Article By: Jim Porter – January 9, 2016
A VA loan is a mortgage loan in the United States guaranteed by the U.S. Department of Veterans Affairs.
This type of loan was created in 1944 to help our returning service members and their surviving spouses with home ownership.
This VA loan program is a very important part of the Solano County real estate market because it not only helps veterans who have been discharged; it also allows active duty service members to purchase homes with no down payment.
The population in Solano County is filled with active duty because of Travis Air Force Base. We also have a substantial number of retired military because of David Grant Medical Center, Travis Air Force Base and Mare Island.
Another large group of homebuyers are men and women who get stationed at Travis and, once they serve their term of service, decide to stay here rather than return to their home of record because of the great weather and the incredible benefits associated with California for culture, employment and sites like San Francisco and Lake Tahoe for great food and entertainment.
Solano County has the most affordable home prices in the Bay Area and has great employment opportunities for our service members once they get out of the service.
VA loans are also available for refinancing up to a much higher loan-to-value than conventional financing and, in general, much more flexible underwriting guidelines for our veterans.
Veterans with 10 percent or more service-related disability can be granted a loan without a VA funding fee, which is a huge savings for our wounded warriors.
For more information or to check your eligibility, contact an approved VA lender.
Jim Porter, NMLS No. 276412, is the branch manager of Solano Mortgage, NMLS No. 1515497, a division of American Pacific Mortgage Corporation, NMLS No. 1850, licensed in California by the Department of Financial Protection and Innovation under the CRMLA / Equal Housing Opportunity. Jim can be reached at 707-449-4777.
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