VA Loan

Congress passed the Servicemen’s Readjustment Act in 1944 to provide a number of benefits to veterans or their surviving spouses. One of those benefits was the VA Loan program which was created to help American veterans with the purchase of a home. A VA Loan is a mortgage loan that is partially guaranteed by the U.S. Department of Veterans Affairs (VA). This guarantee gives Veterans access to very favorable loan conditions such as 100% financing. California is home to over 1.8 million veterans. CA Mortgage Pro is committed to serving all of our veterans in Lafayette and the surrounding San Francisco bay area.

Since the VA loan program was created, the Department of Veterans Affairs has guaranteed over 20 million loans. The majority of veterans, military, and spouses of deceased military members are eligible to apply for a VA loan. There are certain credit and income requirements will need to be met in order to qualify for the program. Borrowers will also need to acquire a Certificate of Eligibility (COE) before they can apply for a VA Loan. Veterans will find that the VA loan program offers a number of benefits.

Some of the many benefits to the VA loan include:

  • No down payment if the appraised value is not greater than the sale price
  • No private mortgage insurance (PMI) premium
  • No pre-payment penalty
  • Closing costs are regulated by the VA
  • VA funding fees (up to 3.3%) can be financed with the loan
  • The VA Loan is an assumable loan meaning a buyer can take over, or “assume” a seller’s existing loan.
  • Up to $417,000 loan amount with no down payment.  Certain counties may be higher.

County Single-Family Duplex Triplex Fourplex
Contra Costa $625,000 $800,775 $967,950 $1,202,925

VA loans are available for many purposes however the most common types of VA loans are:

  • Purchase Loans – Available to purchase a primary residence at a competitive interest rate. 
  • Cash Out Refinance Loans – This refinancing options is available for various needs such as home improvements, schooling, or managing certain debts. 
  • Interest Rate Reduction Refinance Loan (IRRRL) – Also referred to as a Streamline Refinance Loans, IRRRLs allow veterans to refinance existing VA loans at a lower rate.

At CA Mortgage Pro, we have been helping veterans obtain financing through the VA loan program for over 22 years.  Whether you are looking to finance your first home, or are looking to refinance an existing VA loan for a more favorable rate, our experienced and dedicated staff can help.  For more information on the VA loan program and to see how we can help you, contact us today.