What VA loans Can and Can’t Do

In the state of California, Mortgage Brokers like Ablending help veterans purchase homes. Military and navy members apply for VA loans through a mortgage agent. These loans, backed by the Department of Veterans Affairs, offer veterans, active military personnel, and their spouses are able to get rates otherwise not available through standard mortgage loans. There are a few different types of VA loans, and they offer different options for California home buyers.

Interest Rates

Some California VA loans include the benefit of lower interest rates. These loans, known as interest rate reduction refinance loans (IRRRL)s give veterans and their families the option of minimizing the amount they pay month to month. Over the length of a thirty year loan, lower interest rates can save California home buyers money that can be used for other things. A mortgage broker in California will be able to tell you the rates available in your area.

Down Payments

Can VA loans lower the amount needed on the down payment? The answer is yes, some Veteran Affaris backed loans don’t require high payments in order to secure funds. Some loans even give home owners the option of putting no money down.

Qualifying Members

VA loans can help a variety of people afford homes. The loans are available to a more than just the retired service member. They make purchasing a home an option for many people who might not have otherwise been able to afford one. California mortgage brokers can secure loans for retired veterans, active members, those who serve in the National Guard, members who are in Reserve, as well as widows of those who lost their lives during service.

Builds purchased with VA Loans

VA loans have the possibility of covering the costs of different builds. While they may not back every home related purchase, they are able to cover condominiums, townhouses, as well as standard family homes. Home improvements financed by Veterans Affairs include door installation, storm window placement, and fitting in insulation.

To find out more about what loans can and can’t do for military members and their families, visit a certified California mortgage broker. They will be able to give you a more comprehensive list of what VA loans are available. ABLEnding will guide members through the loan process and help them along towards purchasing a home.

 

 
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