At Security America Mortgage, we’re proud to serve those who have served our country. We help veterans and their families to access affordable home loans in California, through the VA, to make their dream houses a reality.
Are you ready to start your home loan process? Then simply fill out the quick one-minute form below to get started! We’ll provide a no-obligation consultation to help you estimate how much you may be able to borrow.
"*" indicates required fields
With world-class cities like San Francisco and Los Angeles, incredible weather throughout the year, and healthy living, there is more than one reason why you might want to use your Veterans Loan benefit to purchase your dream home in the Golden State.
In addition, loan limits in California vary from county to county, depending on the housing market. For example, Sacramento's median listing home sale price is $520,000 in 2022. Generally, VA loan limits see a massive top-up in 2022, with the standard VA loan limit increasing to$647,200 compared to $548,250 in 2021. The VA loan limits also improved for high-cost counties peaking at $970,800 for a single-family home. Interestingly, VA loan limits are ineffective for qualified veterans with full entitlement. However, the limits still apply to veterans without full entitlement.
Also, VA-Backed Loans require a 0% down payment in most cases, whereas conventional loans generally require at least a 3% down payment and sometimes up to 20% required; FHA loans require a minimum of 3.5% down payment. And, with a VA Home Loan, veterans do not have to pay any monthly mortgage insurance, which cannot be said about conventional or FHA mortgages.
Many Veterans have already taken advantage of their VA loan benefits. With relaxed qualification standards and more flexibility, it is proven to be the right choice for many to purchase and refinance their homes through this program. However, in some California counties, the conforming loan limit with no money down is $548,250.
When your home costs more than this, the solution is a VA Jumbo Loan. A VA Jumbo Loan is any VA-Backed Loan bigger than $548,250. And qualifying Veterans can apply to purchase or refinance their home for up to a value of $1,000,000 through this type of loan, plus receiving all the benefits of the general California VA Loan.
California VA Home Loans are loans made available to military veterans, reservists, and active-duty members to purchase a primary residence. The Veterans Administration does not lend money for the mortgage; instead, it guarantees the top 25 percent of the loans made by private lenders, such as Security America Mortgage, to those compliant with the VA Loan Eligibility criteria.
Qualified veterans can use their loan benefits to purchase a home with zero money down, no private mortgage insurance, and have the sellers pay all their closing costs. These benefits and highly competitive interest rates make VA Loans in California, the preferred loan choice for many veterans.
VA Loans in California have the same costs associated with closing as all other home loan products, but there are two key differences in closing costs with a VA-Backed Loan. First, if negotiated into the purchase contract, the seller can pay all closing costs and prepaid items, totaling up to four percent of the purchase price. Second, the Department of Veterans Affairs charges a VA Funding Fee on every loan it guarantees.
The VA Funding Fee is paid directly to the VA and helps to pay for the Home Loan Program for all current and future homebuyers. This Fee ranges from 1.25 percent to 3.3 percent but is waived for veterans with service-connected disabilities. Also, the VA Funding Fee can be paid in full or rolled into the loan at closing.
Typically, the interest rates for VA Loans in California are lower when compared to conventional and FHA loans. Still, you can check out our VA Loan calculator to help you determine your payments!
Our team at Security America Mortgage makes every effort to ensure the home buying process as transparent and stress free as possible.
Our team at Security America Mortgage makes every effort to ensure the home buying process as transparent and stress free as possible.
Are you ready to take advantage of your VA loan benefits? If so, it’s simple to start the process and takes only a few minutes. No social security number needed to start!
Active service members with at least 90 continuous days of service and Veterans who’ve been honorably discharged from the armed forces can apply for a VA loan. Get started today!
Since the VA guarantees the lender the top 25 percent of the loan, no mortgage insurance is required to enjoy the loan program. Most conventional loans require a borrower to put down at least 20 percent of the purchase price or pay mortgage insurance. Mortgage insurance can be costly compared to va loans and does not ever go towards reducing your principal balance.
Because the Department of Veteran Affairs guarantees each loan, the interest rate is typically 0.25 to 1 percent lower than conventional loans.
Saving enough money for a down payment can be especially difficult for active duty service members moving from base to base. Since there is no down payment required for a VA Home Loan, many veterans can purchase a home with little to no money out of pocket.
There are several beautiful places in the US, and California is unarguably one of the best of them. Besides the ease of getting a home loan, the natural beauty and other amenities makes it a great settlement for veterans affairs. You will also get to enjoy the proximity to military bases, diverse terrains, deserts, and valleys.
California va loans will also help you settle with ease. The home loan comes with minimal interest rate for veterans and others that meets the eligibility criteria.
The California va loan limits vary slightly with location. Below are the major california va loans limit you should know if you intend to apply for a va loan.
Service members, Eligible Veterans, and survivors with full entitlement no longer have limits on any loan over $144,000. Therefore you won’t have to pay a down payment, and the VA guarantees Security America Mortgage that if you default on a loan over $144,000, they’ll pay up to 25% of the loan amount.
It is best to understand if you are eligible for a va loans in Carlifornia because it is one of the most critical parts. You have a good shot at obtaining a va home loan if you belong to one of the groups.
Members of the above groups must also meet other requirements including a credit sore of 620 and DTI greater than 41%. Once you meet the requirements, the next step is to process the certificate of eligibility (COE) which is a proof of service. The certificate of eligibility varies depending on the type of service and it is submitted to a va lender to receive the va loan. The department of veterans affairs also help with necessary processing to apply for a va loan and remaining entitlement.
I have been in the mortgage/financing industry for many years, and through all of these years, many things have become obvious to my associates and me. With my background in financing, ability to provide clear instruction, and ability to execute game plans, I can support our Military every day.
Contact me, and I will get you started on getting your va home loan!
Everyone who meets the following could be eligible for a VA-Backed Loan:
Not necessarily – Colorado VA Loans are a specific niche in the market, and not every mortgage company provides them. Even if a general mortgage company does provide them, you may be better off choosing a specialist like Security America Mortgage – we have the specific expertise and experience as VA lenders in Colorado to guide you through the process and make the most of your loan entitlement.
If you’ve already used a VA Loan, paid it off in full, and wish to buy a second property without selling the original one, you can have your previously used entitlement restored – but only once. Although, if you’ve paid off your previous Loan in full and sold the property you used it to buy, you’re free to restore your entitlement as many times as you want.
Whether you’re a veteran or active military member looking to build a custom home, a VA Construction Loan could be the perfect solution! Because of your military background, you have access to VA Home Construction Loans that offer nothing down and additional perks and benefits.
Usually, it’s more difficult to get a construction loan than an existing home loan, as lenders are more cautious about funding a home that doesn’t exist yet.
However, here at Security America Mortgage,, we are VA Construction Loan lenders and experts. We will be more than happy to help you get your own custom dream home whether you want to build it in San Diego, Santa Barbara, or any other county in California.
VA Purchase Loans in California cover more property types than just homes and condominiums, qualified veterans can use their VA Home Loan to purchase a property that has up to four one-family units.
Here are the maximum VA Loan amounts in California’s counties:
|
Determine how much home you can afford.
Learn what it costs to fund a VA loan.
Calculate your Basic Housing Allowance.
Find out how much you can borrow for $0 down.
Obtain a construction loan for building or improving a home
Estimate your loan preapproval amount based on your income and expenses.
See if refinancing makes sense for you.
Quick Links
Quick Links
Disclaimer
All rights reserved. Security America Mortgage is licensed under the terms
of the Nationwide Mortgage Licensing System and Registry NMLS® 355253
https://nmlsconsumeraccess.org/