Veterans Loans and Mortgages – Respecting our Veterans

Veterans Loans and Mortgages - Respecting our Veterans
They Served

True 100% financing is offered to Veterans for Real Estate Mortgages. Dates of Service are considered.

The first step is to contact the VA office and request a copy of your Certificate of Eligibility, and Copy of Discharge papers.

We love these loans.  Call me to help you get approved.

Veteran Administration loans can be for all types of properties, including 2 to 4 units, as long as the veteran lives in one unit.  No Apartment Lending.

The Certificate of Eligibility is valid for one year.

Click here to visit the Veterans Administration Home Page, with lots of information for the veteran.

You can finance up to $6000 in home repairs which can be included in the purchase loan or interest rate reduction refinance loan.

The current allowed range for the Appraisal Fee is $425 to $875, depending on the Appraiser and the home location.

The DD-214 is a Certificate of Release or Discharge from Active Duty.  Try to send us Member Copy 4, as it has the most information.

Your service record will determine your Funding Fee.  Regular Military, 100% funding fee, is 2.15% of the base loan amount.

Unmarried Surviving Spouses may be eligible for a Veterans Administration loan.

County Loan Limits determine the maximum amount of the 100% loan, but the loan may exceed that number when the borrower pays 25% of the excess amount.

Currently the California VA loan minimum is $144,000. At this time, 2023, there is loan limit, but please contact me to determine how much you can borrow. A guideline would be to follow the conforming loan limits in your County and State.

Veterans get benefits by being exempt from paying some closing costs.  Seller must pay them.

The Loan Origination Fee can be paid from Lender Credits.

Author’s Notes:
In the past the VA Loan times to close were very slow. But now, VA has really steamlined the loan process, especially when it comes to appraisals.
The estimated “turn times,” which means beginning when the appraisal is ordered, until the time it is received by the funding lender, is between 7 to 21 days.
VA uses the same appraisers FHA and Conventional loans use. That means that the time for the appraiser to produce his written value estimate, will be the same for all types of loans, and just depends on how busy the Real Estate Market is, and where the home is located.
If the home is remote enough, it may even be difficult to find an appraiser willing to go inspect the home. If the home is in a city, of course, there will be many available appraisers to inspect it.
Loan to Veterans also offer Interest Rate Reduction Loans, which could be a great safety net when the interest rates were high when your bought or refinanced your home.
There are some minor qualifications to getting an IRRRL loan, often called a Streamline Loan, because there are very few qualifications:
You must already have a VA Loan on your home, and the payments have to be paid on time for the past 12 months.
The new loan must improve (lower) your monthly payments, as determined by a payment comparison calculator.
No income or credit check is required. No Appraisal is needed either.
There is no cash out allowed for this type of loan.
If there are costs for closing, they can be included in the loan amount.
Please call or write if you need more information about this type of loan. VA loans are offered on manufactured homes as well as traditionally built homes.
Judy Sellens
951-265-2102
judy@sellenslending.com

 

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