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
  • 620+ FICO Up to 100% LTV
  • ZERO DOWNPAYMENT 
  • 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
  • 620+ 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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6521 Homewood Avenue, Los Angeles

$2,000,000

↑ $1,140,100

6521 Homewood Avenue, Los Angeles

3 Beds 4 Baths 2,172 SqFt Residential MLS® # 22167625
1000 Santiago Avenue, Long Beach

$2,000,000

1000 Santiago Avenue, Long Beach

4 Beds 5 Baths 3,593 SqFt Residential MLS® # PW22093815
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 1,470 SqFt Residential MLS® # 22138381
3173 Weldon Avenue, Los Angeles

$2,000,000

3173 Weldon Avenue, Los Angeles

5 Beds 4 Baths 2,920 SqFt Residential MLS® # CV22039460
7759 Skyhill Drive, Los Angeles

$2,000,000

7759 Skyhill Drive, Los Angeles

4 Beds 3 Baths 2,864 SqFt Residential MLS® # SR21158462
8439 Boyne Street, Downey

$1,999,999

8439 Boyne Street, Downey

5 Beds 4 Baths 3,400 SqFt Residential MLS® # PW22024045
New
954 Rosemount Road, Glendale

$1,999,999

954 Rosemount Road, Glendale

5 Beds 3 Baths 3,498 SqFt Residential MLS® # GD22131165
9136 Charloma Drive, Downey

$1,999,999

↑ $400,000

9136 Charloma Drive, Downey

4 Beds 3 Baths 2,237 SqFt Residential MLS® # DW21238448
24701 Archway Lane, Laguna Niguel

$1,999,999

24701 Archway Lane, Laguna Niguel

5 Beds 4 Baths 3,054 SqFt Residential MLS® # OC22111407
1649 Selby Avenue, Los Angeles

$1,999,999

1649 Selby Avenue, Los Angeles

3 Beds 2 Baths 1,589 SqFt Residential MLS® # 21100441
7830 Beland Avenue, Los Angeles

$1,999,995

7830 Beland Avenue, Los Angeles

4 Beds 3 Baths 1,930 SqFt Residential MLS® # 22163229
12544 Greene Avenue, Los Angeles

$1,999,900

12544 Greene Avenue, Los Angeles

3 Beds 3 Baths 1,540 SqFt Residential MLS® # OC22120474
415 N Detroit Street, Los Angeles

$1,999,000

415 N Detroit Street, Los Angeles

4 Beds 5 Baths 1,838 SqFt Residential MLS® # 22168051
7404 Kentwood Avenue, Los Angeles

$1,999,000

7404 Kentwood Avenue, Los Angeles

3 Beds 2 Baths 1,700 SqFt Residential MLS® # 22164616
4182 Center Street, Culver City

$1,999,000

↑ $1,580,000

4182 Center Street, Culver City

3 Beds 2 Baths 1,720 SqFt Residential MLS® # 22165821
24322 Los Serranos Drive, Laguna Niguel

$1,999,000

24322 Los Serranos Drive, Laguna Niguel

4 Beds 3 Baths 2,000 SqFt Residential MLS® # OC22096299
3611 Ellsworth Street, Los Angeles

$1,999,000

3611 Ellsworth Street, Los Angeles

3 Beds 3 Baths 1,768 SqFt Residential MLS® # 22164295
6147 Avalon Court, Long Beach

$1,999,000

↓ $200,000

6147 Avalon Court, Long Beach

3 Beds 3 Baths 2,555 SqFt Residential MLS® # RS22113914
2428 Beverwil Drive, Los Angeles

$1,999,000

2428 Beverwil Drive, Los Angeles

2 Beds 2 Baths 1,510 SqFt Residential MLS® # 22163635
564 N Normandie Avenue, Los Angeles

$1,999,000

564 N Normandie Avenue, Los Angeles

4 Beds 3 Baths 3,134 SqFt Residential MLS® # 22161067
1508 N Beverly Glen Boulevard, Los Angeles

$1,999,000

1508 N Beverly Glen Boulevard, Los Angeles

3 Beds 4 Baths 2,466 SqFt Residential MLS® # 22161513
10634 Drakewood Avenue, Culver City

$1,999,000

↓ $100,000

10634 Drakewood Avenue, Culver City

3 Beds 3 Baths 1,911 SqFt Residential MLS® # 22161711
26995 Falling Leaf Drive, Laguna Hills

$1,999,000

↓ $326,000

26995 Falling Leaf Drive, Laguna Hills

5 Beds 5 Baths 3,899 SqFt Residential MLS® # OC22094128

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Browse Laguna Beach Real Estate Listings

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New
862 Summit Drive, Laguna Beach

