VA Loans California

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VA Loan is guaranteed by the United States Department of Veterans Affairs (VA). It was designed to help returning service members to purchase homes without requirement of down payment or excellent credit. It is for veterans, active duty military members and their families to purchase homes or refinance their mortgages.

VA loans are not provided by the Veteran Association but rather private lenders such as TargetRate.com.  VA guarantees a portion of the loan which allows TargetRate to provide you favorable terms.

Apply for VA Loans in California and Surrounding Suburbs

Now, you can apply for VA loans in California and use the eligibility for a VA loan throughout the Los Angeles area.  First you must verify you are eligible.   Most members of the military, veterans, reservists and National Guard members are eligible.  Spouses of military members who died while on active duty or as a result of a service-connected disability may also apply. You must obtain a certificate of eligibility but you don’t need this to start the process.  TargetRate.com can contact the local office in Los Angeles to help you with the process.

The main advantage to using your VA eligibility in California is the down payment. With a VA loan there is no down payment required.  VA interest rates are often lower than traditional confirming rate loans.

The biggest disadvantage to the VA program is that there is a one-time funding fee. This fee varies depending on the down payment and the veteran’s eligibility status.

A VA loan can help California borrowers who have less than perfect credit.  Typically we can go down to a 620 FICO but there are some lenders who will go with a lower score.

You cannot use your VA eligibility to purchase an investment property in California.  VA loans are only available for owner-occupied properties.  The limit on VA loans will vary by county.  Los Angeles County will allow up to $625,500.

Feel free to contact us for VA Loans in California, San Diego, Los Angeles and Santa Monica.