VA Loans in San Clemente
VA Loan Services
By getting drafted in places near and far, the idea of home might have evaded you and your spouse since you joined the service. However, this government initiative can help you build more permanent foundations.
VA loans were created to make it easy for you to purchase or refinance your house. By making it easy for eligible service members and veterans to apply for affordable mortgage rates, you can now come home to a place that you can truly call your own.
If you or your spouse are currently serving in the military or are a veteran, you can now apply for a government-backed, low-cost loan. Allow us to walk you through the process and how we can help you.
What are VA Loans?
VA loans make it possible for you to own a home at a more affordable price. This is a product that is offered exclusively to active service members, veterans, and their spouses.
Thanks to the Department of Veterans Affairs (VA), qualified individuals are more likely to be approved by private lenders to apply for mortgages on more convenient terms.
The basic principle for this is simple:
In the past, private lenders were less likely to approve this demographic because of the risks that it entails. However, the VA has offered a guarantee of payment to these companies, thereby eliminating the main apprehension that lenders might have. As a result, you are likely to be approved for a home loan or refinancing.
On top of a guarantee of approval, VA loans are particularly beneficial because they don’t require an initial payment, have much lower interest rates, and don’t require you to pay for monthly mortgage insurance.
The benefits of VA Loans
Compared to conventional loans, VA loans are much more convenient to those who are eligible for them.
- They don’t require a downpayment
You don’t have to pay an upfront fee prior to moving in. Of course, there are certain fees you will need to shoulder such as funding and reservation, but these are much more manageable with the need for a downpayment.
- No equity needed for refinancing your loan
Conventional loans require equity before they can even be considered for refinancing. A VA loan allows you to update your terms or offer a lower interest rate once you reach 120% of your home’s value.
- No private mortgage insurance
Most lenders will require you to pay for mortgage insurance if you’re not able to provide an initial 20% of your loan. VA loans don’t require this.
How can you qualify for VA Home Loans Orange County
The first thing that you need for a VA home loan is proof that you qualify for a certain set of criteria.
- During peacetime: 181 days of active service
- During wartime: 90 consecutive days of active service
- National Guard or Reserves: more than 6 years of service
- Married to a service member who died or has been disabled in the line of duty.. Ideally, you should not have remarried, although certain concessions may apply
If you meet these criteria, you should secure a certificate of Eligibility (COE) that serves as proof of your service.
How to apply for VA Loans in San Clemente
As with any other type of loan, you will need to secure a series of requirements to be approved for your home loan. This includes presenting certain documents and submitting eligibility requirements.
Of course, in a lot of ways, applying for a VA loan is much like applying for a conventional one. Perhaps, the only extra steps you need to take is to secure certain documentations that prove that you qualify for it.
To get you started, here is a rough list of the things that you’ll need:
- DD Form 214 for veterans or statement of service for those who are currently active on duty
- Property type
- Credit score
- VA loan limit
- List of assets
- Funding fee
- Reservation funds
We will walk you through each of these requirements and provide assistance as we go along.
What our mortgage company Golden Coast Loans provides
A VA loan is a great government-backed initiative that you shouldn’t miss out on. With zero down payments, low interest rates, and more lenient borrowing requirements, being a homeowner has never become more accessible.
So now all you have to do is to find a trusted lending company that can help you learn more about this offer. If you’re thinking about applying for a VA loan in San Clemente, then look no further.
Here at Golden Coast Loans, we’ll break down the process of applying for a VA loan into simple and actionable steps. You can rest assured that you will be guided and supported by our professional consultants in every step. Apply online or give us a call to discuss your options with us today.
If you’re interested in a VA Loan in San Clemente. Get pre-qualified below.