VA Home Loans

In 1944, the Servicemen’s Readjustment Act was created to provide veterans and their surviving spouses with various benefits including the VA home loan program. The VA loan program allows veterans to purchase a home with 100% financing, no private mortgage insurance, and limited closing costs. Fairway Independent Mortgage Company is proud to offer VA loans to veterans and active military members located throughout Walnut Creek, Concord, Lafayette, and Danville.

California VA Loan Benefits:

  • 100% financing (appraised value cannot exceed sale price)
  • VA funding fees can be financed with the loan (up to 3.3%)
  • No private mortgage insurance (PMI)
  • No pre-payment penalty
  • VA regulation limits closing costs
  • Up to $424,100 loan amount (certain counties may be higher)

Unlike many of the home loans available today, VA loans do not have a minimum credit score requirement. Even though the VA does not require a specific credit score, it is common for lenders to require a score of at least 620. No credit score requirement means that we can be flexible with each borrower based on their individual circumstances. Regardless of what your credit score is, you should be prepared to provide W-2 statements, recent paystubs, checking account and savings account information, and other documentation to support your requested loan amount.

Most veterans, military, and spouses of deceased military members are eligible to apply for a VA loan. Veterans can apply without delay if minimum active duty service requirements have been met. A minimum of 6 months of service will need to be completed by active duty servicemembers before they reach eligibility. National Guard and reservists will need to wait 6 years however if they are called to active duty at any point, they will become eligible after 181 days of service.

A Certificate of Eligibility (COE) is required by all applicants. The COE is used to prove to your lender that you have met the minimum service requirements above. It is important to note that the COE does not guarantee you will be approved for a loan. One of the easiest ways to get your COE is through the VA’s eBenefits Portal. We would be happy to assist you with obtaining it during the application process as well.

Existing VA loan holders are also able to take advantage of refinancing options. The Interest Rate Reduction Refinance Loan (IRRRL) is available to veterans looking to take advantage of lower interest rates. This is also referred to as the VA’s streamline refinance loan. VA cash-out refinance loans are available for homeowners who need extra cash for home improvements, high-interest debt consolidation, and other various expenses.

Fairway Independent Mortgage Company is here to help the many veterans throughout Walnut Creek, Concord, Lafayette, and Danville with all their VA loan needs. For more information or for any questions you may have on California VA loans, contact us today.