One of the mortgage options that remains popular for military buyers in Temecula, CA, is a VA loan. And why not? The program offers up to 100% financing, which means they do not require a down payment, along with other great benefits.

Here are the basic program requirements for VA loans in Temecula, CA:

Active Duty:

• Not dishonorably discharged
• 90 consecutive days of active duty during wartime
• 181 consecutive days of active duty during peacetime

For Veterans:

• Not dishonorably discharged
• 90 consecutive days of active duty during wartime
• 181 consecutive days of active duty during peacetime

Reservist: minimum of 6 years service in any of the following:

• Air Force Reserve
• Air National Guard
• Army National Guard
• Army Reserve
• Coast Guard Reserve
• Marine Corps Reserve
• Navy Reserve

If you are a spouse of Active Duty or Veteran, you must be:

Un-remarried and serving spouse died while in service or from a service-related disability or
Serving spouse was MIAr POW

What are some VA mortgage changes For 2024:

• The standard VA loan limit in 2024 is $766,550 for most U.S. counties, increasing from $726,200 in 2023.
• VA loan limits also increased for high-cost counties, topping out $1,149,825 for a single-family home.
• High Balance VA Jumbo Loans are now available to all eligible vets.
• 100% financing for loans up to $2M (higher loans up to $4M with a low down payment.)
• One-time funding fees for most VA loans in Temecula, CA
• The funding fee can vary based on factors, including down payment, transaction type, etc.

VA Loan Advantages:

• 100% financing with no down payment required
• No loan amount limits for first-time users
• Quick pre-approvals – can process your application and issue your pre-approval within minutes.
• Secure fixed rate terms. VA loans in Temecula, CA, have some of the lowest interest rates today.
• No monthly mortgage insurance or PMI
• Reduced closing costs – VA mandates certain protections regarding buyers’ closing costs. The program also allows the home seller to pay the buyer’s customary closing costs, thus reducing
• the out-of-pocket expense from the buyer.
• Quick closings – VA loans can close in as little as two weeks

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Are you looking for a reputable mortgage company for VA loans in Temecula, CA? Look no further than HomePlus Mortgage. Call us today at 800.810.PLUS(7587).