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VA Loans
VA loans are one of the major benefits of being a member of the military, as long as you meet the requirements set by the office of Veteran Affairs. If you are a member of the military or a spouse and want to become a home owner then you should call Palestini Home Loans and ask for Dawn Palestini. Dawn knows all the details associated with VA loans and will know exactly how to walk you through the requirements while at the same time guiding you on the process. You will find that your experience with Dawn is going to be exceptional. She has been in the industry for decades and is the best person to contact for financial advice related to mortgages and program offers. So contact Dawn at the first chance you get and get the consultation that changes your life.
What are VA Loans?
The “Veterans Affairs” loans, abbreviated as VA loans, derives its name from the United States Government Office of Veteran Affairs. Contrary to popular belief that the department offers financial services, they do not. They do, however, endorse these VA loans while simultaneously standardizing the prerequisites of agreement which are then in turn provided by financial institutions. This loan, which offers plenty of benefits, is exclusive to military personnel and their spouses.
VA Loan Purchase Qualifier
This no-down-payment loan option was created especially for qualified veterans, service members and their spouses.
VA loans are backed, or guaranteed, by the Department of Veterans Affairs.
There are different loan types with fixed or adjustable interest rates, and a range of loan terms.
What are the advantages of a VA Loan?
VA Loans differ from traditional loans with the following benefits that are offered upon qualification:
-They are endorsed by a government office.
-To avoid any defaults on loan payment, the VA Office assists borrowers.
-There are no early settlement penalties if you choose to close the mortgage pre-term.
-Closing costs are low enough for the seller to cover it.
-The entire value of the property can be financed with a VA Loan.
-No down payment is required in most cases unless mandated by the lender.
-Available to existing home owners as well as new buyers too.
-VA loans do not require a Private Mortgage Insurance (PMI)
Who is eligible for a VA Loan?
In order to qualify for a VA loan, you need to be either an active member of the military, a war veteran, a member of the National Guard or an active duty member. Additionally, this eligibility if further extended to the spouses of these members.
In addition to this prerequisite, a Certificate of Eligibility, also known as a COE, needs to be obtained as well, confirming your eligibility for a VA Loan. This can be obtained from the respective administration office and online through the designated portal. The COE once obtained is submitted to the mortgage lending institution where it is further verified in order to begin the process on the application for a VA loan.
The two above factors are the main requirements in order to qualify for a VA loan; however, the lender may have some requirements of their own. This may include that purchase of the property is for the personal use only, by the eligible and their family. A residual income is another factor commonly required. This refers to having a saving left over after all expenses are deducted, at the month end. With all eligibility factors met, the credit score requirements of the mortgage issuing institution would have to be satisfactory in order for the VA loan to be approved and processed.
My Services
I am Proudly Serving These Areas
Dawn Palestini
Loan Consultant
NMLS ID #361616
CA Lic. #CA-DBO361616
490 Chadbourne Rd #A172
Fairfield, CA 94534
ABOUT US
We've been helping customers afford the home of their dreams for many years and we love what we do.
Xpert Home Lending, Inc. is a Real Estate Broker Licensed by the California Department of Real Estate DRE #02166758 NMLS: 2179191
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