VA Loans in Lompoc, CA: Boosting Your Chances for Approval

May 28, 2024

VA Loans in Lompoc, CA: Boosting Your Chances for Approval

By Published On: May 28th, 2024Categories: Lompoc CA, VA Loan, VA Loan California

Here’s what you need to know about buying a home in California: interest rates continue to inch higher; you have to deal with an average of 6.939% for a 30-year fixed-rate mortgage while APR hovers around 7%. With these figures, you might ask if it is time to buy a home.

Despite higher interest rates, you can still find a gem in the market; the key is preparation and a lender that would help you get your dream home with a good deal of mortgage loan. But make sure you have done your homework before making any mortgage deal.

Applying for VA loans in Lompoc, CA, is one strategy you can employ. If you meet the requirements, it’s a viable tool that helps you realize your dream home.

Here are some tips for your application for VAL loans:

Work on your COE. Your certificate of eligibility is the first step in realizing your VA loan. It serves as proof that you meet the VA loan requirements. Without it, you will not benefit from VA loan rates. It is important to note that lenders often get this for you during the preapproval process. However, you may want to consider having it at the outset. Contact your nearest VA Regional Loan Center to learn more about it.

Get your credit report. One principle that governs the importance of knowing your credit score before you apply for a mortgage is a higher chance of snagging better rates. So, get free copies of your credit report from the  Annual Credit Report website. Federal law allows you to get a copy each year from each credit reporting company. Doing this helps ensure all entries are correct. According to Military.com, “about a quarter of all credit reports contain errors serious enough to result in a denial of credit.”

Familiarize the acceptable uses. VA loans are for borrowers who want to purchase or refinance a home as a primary residence. Whether it is a single-family residence, a modular home, a condominium, or a multi-unit property, it should be for your primary residence use. On the other hand, if your goal is to buy vacation homes or investment property, this is not intended for that.

Are you looking for a reputable mortgage professional to help you with VA loans in Lompoc, CA? Look no further than HomePlus Mortgage. Call us today at 800-810-PLUS (7587) for inquiries.