Initiated in 1944, the VA Loan Program is affiliated with the Servicemen’s Readjustment Act. This act was design to serve various benefits to veterans and their living spouses. The VA loan programs acts in the same interest, by providing veterans the convenience of opportunities such as:

  • Complete financing when purchasing a living property
  • Home purchases with no private mortgage insurance
  • Limited percentage of closing costs in VA mortgage

These advantages are brought into practice by the Department of Veteran’s Affairs (VA), which insures the loan costs for veterans and current military personnel.

At e-Finance Mortgage LLC, we pride ourselves in providing VA loans throughout California to a number of veterans, as well as active members of the military.

Our VA Loan includes the following benefits:

  • 100% financing (appraised value cannot exceed sale price)
  • Private Mortgage Insurance (PMI) is eliminated
  • Loans for financing up to 3.3% of VA funding charges
  • No penalties on pre-payment
  • Closing costs are limited (as standardized by VA regulation)
  • The amount of loan can be up to $424,100 (higher for specific counties)

If veterans meet the minimum service requirements of active duty, they are eligible to apply for a VA loan in the state of California. Current active military members can apply once they complete at least 6 months of service.

For National Guard and reservist, there is a 6-year waiting period before they are eligible for VA loan application. During this time, if they are called for active duty, then application cannot be submitted till after 181 days of service.

Regardless of the service status, the Certificate of Eligibility (COE) is necessary requirement for all applicants of the VA Loan. In case you do not have yours, e-Finance Mortgage LLC can help you obtain one along the application process.

Though there no minimum limit to the credit score requested for VA loan qualification, it is not uncommon for lenders to require the borrowers to hold a credit score of at least 620. In special circumstances, we provide versatile options of credit score to the applicants.

Other requirements for VA Loan include:

  • W-2 statements
  • Recent paystubs
  • Checking/ savings account information
  • Verification of your income
  • Documentation supporting other information regarding your ability to repay the requested loan

For individuals with existing VA loans, we offer refinancing programs. Those who require additional cash for expenses, such as debt consolidation or home improvements, can opt for a VA loan for cash-out refinance. Interest Rate Reduction Refinance Loan (IRRL), also known as streamline refinance loan, is available to benefit from lower market rates in minimizing the monthly payment.

e-Finance Mortgage LLC strives to assist veterans throughout California with VA loan needs. If you have any questions, or require more information VA loans in California, contact e-Finance Mortgage LLC today.