan limits in California Counties: LA County $668,750, Orange County: $668,750, San Diego County: $500,000, Alameda County: $987,000, Contra Costa County, San Francisco County, San Mateo County: $987,000, Napa County: $521,250, Santa Clara:$823,750. Many of the other counties in California such as Fresno, Kern, Shasta, Riverside, San Bernardino are $417,000.
- VA loan guidelines allow a VA borrower to apply for a VA loan only two years after a short sale, two years after a foreclosure and two years after a bankruptcy. FHA and conventional financing have much longer waiting periods.
- VA loan credit does not have to be perfect
- You can refinance into a VA loan up to 100% of the value of your property
- VA home loans do not have monthly mortgage insurance (as conventional and FHA home loans with less than 20% down payment do).
Read more at my Trulia Mortgage Blog.
So those are some highlights of VA financing in California in 2013. Please don’t hesitate to call 858-922-7899 or email firstname.lastname@example.org if you have any questions about a home loan financing in California.
Sr. Loan Officer (and VA loan specialist)