For those looking to move, mortgage interest rates are still at an all-time low, and…
Here at New Way Mortgage, we take pride in providing affordable California VA loans with attractive rates, flexible qualifying standards, and lending advantages for our service members and veterans. After all, there’s no better way to show our gratitude than to help our service members and veterans achieve their dreams of homeownership by leveraging their VA Home loan benefits.
So, what are the advantages of California VA loans? We’re so glad you asked!
Advantages of California VA Loans
Aside from extremely competitive interest rates, some of the advantages of California VA loans include:
- 100% financing options with down payment requirements
- No monthly mortgage insurance required
- Higher debt-to-income ratios allowed
- Relaxed credit score requirements
- Limits on buyer-paid closing costs and fees
- Flexible qualifying standards after bankruptcy, short sale, or foreclosure with a two-year seasoning requirement.
- VA Interest Rate Reduction Refinance Loan that’s quick and easy
One of the major advantages of a VA loan that stands out for many is the 100% financing option. Yes, you can get a home loan with little or no money out-of-pocket. Even if you have the money saved up to make a 3%, 5%, or even a 20% down payment, it could be advantageous to put that money to work in other places. The deal gets even sweeter with no monthly mortgage insurance. Without any monthly fees, you could save over a hundred dollars each month on your payment.
Higher debt-to-income ratios, relaxed credit score requirements, and flexible qualifying standards after a major credit event are also attractive features of VA loans. And did you know that it’s possible to have more than one VA loan at one time? This is another great benefit, especially given the competitive California real estate market. Buying and selling a home simultaneously is a little easier when you can leverage your VA entitlement on your next purchase. Plus, your VA loan entitlement is for life and can be used multiple times.
VA IRRRL Advantage
For qualifying veterans who already have a VA loan, a VA Interest Rate Reduction Refinance Loan (IRRRL) is a low cost, streamlined refinance that reduces your interest rate, term, or both, with little to no cost to the borrower. Fortunately, if you do qualify for IRRRL refinances there is no appraisal, income, or credit verification required. With today’s low-interest rates, a California VA IRRRL may be an option worth considering.
VA Interest Rate Advantage
Last but not least, VA interest rates are what the young folks call fire! Right now, New Way Mortgage is offering a VA pricing special through the end of November! With rates starting at 2.25%/2.34% annual percentage rate (APR) on 30-year fixed-rate mortgages, this is one VA advantage you won’t want to miss out on.
The impact of these historically low interest rates offers a wealth of savings for service members and veterans. As a mortgage broker (not a direct lender), we have several options to shop VA loans. Having options to choose from allows us to help you find the best possible loan with the most attractive rates.
If you have questions about California VA loans, how to qualify, who qualifies, rates, or you are just ready to get started, send us a text at (916) 465-6639 or visit newwaymortgage.com/quote for a complimentary VA home loan quote.