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

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Browse Laguna Beach Real Estate Listings

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