What are Veteran Home Loans? (VA)

The Veterans Administration (VA) and the US government created a loan program in 1944 so that service members had the ability to purchase a home. VA home loans are not only used for purchasing a home in Lake Forest, but can also be used for refinancing an existing mortgage.

Top Benefits of a VA loan in Lake Forest, CA:

  • 100% financing, $0 Money down for a New Home Purchase
  • 100% financing for a cash out refinance
  • No monthly mortgage insurance is required
  • VERY competitive rates
  • The loan is assumable, subject to VA approval
  • Seller can pay up to 4% of the veterans closing costs and even pay down your debt to help lower your debt-to-income ratio
  • You don’t need perfect credit

When applying for a VA loan it is natural to have questions. The VA program does require a little more paperwork and not every lender can provide a Veteran loan in Lake Forest. Rest assured, Jackie and her team at Right Choice Mortgage are VA Masters and will guide you through the VA Home Loan process easily. We are here to help you every step of the way.

Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet most don’t realize it’s possible for them to purchase another home with VA financing using remaining or restored loan entitlement?

Who is Eligible for a VA loan in Lake Forest, California?

If you served... You need…
WWII 09/16/40 – 07/25/47 90 days of active service
Pre-Korea 07/26/47 – 06/26/50 181 days of continuous active service
Korea 06/27/50 – 01/31/55 90 days of active service
Post Korea 02/01/55 – 08/04/64 181 days of continuous active service
Vietnam 08/05/64 – 05/07/75 90 days of active service
Post Vietnam 05/08/75 – 09/07/80 enlisted
05/08/75 – 10/16/81 officer		 181 days of continuous active service
Peacetime after 09/07/80 enlisted
or 10/16/81 officer to
08/01/90		 24 mos of continuous active service or the full (181days min) period you were ordered to serve
Persian Gulf War (Active) 08/02/90 – present 24 mos of continuous active service or the full (90 days min) period you were ordered to serve
Persian Gulf War (Training) 08/02/90 – present No eligibility earned
Reserves Active Unit & Attended Drills & 2 Week Active Duty 6 years of reserves (expires 09/30/07)
National Guard Active Unit & Attended Drills & 2 Week Active Duty 6 years of duty (expires 09/30/07)

Some spouses of veterans may have home loan eligibility. Example:

  • the unmarried surviving spouse of a veteran who died as a result of service or service-connected causes.
  • the spouse of an active duty member who is listed as missing in action (MIA)or a prisoner of war (POW) for at least 90 days. Eligibility under this MIA/POW provision is limited to one time use only.

 

All of the above is still subject to approval from the Veteran’s Administration.

If you need help filing for your Certificate of Eligibility, contact me for assistance!

Veterans with active duty service, that was not dishonorable, during World War II and later periods, are eligible for VA loan benefits. World War II (September 16, 1940 to July 25, 1947), Korean conflict (June 27, 1950 to January 31, 1955), and Vietnam era (August 5, 1964 to May 7, 1975) Veterans must have at least 90 days of service.

Veterans with service during peacetime periods and active duty military personnel must have more than 180 days of active service. Veterans of enlisted service which began after September 7, 1980, or officers with service beginning after October 16, 1981, must have served at least 2 years.

VA Documentation Needed:

There are three specific pieces of documentation we will require to determine your eligibility:
1. DD214 for discharged veterans
2. Statement of service for active military personnel
3. Certificate of Eligibility (COE) to determine your VA entitlement

Because each lender has different qualifying guidelines, the next step is to contact Jackie to find out if you meet the qualifying criteria such as minimum FICO/credit scores, debt-to-income (DTI) ratios, and find out what your county’s maximum loan amount is.

Right Choice Mortgage can help you attain your certificate of eligibility on your behalf.

Jackie and Right Choice Mortgage in Lake Forest have the following VA mortgage programs:

  • VA Purchases
  • VA Refinances
  • VA IRRRL (Interest Rate Reduction Refinance Loan)
  • VA Streamline aka VA to VA loan
  • VA Cash Out Refi
  • VA First Time Home Buyer Program