Are you a Travis Air Force Base Veteran, Active Duty, or Reservists? Solano Mortgage appreciates your service and sacrifice for our country and we are honored to be a local, trusted source for VA home loans. Whether you are purchasing your first home a home, a larger home or refinancing call us and speak with one of our mortgage professionals about VA financing for your home.
Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet most aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement? Additionally if you have 10% or more service related disability your VA funding fee may be waived.
A VA (Veterans Administration) guaranteed home loan is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.
A VA home loan can be used to purchase a home or refinance an existing mortgage. You can also build a home or make energy-efficient home improvements approved by the lender and VA.
VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.
VA does not actually lend the money to you directly. They offer a guaranty to a lender that if you should default on the loan, they will pay the lender a percentage of the loan balance. The word GUARANTY does not actually guaranty the veteran will qualify for a VA home loan.
Primary Benefits of a VA Home Loan:
- 100% financing.
- No monthly private mortgage insurance is required
- Right to prepay without penalty
- There is a limitation on buyers closing costs
- The loan is may be assumable subject to VA approval.
- Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
- Interest rates are similar to FHA loans
- You don’t need perfect credit
You may qualify for a VA Loan if you fall into one of the following categories:
- Active-duty Veterans discharged during WWII or later, without the status of "dishonorable"
- Active-duty Veterans with at least 90 consecutive days of service during major conflict
- Peacetime Veterans and active-duty personnel with at least 180 days of consecutive service
- Enlisted Veterans whose service began after 1980, or officers whose service began after 1981, and who have served at least 2 years.
National Guard and selected Reserve members may also qualify. Contact us for details.
VA Documentation Needed:
The three specific pieces of documentation a lender will need to determine your eligibility is a DD214 for discharged veterans, a statement of service for active military personnel, and a certificate of eligibility (COE) to determine you have VA entitlement.
Your loan officer will guide you through the process and assist you in using your veteran’s entitlement to purchase or refinance your home