$2,588,000

862 Summit Drive, Laguna Beach

4 Beds 3 Baths 2,280 SqFt Residential MLS® # LG22141973
New
416 Legion, 575 Through Street, Laguna Beach

$4,500,000

416 Legion, 575 Through Street, Laguna Beach

0 Beds 0 Baths 0 SqFt Residential Income MLS® # OC22141723
New
22 N. Vista De Catalina, Laguna Beach

$4,750,000

22 N. Vista De Catalina, Laguna Beach

4 Beds 4 Baths 2,956 SqFt Residential MLS® # LG22140214
New
454 Arroyo Chico, Laguna Beach

$2,750,000

454 Arroyo Chico, Laguna Beach

2 Beds 2 Baths 1,000 SqFt Residential MLS® # LG22139485
New
361 Aster Street, Laguna Beach

$5,295,000

361 Aster Street, Laguna Beach

0 Beds 0 Baths 0 SqFt Residential Income MLS® # LG22132048
New
361 Aster Street, Laguna Beach

$5,295,000

361 Aster Street, Laguna Beach

5 Beds 5 Baths 3,447 SqFt Residential MLS® # LG22130073
New
1884 Del Mar Avenue, Laguna Beach

$2,595,000

1884 Del Mar Avenue, Laguna Beach

3 Beds 3 Baths 2,202 SqFt Residential MLS® # LG22139389
New
592 Bluebird Canyon Drive, Laguna Beach

$2,595,000

592 Bluebird Canyon Drive, Laguna Beach

3 Beds 2 Baths 1,172 SqFt Residential MLS® # LG22137949
New
3044 Nestall Road, Laguna Beach

$2,699,000

3044 Nestall Road, Laguna Beach

4 Beds 4 Baths 2,535 SqFt Residential MLS® # LG22126346
New
310 Lookout Drive, Laguna Beach

$4,850,000

310 Lookout Drive, Laguna Beach

4 Beds 3 Baths 3,800 SqFt Residential MLS® # PW22137491
New
2845 Rounsevel Terrace, Laguna Beach

$2,250,000

2845 Rounsevel Terrace, Laguna Beach

4 Beds 2 Baths 1,640 SqFt Residential MLS® # LG22138701
New
31610 Coast Highway, Laguna Beach

$5,000,000

31610 Coast Highway, Laguna Beach

0 Beds 0 Baths 0 SqFt Land MLS® # BB22128026
New
495 El Camino Del Mar, Laguna Beach

$3,895,000

495 El Camino Del Mar, Laguna Beach

5 Beds 3 Baths 3,710 SqFt Residential MLS® # LG22117480
New
711 Buena Vista, Laguna Beach

$6,495,000

711 Buena Vista, Laguna Beach

4 Beds 6 Baths 3,147 SqFt Residential MLS® # OC22119125
31562 Wildwood Road, Laguna Beach

$2,250,000

31562 Wildwood Road, Laguna Beach

2 Beds 2 Baths 2,200 SqFt Residential MLS® # OC22133591
2964 Mountain View Drive, Laguna Beach

$2,350,000

2964 Mountain View Drive, Laguna Beach

4 Beds 2 Baths 1,708 SqFt Residential MLS® # LG22133862
596 Mystic Way, Laguna Beach

$4,249,000

596 Mystic Way, Laguna Beach

3 Beds 4 Baths 2,400 SqFt Residential MLS® # LG22133950
1120 Katella Street, Laguna Beach

$3,450,000

1120 Katella Street, Laguna Beach

3 Beds 3 Baths 2,441 SqFt Residential MLS® # LG22133397
1570 Via Capri # 7, Laguna Beach

$1,050,000

1570 Via Capri # 7, Laguna Beach

2 Beds 1 Bath 928 SqFt Residential MLS® # LG22131692
170 High Drive, Laguna Beach

$4,195,000

170 High Drive, Laguna Beach

4 Beds 4 Baths 2,318 SqFt Residential MLS® # LG22129465
855 La Mirada Street, Laguna Beach

$3,395,000

855 La Mirada Street, Laguna Beach

4 Beds 3 Baths 2,500 SqFt Residential MLS® # OC22121516
1782 Ocean Way, Laguna Beach

$5,999,000

1782 Ocean Way, Laguna Beach

4 Beds 6 Baths 2,448 SqFt Residential MLS® # OC22128038
New
2838 Wards, Laguna Beach

$4,495,000

2838 Wards, Laguna Beach

0 Beds 0 Baths 0 SqFt Residential Income MLS® # LG22130819
2838 Wards, Laguna Beach

$4,495,000

2838 Wards, Laguna Beach

4 Beds 4 Baths 2,191 SqFt Residential MLS® # LG22125955