VA LOANS (VETERAN HOME LOANS & INTEREST RATE REDUCTION LOANS) 

VA loans are mortgage loans guaranteed by the federal government through the VA. The (VA), or the Veterans Administration is part of the Department of Veterans Affairs (VA). The VA’s goal is to provide Army, Navy, Air Force, Marine Corps, Coast Guard, Reserves, or National Guard soldiers who are retired and served and or actively and currently serving the United States Military.

VA LOANS

Serve those who have bravely served in the Armed Forces.

  • Loans up to $2,000,000
  • 600+ FICO Up to 100% LTV
  • ZERO DOWNPAYMENT (100% LTV VA Loan okay for First Time Buyers)
  • Fixed term only
  • Single family primary residence
  • Purchase & cash-out refinance
  • Available on single- and multi-wide, condos and PUDs
  • Escrow waivers up to 100% LTV
  • Can be used by surviving spouses, surviving spouse must meet certain terms and conditions

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AGENCY VA 

For VA borrowers with higher FICO scores, offer industry-leading government rates and pricing.

  • Loan amounts from $125,000 up to county loan limits
  • Jumbo loan option starting from $1 over the county loan limit up to $2M
  • 600+ FICO Up to 100% LTV
  • Fixed term only
  • Single family primary residence
  • Purchase & cash-out refinance
  • Available on single- and multi-wide, condos and PUDs
  • Escrow waivers up to 100% LTV
  • 6 Month of on time payments with your current loan modification to qualify (before the modification or after the modification) 

VA IRRRL (INTEREST RATE REDUCTION LOAN)

Allow your VA borrowers to take advantage of their VA benefits by streamlining their current VA loan into a lower interest rate.

  • Up to 100% Cash Out 
  • Refinance Only 
  • 5-8 Day Close on Average
  • Loans up to $2M
  • No appraisal required
  • Fast closings, often less than 18 days
  • Available on single- and multi-wide, condos and PUDs
  • Primary, second and investment properties eligible

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ELIGIBILITY 

VA loans have specific criteria. This criteria is set forth by the Department of Veterans Affairs. We will discuss the criteria, then move to the features of the VA Home Loan. 

  • Occupancy: Must be Owner Occupied
  • Veteran must have "Certificate of Eligibility" or COE
    • The Certificate of Eligibility is issued by the VA.
    • Hope Street Funding is fully approved to do VA Loans, and we can request one for you or your loved one, or you have the option to obtain one using VA Form 26-1880 found here: Download VA Form 26-1880
  • Residence Type: Single Family Residence to Four Plex Multi-Family Units 
  • If Residence contains 1 or more units, one of the units must be occupied by the veteran/borrower
  • Veteran/Borrower will have to have been honorably discharged
  • Veteran/Borrower must not have been dishonorably discharged
  • Discharged veterans who served in the Armed Forces will have to obtain the DD-214, instructions can be found here:  
  • Veteran/Borrower will have to have completed at least a minimum of 180 active duty days in peacetime 
  • Veteran/Borrower will have to have completed at least a minimum of 90 active duty days in wartime 
  • If Veteran is Married, or was married, the spouse or surviving spouse may be allowed to the benefits 
    • Surviving Military Spouse, who hasn't remarried must meet this criteria: 
      • Veteran died in a service or from a service-related disability 
      • Veteran died, MIA, or POW for at least 90 days 
      • Veteran who become completely disabled for a specific period of time

