GoPrime Mortgage, Inc. Helps VeteransThank you for your service to our country
GoPrime Mortgage, Inc. offers VA loans as just one of its many loan packages available. If you’re an eligible veteran, first, thank you for your service to our country! Second, Zachery Adam of GoPrime Mortgage, Inc. does everything he can to match you to the very best mortgage that fits your needs. That may or may not be a VA loan.
VA Home Loan
To show appreciation for returning World War II veterans, the U.S. Government created the VA loan program in 1944. Its mission was to help eligible veterans buy homes by guaranteeing the loans available to them through banks, credit unions, and independent mortgage lenders. The program is still managed by the U.S. Department of Veteran Affairs.
What does a VA home loan really entail? A VA mortgage is a loan guaranteed by the United States Department of Veteran Affairs, or VA. The loan can be issued by any qualified lender, including your California independent mortgage lender, which can provide a number of options for veterans looking to buy a home. The program is intended to provide long term financing options to eligible American veterans or, in some cases, surviving spouses. What make a vet eligible and how can you take advantage of the programs offered? Here is a more detailed look at how the VA loan program works.
How Do You Qualify for a VA Mortgage?
If you have met the general requirements of service, there are some other qualifications that may impact your ability to receive a loan guaranteed by the VA. For example, you will need to have a satisfactory credit score, a sufficient income from employment or other verifiable sources, and a Certificate of Eligibility or COE. This certificate can be obtained online, by mail, or through your California lender at GoPrime Mortgage, Inc..
What Does a VA Mortgage Cover?
You can use it to:
- Buy a home or a VA-approved condominium unit
- Build a home in California
- Purchase and improve an existing home
- Make energy efficient improvements or install energy related features, perfect for the Bay Area climate
- Buy a manufactured home
- Refinance an existing loan, either VA or direct, to get a lower interest rate
- Refinance a mortgage or other loan secured by a lien of record if the residence is owned and occupied by a veteran
To learn more about the benefits of VA loans for California veterans, you can visit the website here.
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.
- 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.
What is the Difference Between Types of VA Loans?
As with any other mortgage, there are several VA Mortgage types to consider. For example, a VA purchase loans includes fixed rate or adjustable rate mortgage (ARM) options. There are also other products for refinancing, like the Refinance or Streamline Refinance loans.
Fixed Rate VA loan features include:
- Fixed rate for the life of the loan
- Regular monthly payments that normally stay the same
- No money down
- No private mortgage insurance is required
- Limited closing costs
- Competitive interest rates
The fixed rate means your rate will always be fixed at the percentage you were given when you secured the loan, no matter what else happens in the California homebuying market. A fixed rate is great for long term planning and saving.
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
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.
Keep the process simpleVA Home Loan
Getting a VA mortgage can seem complicated, but GoPrime Mortgage, Inc. aims to keep the process simple. Are you considering a VA loan for your next California home purchase or Bay Area refinance opportunity? Contact Zachery Adam at GoPrime Mortgage, Inc. today.
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
Gratitude for all our California Veterans
Offering these loans is a service we’re proud of in California. We hope we can demonstrate our gratitude for your service. Zachery Adam is here to provide first class customer service to buy your next home.
Zachery works hard for veterans to find the best mortgage products (including VA loans) and help you feel comfortable throughout the process. It’s not just the right thing to do; it’s the only thing to do. With gratitude for your service, you’ll always be treated with respect at GoPrime Mortgage, Inc.
Enjoy a mortgage process built for the modern world.
Borrowers can easily complete a loan application, upload supporting documentation, eSign disclosures, and monitor the status of their loan — in a single, easy-to-use location. Apply Securely Online
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:
While a bank can offer many financial products for a wide range of customers, independent California mortgage lenders like Zachery only do mortgage loans. Zachery Adam of GoPrime Mortgage, Inc. has the knowledge and experience to match you with the right mortgage with the best rates and terms for you.
Independent California mortgage lenders have been around for a long time, surviving the crash and thriving in the new market. GoPrime Mortgage, Inc. was founded in in 2005. It’s a well-established company with the funding to find mortgage loans even for unusual mortgage applications.
Being independent means independent California mortgage lender Zachery Adam can move faster than big banks to approve mortgages and close loans. GoPrime Mortgage, Inc. can close in less than 30 days. Our goal is to close on time, every time.
Independent California mortgage lenders like Zachery Adam work directly with you throughout the entire approval process. You’ll be in contact with your lender every step of the way making the entire mortgage approval process much more transparent.
When it comes to mortgages, a California mortgage lender can outmaneuver banks because they offer more types of loans, such as first-time VA loans and debt consolidation loans. Being a California mortgage lender, we have the expertise to find the right loan for you.
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