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There are 10 benefits of the VA loan program for California Veteran's that every Veteran should know. The VA home loan is a mortgage loan offered to eligible military veterans by the U.S. Department of Veteran Affairs. The VA home loan is great because it provides a number of benefits to military veterans. First, the down payment requirements are much less than those conventional loans require. VA loans allow a Veteran to purchase a home with $0 down payment. Second, the VA loan has no mortgage insurance requirement. This means that you won't have to pay out any money each month to cover the lender's risk in case you default on your payments.

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1. VA loans have no down payment requirement!

That means you can buy a home without putting any money down at all. This is great if you don't have a lot of money saved up for a down payment or if you're maxed out on the amount of money you can put towards a home.

2. VA loans do not require mortgage insurance.

This means that the Veteran does not have to pay out any money each month to cover the lender's risk in case of a default on payments.

3. The approval process for a VA loan is much more flexible than the approval process for other types of home loans.

VA is more flexible with credit scoring and qualifying "debt payment to income ratios".

4. VA interest rates tend to be lower than other types of home financing.

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This means you'll pay less in interest over the life of your loan and it will be easier to afford monthly payments.

5. There's no limit on the amount you can borrow with a VA loan.

Other loan programs are limited based on set loan limits whereas VA did away with set loan limits in 2020. A California Veteran can now purchase a home at any price that their income will qualify them for.

6. You can use your VA home loan benefits multiple times.

It is not a "first-time buyer" program and not a "one-time usage" program.

7. A VA home loan has no prepayment penalty.

Anytime that you want to pay off the loan early, you can do so without any penalty.

8. The VA home loan is assumable.

If you decide to sell your home at a later date, the buyer can take on your existing VA loan.

9. VA offers the easiest refinance program out there

The VA Interest Rate Reduction Refinance Loan, or VA IRRRL. There is no appraisal, no income documentation, no money needed out of pocket. As long as the Veteran meets the seasoning requirement (210 days after the first payment due date) and has employment (or Disability rating) they qualify for an improved interest rate if rates are lower.

10. VA allows cash-out refinancing up to 90% of the current appraised value.

The cash out can go towards anything the Veteran needs. Education, debt consolidation, home improvements, etc.

Benefits of the VA Loan Program for California Veterans

The VA home loan is a mortgage loan offered to eligible military veterans by the U.S. Department of Veteran Affairs with benefits that make it an attractive option for many California Veterans who are looking for ways to afford their next purchase or refinance. The VA home loan provides several unique advantages including no down payment requirement, no monthly mortgage insurance and flexible approval guidelines which allow you to qualify even if your credit score isn't perfect (or you have some other financial issue). If you're ready to learn more about how this program can benefit you, let us know! We'll be happy to answer any questions and offer advice on getting started.

Authored by Tim Storm, a California VA Loan Officer specializing in VA Loans. MLO 223456. – Please contact my office at Fairway Independent Mortgage Corporation NMLS 2289. My direct line is 949-829-1846. I will prepare custom VA loan scenarios that will be matched up to your financial goals, both long and short-term. I also prepare a Video Explanation of your scenarios so that you are able to fully understand the numbers BEFORE you have started the loan process.