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VA LOAN GUIDELINES 

VA Loan Matrix

FEATURES & BENEFITS OF THE VA LOANS: purchasing & REFINANCING

  1. 100% FINANCING (YES, ZERO DOWN)
  2. RATES ARE LOWER THAN FHA, AND CONVENTIONAL FOR 30/15 YEAR MORTGAGES
  3. UNLIMITED CASH OUT FOR VA LOANS (USUALLY, CONVENTIONAL LOANS, YOU'RE CAPPED AT 80%, BUT NOT WITH VA LOANS)*
    1. Why would you want a VA loan for a cash out: 
      1. To purchase an investment or another business
      2. To start your business
      3. To Invest in your business (More inventory, Machinery, Etc.) 
      4. To Buy Real Estate
      5. To pay off credit cards and consolidate into one payment 
  4. INTEREST RATE REDUCTION LOANS ARE IDEAL FOR LOWERING YOUR CURRENT RATES ABOVE 3% TO FLOOR INTEREST RATES *
  5. YOU DON'T PAY PMI, NO MORTGAGE INSURANCE- YOU'LL SAVE TON'S OF MONEY USING THE VA LOAN 
  6. VA APPRAISAL: THE HOME IS CHECKED FOR SAFE, SOUND, AND SANITARY
  7. HOME RETENTION: VA WILL WORK WITH THE LENDER IF THE VETERAN IS UNEMPLOYED, TEMPORARY UNEMPLOYMENT- THE VA WILL WORK WITH THE BORROWER TO ENSURE HOME OWNERSHIP AND HOME RETENTION. 
  8. STATE AND LOCAL BENEFITS (STATE AND LOCAL AUTHORITIES PROVIDE TAX RELIEF TO VETERANS (PARTICULARY FOR DISABLED VETERNANS/BORROWERS)

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How to Obtain your DD-214?

Follow the steps below to submit a military records request.

Click Here to Obtain Records 

  1. Click: Correspondence/ Documentation. Then, Defense Personnel Records Information (DPRIS) from the drop-down menu.
  2. Select the Personnel File tab.
  3. Choose Request My Personnel File.
  4. Fill out the form. In the Document Index section, check the boxes next to the document(s) you'd like to request.
  5. Click Create and Send Request button.

What types of records can I request with this MIL tool?

You can request documents from your Official Military Personnel File to view and download.

You can obtain your:

  • DD214
  • DD215
  • Report of Separation
  • Other release papers

You can also request documents with information about your service, such as your:

  • Orders and endorsements
  • Performance reports
  • Awards and decorations (commendatory items)
  • Qualifications, licenses, and certificates
  • Security clearance

Are there other ways to get my military records?

Answer: Yes.

You can request your military records in any of these ways:

  • Mail or fax a Request Pertaining to Military Records (Standard Form SF 180) to the National Personnel Records Center (NPRC).
  • Write a letter to the NPRC. Send it to: 1 Archives Drive St. Louis, Missouri 63138
  • Visit the NPRC in person
  • Contact your state or county Veterans agency, If you’re the next of kin of a Veteran who has passed away

Is it beneficial to use my VA Eligibility/points for a home loan?

Answer: Yes, in a recent loan analysis seen below, we benchmarked the VA Loan, vs the Conventional Loans and FHA Loans with a 30 year loan. 

Hope Street Funding analyzed the features and benefits of each and noticed that for a purchase of $785,000, in Los Angeles, County-a purchase within the City of Downey, CA. You'd be paying $3,998, (PITI); with FHA you're pay $27,475 for the down payment, and  $4,597 (PITI & MI).

The FHA Loan has an upfront mortgage can be financed, or it can be purchased upfront, the UFMP will cost you $13,256, or it can be rolled into the loan.  The Mortgage Insurance, it's a lifetime fee. Most consumers/borrowers don't know this. Which means that you'll have to sell or refinance to get rid of the mortgage payment. Let's say, it takes you two years to refinance because the LTV is still below 80%, (traditionally, you need the value to go up by 20%, so the house can appraise by 80% LTV- meaning that you'll be able to refinance out of the mortgage premium.But if values don't go up, and in two years, you'll end up paying $ $15,745 for mortgage insurance from the start of the loan. For the conventional loan option, the Down payment is $39,250, with a 95% Loan to Value. So roughly 1.5% more than FHA. Why is this?

Well three reasons:

(1) the 3% down option for conventional isn't available for this price range.

