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California veteran home loan

home has lots of dreams and plans attached to it. Buying a home is amongst the biggest decisions one takes in a lifetime. It is sometimes difficult to decide which one to buy and the process of loans are also not hassle free. But now, the veteran s home loan , have facilities attached to it. Now, it can be availed at simple terms.


veteran home loans in california are granted without or very rare any credit checks and at lowest possible interest rates. It takes comparatively lesser time for an approval than the conventional loans.


The veteran s with the qualifying income can purchase a house without down payment also. There are two basic methods to determine if you qualify for the loan. The first one is Residual income method and the second one is debt-to-income ratio. You need to have a veteran certificate of eligibility before you apply for a home loan. This makes you eligible for applying a loan. This certificate can be acquired by submitting VA Form 26-1880 to any of the eligibility centers.


The purchase agreement can be signed once you have the eligibility certificate. An appraisal from VA should then be ordered. It is advisable that the lender you deal with is a VA authorized lender. An authorized lender can do automatic processing without VA''s credit application review. If it is not processed via an authorized lender, then it needs to be approved by VA. The application is sent to the VA office and once an approval is received only then the loan is considered as approved.


Funds may be required for the closing cost of the loan , which shall be paid by the seller or the buyer as per the negotiation. Even if this cost has to be paid by you, they are limited by VA so that you do not pay more than the actual fair cost. Also the earnest money may be required to be paid when the sales contract is signed.


It is important to discover your affordability for a home loan payment. You can derive this by Debt to Income Ratios. If you are unable to calculate, calculators are available on internet to calculate for you.


You can get a pre-approval on the home loan. Once you already have the approval, you can bag a better deal, as you do not compromise on loan approval procedures. Also, your confidence lets you negotiate well with the buyer.


Besides 100% financing, there are more benefits attached to veteran home loan. The benefits include additional assistance offered if at any time you face problems in paying for the home loan. Also, veteran home loans can be prepaid without a penalty.


All the above suggest that it is quite easy and convenient to apply for a veteran home loan with just keeping some major points in mind.


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