VA Loans California: Requirements and Process for Zero Down Payment

November 25, 2022

VA Loans California: Requirements and Process for Zero Down Payment

By Published On: November 25th, 2022Categories: VA Loan, VA Loan California

The minimum down payment required for VA loans in California is zero. However, there are two criteria you should meet: (1) you have to purchase your home at or below your county’s loan limit, and (2) you must have a full or remaining/restored entitlement to purchase. That means you either have never used your home loan benefit or have paid a previous VA loan in full and sold your home. Does it sound complex? No worries; our team here at Homeplus Mortgage can guide you through your application.

But here are the basics you should know about:

  1. A reputable broker/lender is a great help (VA loans in California are so much easier to navigate if you have an expert on your side)
  2. You need to obtain a VA Certificate of Eligibility as it is one of the documentary requirements to determine your eligibility.
  3. Be ready to provide your pertinent information for applications, including your income, assets, and credit information, as these will help determine the maximum price of the home you are qualified to buy.
  4. Make use of the available platforms online to make it easier for you to find the property you would like to buy,
  5. The VA lender contacts the VA and sends out a representative for the appraisal – he will do a more thorough inspection of the property.
  6. After the appraisal and if the property is acceptable to the underwriting department, they will determine that your loan application meets the VA loan requirements. Your application approval for a VA loan should follow after that.
  7. Once approved, you will attend the loan closing and sign the documents as required. They will explain the loan terms and requirements along with the monthly payments.

Online looking for a reputable mortgage company that offers VA loans in California? You might want to include Homeplus Mortgage in your list of prospects.

Call us today at 800-810-PLUS (7587) for your inquiries.