(2) Los Angeles County, has a high median price per house, so using $785K, isn't the lowest, but isn't the highest. Thus, being forced into a high-balance loan in order to qualify for this house. and

(3) Lenders want skin in the game, and reduce their risk of you defaulting in that loan. The VA loan, offsets the down, and the mortgage insurance, but charges you what is called the VA Funding Fee, and it's an insurance you buy incase of unemployment, temporary disability, and other un forseeable events that can hinder steady employment. The VA Funding fee for this example is $18,055, and it's essentially against the house value. 

The location and price is indicative of a nice mid-century home, excellent community, with access to great schools, shopping, restaurants, centrality to everything within 10-15 minute drive, and local attractions for a young professional or starter family. 

In conclusion of the VA vs. Conventional, and FHA Loans, based on these assumptions, the VA is 13.02% lower in payment,, when compared to the FHA Loan.

When compared to the Conventional loan, it's less than 6.52% of the total payment amount. The reason why the difference is staggering, it's due to the VA's max limit on lenders to charge high interest rates to clients, and borrowers. 

So if you're thinking to withhold the use of your eligibility, you certainly could do that and that's an option for you but the VA let's you retain the cash, let's you come in with zero down and helps you purchase the property with a lower payment than with someone who is coming in with 3.5% with an FHA Loan, or even 5% down for a conventional loan. 

Assumptions used for the conventional loan: 

 HOME VALUE $785,000 
 FICO SCORE  750
 COUNTY  Los Angeles
 CITY  Downey
 Income Type   W2

Offered by: Hope Street Funding 

Licensed by the California Department of Real Estate/BRE: #2128366

Licensed by the National Mortgage Licensing #2040148

Equal Opportunity Lender

Approved in California, Colorado and Florida.

HSFR Logoequal-housing-lender

*Terms & Conditions Apply

View Excellent Starter Homes

Click the links below to sort results by price range.

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26021 Red Corral Road, Laguna Hills

