VA Home Loan

What are the Requirements for a VA Mortgage?

If you have served in the U.S. military, you may qualify for a VA home loan to purchase or build your next California home. There are some additional criteria you need to meet in order to be eligible for a VA Home Loan.  

They include: 

• At least 90 consecutive days of active service during wartime. 
• 181 days or more of active service during peace time. 
• 6 or more years of service with the National Guard or Reserves. 
• The spouse of a service member who has died in the line or duty or due to a service-related disability. This is limited to spouses who have not remarried. 

If you meet these criteria, you may qualify for a VA Mortgage before buying your next home. There are also other factors that may make you eligible, best to reach out to a qualified lender, like Zachery Adam. 

How Do You Apply for a VA Mortgage?

At GoPrime Mortgage, Inc., we encourage veterans to talk to Zachery Adam and learn more about your options and begin the process of buying your next California home. While you can apply securely online for a VA mortgage, talking with an expert can help you feel more comfortable at every stage along the way. 

Many mortgage lenders have access to a system known as WebLGY. This provides them with the ability to apply for the Certificate of Eligibility to kick off the process to secure you a VA loan. 

Adjustable Rate VA loan offers: 

• Periodically adjusted interest rates 
• Variable payments based on the interest adjustment 
• Limits on the amount of interest adjustments across the life of the loan 
• No money down 
• No private mortgage insurance 
• Limited closing costs 
• Competitive interest rates 

ARM  

An ARM can be a good choice for some Bay Area home buyers, though was always recommend you speak with an expert before making a decision.  

Other loan types may also exist for your location, needs, and financial picture. 

For California veterans who want to refinance, you can use a VA Refinance Loan to take equity out to make home improvements or use for other financial needs. A Streamline refinance loan can have a lower interest rate without any additional fees and you can use your original Certificate of Eligibility to kick off the process. This kind of refinance loan is only available for existing VA Mortgages. 

Safeguards with VA Loans 

You can have added peace of mind when you qualify for a VA home loan with these VA home safeguards: 

• Builders of new homes are required to provide you with a one-year warranty to show that your California home is built to VA-approved specifications. The same warranty also must be provided for any newly manufactured homes and condominiums in the Bay Area purchased using a VA home loan.  
• The Department of Veteran Affairs may suspend the loan program from lenders who scam or try to take advantage of the veteran borrowers. Loan suspensions may also be issued if lenders decline to sell a new home or provide loans to eligible veterans of good credit based on race, religion, color, disability, sex, national origin or family status. This means you’re protected.  
• For new construction completed under HUD or VA inspection, the government will compensate you for repairing any structural defects that can affect livability. You will have to request this assistance within four years of the VA loan application to receive the warranty. 
• The Department of Veteran Affairs also encourages lenders to extend forbearance if you become unable to meet the terms of the loan for a temporary reason. 
• You can only be charged the fees and additional charges that are deemed allowable by the Department of Veterans Affairs. 
• You can repay any VA loans with a penalty of no less than the amount of one installment of the loan or $100. In other words, you can’t be penalized for paying a loan off in full before its due date, as is the case in certain other loan types. 

GoPrime Mortgage, Inc.Helps Veterans in California

Thank you for your service.  

GoPrime Mortgage, Inc. offers VA loans as just one of its many loan package services.  

If you’re an eligible veteran in California, Zachery Adam of GoPrime Mortgage, Inc., Inc. will do everything he can to match you to the very best mortgage to fit your needs. In the end, that may or may not be a VA loan, but you can be certain it’ll be right for you.  

There are many ways VA loans can help you if you’re a veteran living in California, including: 

• The purchase of a new home or condominium 
• Construction of a new home 
• Refinance your existing home loan 
• Home repair or renovations on your current home 
• Buy a manufactured home and/or lot 
• Improvements to your manufactured home lot 
• Installation of a cooling or heating system 
• Home weatherization upgrades 
• The purchase and improvement of the energy efficiency of the home 
• Refinance an existing VA loan to decrease the interest rate 

The Advantage of an Independent Lender 

An Independent California Mortgage Lender like Zachery Adam does not work for the banks. They underwrite most of their loans in-house. Independent lenders approve — and pre-approve — mortgages throughout California. Here are the top five reasons to talk to an independent California mortgage lender: