VA home loan

January 27, 2017

Busting Some Myths About VA Home Loans Santa Barbara, CA

One of the reasons why some mortgage loan borrowers experience a not-so-good loan shopping experience is that they do not do enough research before taking an offer or getting mortgage loan deal. If you are interested in VA home loans Santa Barbara, CA, it is imperative that you are familiar with the product so that you can get the best option for your unique condition. Here are some myths about VA home loans you should know: VA purchase loans are not for short-sale or foreclosed real estate – Myth The truth is, it can be used to buy a foreclosed and short-sale with as little as no money down. Those who are eligible for VA home loans Santa Barbara, CA may have an advantage over those who need up to 20% cash as down payment to qualify for conventional loans. Surviving spouses don’t qualify for VA loans – Myth The truth is, veterans, active duty and certain surviving spouses are eligible for VA home loan benefits. Qualified surviving spouses may borrow with no money down. In fact, they are exempt from paying the VA funding fee. Military members deployed overseas are not qualified for a VA-guaranteed loan – Myth The truth is, those military members who are assigned abroad can just sign a document called power of attorney, specifically designating a spouse (or somebody else) to act on their behalf for a VA loan transaction; the POA grants permission for the attorney in fact to act on behalf of VA-eligible […]
November 15, 2016

Eligibility requirements for VA home loan Ventura, CA

If you are planning to apply for a VA home loan Ventura, CA, the very first thing you need to do is to find out whether you are eligible or not. If your answer to any of the following questions is YES, then you are most likely to be eligible to apply for this type of home loan. Have you served 90 consecutive days of active service during wartime? Have you served 181 days of active service during peacetime? Have you served 6 years or more in the National Guard or Reserves? Are you the spouse of a service member who died in the line of duty or as a result of service-related disability? Again, if your answer to any of the above questions is YES, you are most likely qualified for VA home loan. Note: A veteran applying for a VA home Loan must not have been discharged under dishonorable conditions. Certificate of Eligibility Though your COE is not needed as you are starting with your loan process, it is an important part of your loan application as it verifies your eligibility for VA home loan based on your length and character of service. Usually, the process of obtaining your COE takes only minutes to complete. VA loan income requirements There is no specific income threshold required for homebuyers interested in VA home loan Ventura, CA; but, borrowers are expected to have a stable and reliable income that will cover the monthly expenses – yes, that includes the new […]