$2,000,000

26021 Red Corral Road, Laguna Hills

4 Beds 3 Baths 3,438 SqFt Residential MLS® # OC22123287
132 N Swall Drive # 301, Los Angeles

$2,000,000

132 N Swall Drive # 301, Los Angeles

2 Beds 2 Baths 1,330 SqFt Residential MLS® # 22195544
1638 Virginia Road, Los Angeles

$2,000,000

1638 Virginia Road, Los Angeles

4 Beds 3 Baths 3,254 SqFt Residential MLS® # IN22183231
849 S Broadway # 603, Los Angeles

$2,000,000

↓ $150,000

849 S Broadway # 603, Los Angeles

3 Beds 2 Baths 2,240 SqFt Residential MLS® # 22188503
730 Lomita Street, El Segundo

$2,000,000

730 Lomita Street, El Segundo

3 Beds 2 Baths 1,560 SqFt Residential MLS® # SB22161930
531 Camino Verde, South Pasadena

$2,000,000

↓ $250,000

531 Camino Verde, South Pasadena

4 Beds 4 Baths 3,191 SqFt Residential MLS® # P1-10557
907 Westchester Place, Los Angeles

$2,000,000

↓ $150,000

907 Westchester Place, Los Angeles

4 Beds 4 Baths 3,456 SqFt Residential MLS® # 22156291
6438 Georgius Way, Los Angeles

$2,000,000

↓ $997,500

6438 Georgius Way, Los Angeles

4 Beds 5 Baths 4,151 SqFt Residential MLS® # OC22133378
New
353 S Hoover Street, Los Angeles

$1,999,999

353 S Hoover Street, Los Angeles

4 Beds 2 Baths 2,875 SqFt Residential MLS® # SR22210021
New
4737 Don Porfirio Place, Los Angeles

$1,999,999

4737 Don Porfirio Place, Los Angeles

3 Beds 3 Baths 3,061 SqFt Residential MLS® # 22202869
6412 S Holt Avenue, Los Angeles

$1,999,999

↓ $195,001

6412 S Holt Avenue, Los Angeles

4 Beds 4 Baths 3,338 SqFt Residential MLS® # 22199053
24231 Rue De Cezanne, Laguna Niguel

$1,999,999

↓ $75,001

24231 Rue De Cezanne, Laguna Niguel

4 Beds 4 Baths 3,439 SqFt Residential MLS® # OC22174720
1037 S Bonnie Brae Street, Los Angeles

$1,999,999

1037 S Bonnie Brae Street, Los Angeles

6 Beds 4 Baths 3,524 SqFt Residential MLS® # SB22163536
1649 Selby Avenue, Los Angeles

$1,999,999

1649 Selby Avenue, Los Angeles

3 Beds 2 Baths 1,589 SqFt Residential MLS® # 21100441
3320 Bennett Drive, Los Angeles

$1,999,995

↓ $199,005

3320 Bennett Drive, Los Angeles

3 Beds 2 Baths 1,607 SqFt Residential MLS® # DW22191349
9391 Suva Street, Downey

$1,999,950

9391 Suva Street, Downey

4 Beds 5 Baths 3,900 SqFt Residential MLS® # DW22186225
423 Loma Vista Street, El Segundo

$1,999,900

423 Loma Vista Street, El Segundo

3 Beds 2 Baths 1,564 SqFt Residential MLS® # SB22204454
5625 S Sherbourne Drive, Los Angeles

$1,999,900

↓ $100,000

5625 S Sherbourne Drive, Los Angeles

3 Beds 4 Baths 4,013 SqFt Residential MLS® # OC22199942
12325 Evensong Drive, Los Angeles

$1,999,000

12325 Evensong Drive, Los Angeles

3 Beds 3 Baths 2,387 SqFt Residential MLS® # 22201929
411 S Hamel Road # 305, Los Angeles

$1,999,000

411 S Hamel Road # 305, Los Angeles

2 Beds 3 Baths 1,835 SqFt Residential MLS® # 22175409
2621 Mandeville Canyon Road, Los Angeles

$1,999,000

2621 Mandeville Canyon Road, Los Angeles

3 Beds 3 Baths 1,656 SqFt Residential MLS® # 22197923
3178 S Bentley Avenue, Los Angeles

$1,999,000

↓ $50,000

3178 S Bentley Avenue, Los Angeles

3 Beds 2 Baths 1,797 SqFt Residential MLS® # 22195005
2261 Hollyridge Drive, Los Angeles

$1,999,000

2261 Hollyridge Drive, Los Angeles

3 Beds 3 Baths 2,139 SqFt Residential MLS® # 22196627
12750 Landale Street, Studio City

$1,999,000

12750 Landale Street, Studio City

5 Beds 3 Baths 2,105 SqFt Residential MLS® # SR22167266

BOOK A TIME NOW 


 

