Get Pre Approved for a VA Home Loan in Southern California

The VA home loan is backed by the U.S. Department of Veteran Affairs and is available to Veterans, service members, and surviving spouses. These loans are made by private lenders such as mortgage companies and banks, not the Department of Veteran Affairs. VA home loans offer competitive interest rates and flexible terms for the purchase or refinance of single-family homes, condominiums, multi-unit property, manufactured home, or new construction.

VA Home Loan Benefits

● 0% down payment. Qualified veterans can purchase a home with $0.00 down payment no matter how much home they are buying.
● Typically speaking VA loans offer the lowest interest rates.
● Loan origination fees can’t exceed 1%.
● No prepayment penalty. You can pay off the loan or refinance quickly without an added fee.
● No private mortgage insurance.
● Va home loans are assumable. This huge advantage is if the property is sold the buyer can take over (assume) your loan and other benefits the VA loans come with.
● VA loans often have lower credit score requirements and will vary from lender to lender. Typically, the credit score required is 580 or higher.
● Higher debt to income (DTI) ratios. VA loans do not have a hard cutoff for DTI and have shorter waiting periods for major credit events like bankruptcy or foreclosure.
● Exemption from the VA funding fee with proof of Certificate of Eligibility (COE) showing 10% or more disability.

VA Home Loan Requirements

● Be an active-duty service member or veteran, honorably discharged.
● Service members must have served 90 consecutive days of duty during wartime or 181 days of duty during peacetime.
● Members must have six years or more in the National Guard or Reserve Service.
● Surviving spouses of service members who died in active duty.
● Most VA lenders can loan up to four times the amount of an individual’s entitlement.
● Certificate of Eligibility (COE) proof.
● Can be used for the purchase or refinance of primary residence only.
● A one-time VA funding fee is required or may be exempt in some cases and will be paid at closing for a purchase or financed through the loan on a refinance. The funding fee varies from 0.5% to 3.6% of your loan amount and is used to help sustain the VA mortgage program.
● Appraisal is needed to verify the home meets certain standards set by the VA to ensure the home is safe and livable.

Types of VA Home Loans

VA Purchase Loan

This includes a single-family home, multi-unit property up to 4 units, manufactured or mobile home, approved condo unit, or new construction.

VA Streamline Refinance

Also known as the (IRRRL), interest rate reduction refinance loan is for existing homeowners looking to refinance and reduce their interest rate.
● IRRRLs do not require an appraisal.
● Allows for one 30 day late mortgage payment in the last 12 month period.
● No credit approval required and no income verification required.
● 210 days of seasoning required from the initial closing of a VA home loan.
● No closing costs.
● No cash out. Strictly a rate and term refinance. Focused on reducing interest, payment, or term of the loan.

VA Cash-Out Refinance

Leverage the equity in your home to consolidate high interest credit card debt, home improvements, investing, or expanding your real estate portfolio with the purchase of investment property.

Arbor Home Loans will evaluate your situation, address your questions, determine VA eligibility, get you pre-approved and guide you through the VA appraisal and underwriting requirements. Refinance or get your dream home with an Arbor VA Home Loan today!

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Arbor Home Loans

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NMLS 1206543 & DRE 02128292

Arbor Financial Group. NMLS Entity ID #236669. DRE #01845041

Licensed In: CA, FL

NMLS 1206543 & DRE 02128292

Arbor Financial Group. NMLS Entity ID #236669. DRE #01845041

Licensed In: CA, FL