Southern California Green Real Estate Blog

GUEST POST - VA LOAN OPPORTUNITIES

October 30, 2009 on 12:10 am | In For Your Purchasing Pleasure, Loans, Money, U.S. Government, Uncategorized, all |

GUEST POST - VA LOAN OPPORTUNITIES

by Jay Buerck

Veterans and their families in Southern California can take advantage of one of the country’s most affordable and flexible home loan programs. The Veterans Administration’s home loan program was created specifically for the needs of those who have served our country.

VA loans offer veterans an almost unmatched degree of flexibility. The VA guarantees loans from commercial institutions. That security gives lenders the ability to offer competitive rates and favorable loan terms for qualified borrowers.

VA loans come with myriad financial benefits. Borrowers can purchase a home without spending a penny on a down payment or monthly private mortgage insurance. The VA has loan limits that vary from state to state. Some borrowers can qualify for 100 percent financing. Currently, VA loan limits for San Diego County is $593,750. In Orange County, the loan limit is $737,500. USe a VA Loan Calculator to determine the loan limit for your home purchase.

The VA has multiple loan options. Veterans must first obtain a Certificate of Eligibility (COE) before moving forward with the application process. The COE ensures that a prospective borrower meets the program’s initial requirements.

Any military member who has served 181 days on active duty during peace time or 90 days during war time may be eligible, along with those who have served at least six years in the Reserves or National Guard. Spouses of service members killed in the line of duty may also be eligible.

Not everyone who meets the basic criteria will qualify for a loan. But veterans with poor credit can still qualify for a VA loan. So can those who have filed for bankruptcy or faced foreclosure.

Southern California veterans who currently have a conventional home loan can also benefit from a VA loan. Qualified borrowers can now refinance up to 100 percent of their home’s appraised value through a VA loan.

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The VA Loan Guide
1. Overview: What is a VA Home Loan?
2. Am I Eligible?
3. The Application Process
4. Hints & Tips
5. FAQs and Definitions

http://www.military.com/Finance/HomeBuying/

Comment by Military.com — October 31, 2009 #
GovLoans.gov is your gateway to government loan information. It directs you to the loan information that best meets your needs. Listed below are the agencies whose loan programs are represented on this site.

Comment by GovLoans.gov — November 3, 2009 #
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Comment by KebridifeReft — November 22, 2009 #
Under CaliforniaFIRST, slated to launch in July, property owners get a no-money-down loan for energy efficiency improvements from a city or county and pay it back over time through their tax bills. The hope is this makes expensive projects easier to do, and the demand for these types of projects will rise.

The program encompasses more than two dozen cities in the greater Silicon Valley and the Bay Area. It was born out of AB 811, which Gov. Arnold Schwarzenegger signed into law in 2008.

Read more: Silicon Valley businesses hope to see green in new California loan program - Silicon Valley / San Jose Business Journal

Comment by Silicon Valley / San Jose Business Journal — May 21, 2010 #