Browse Laguna Beach Real Estate Listings

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New
530 High, Laguna Beach

$4,295,000

530 High, Laguna Beach

2 Beds 2 Baths 1,230 SqFt Residential MLS® # LG22196394
New
252 Wave Street, Laguna Beach

$3,995,000

252 Wave Street, Laguna Beach

5 Beds 3 Baths 2,064 SqFt Residential MLS® # LG22203122
New
252 254 Wave Street, Laguna Beach

$3,995,000

252 254 Wave Street, Laguna Beach

0 Beds 0 Baths 0 SqFt Residential Income MLS® # LG22203099
New
249 Cypress Drive, Laguna Beach

$3,259,000

249 Cypress Drive, Laguna Beach

3 Beds 3 Baths 1,490 SqFt Residential MLS® # OC22210008
New
1480 Bluebird Canyon Drive, Laguna Beach

$1,200,000

1480 Bluebird Canyon Drive, Laguna Beach

2 Beds 1 Bath 882 SqFt Residential MLS® # LG22209058
New
20000 Laguna Canyon Road, Laguna Beach

$4,500,000

20000 Laguna Canyon Road, Laguna Beach

0 Beds 0 Baths 0 SqFt Commercial Sale MLS® # PW22170740
20000 Laguna Canyon Road, Laguna Beach

$4,500,000

20000 Laguna Canyon Road, Laguna Beach

0 Beds 0 Baths 0 SqFt Commercial Sale MLS® # PW21041419
922 Acapulco Street, Laguna Beach

$2,388,888

922 Acapulco Street, Laguna Beach

3 Beds 3 Baths 1,934 SqFt Residential MLS® # LG22208214
463 Myrtle, Laguna Beach

$3,750,000

463 Myrtle, Laguna Beach

4 Beds 4 Baths 1,661 SqFt Residential MLS® # LG22199800
21801 Ocean Vista Drive # 24, Laguna Beach

$2,200,000

21801 Ocean Vista Drive # 24, Laguna Beach

2 Beds 3 Baths 1,737 SqFt Residential MLS® # LG22200596
1096 Madison Place, Laguna Beach

$2,399,000

1096 Madison Place, Laguna Beach

3 Beds 3 Baths 2,255 SqFt Residential MLS® # LG22202376
1585 S. Coast Hwy # 31, Laguna Beach

$5,499,000

1585 S. Coast Hwy # 31, Laguna Beach

3 Beds 2 Baths 1,662 SqFt Residential MLS® # LG22196958
1388 La Mirada Street, Laguna Beach

$4,495,000

1388 La Mirada Street, Laguna Beach

4 Beds 5 Baths 7,396 SqFt Residential MLS® # LG22203164
237 Canyon Acres Drive, Laguna Beach

$1,695,000

237 Canyon Acres Drive, Laguna Beach

2 Beds 2 Baths 1,356 SqFt Residential MLS® # LG22185964
170 High Drive, Laguna Beach

$3,995,000

↓ $200,000

170 High Drive, Laguna Beach

0 Beds 0 Baths 0 SqFt Residential Income MLS® # LG22203568
1884 Del Mar Avenue, Laguna Beach

$2,395,000

1884 Del Mar Avenue, Laguna Beach

3 Beds 3 Baths 2,202 SqFt Residential MLS® # LG22202861
991 Meadowlark Drive, Laguna Beach

$2,295,000

991 Meadowlark Drive, Laguna Beach

3 Beds 2 Baths 1,758 SqFt Residential MLS® # LG22202814
31630 2nd Avenue, Laguna Beach

$2,295,000

31630 2nd Avenue, Laguna Beach

3 Beds 2 Baths 1,334 SqFt Residential MLS® # NP22202287
885 Tia Juana Street, Laguna Beach

$2,277,000

885 Tia Juana Street, Laguna Beach

3 Beds 2 Baths 1,641 SqFt Residential MLS® # LG22199818
1267 Starlit, Laguna Beach

$3,200,000

1267 Starlit, Laguna Beach

5 Beds 3 Baths 2,547 SqFt Residential MLS® # LG22193598
280 Hinkle Place, Laguna Beach

$2,495,000

280 Hinkle Place, Laguna Beach

3 Beds 3 Baths 1,425 SqFt Residential MLS® # LG22194958
1330 Bluebird Canyon Drive, Laguna Beach

$1,950,000

1330 Bluebird Canyon Drive, Laguna Beach

2 Beds 1 Bath 888 SqFt Residential MLS® # LG22197703
900 Rembrandt Drive, Laguna Beach

$5,399,000

↓ $100,000

900 Rembrandt Drive, Laguna Beach

4 Beds 3 Baths 2,994 SqFt Residential MLS® # 22195187
13 Bay Drive, Laguna Beach

$4,375,000

↓ $120,000

13 Bay Drive, Laguna Beach

3 Beds 3 Baths 1,707 SqFt Residential MLS® # LG22196049