California VA Loan

 

 WHY CHOOSE A VA LOAN AND IS IT POSSIBLE TO GET INTO A VA LOAN AND HAVE ALL MY CLOSING COSTS PAID?  YES.

 

 

VA loans have many benefits over traditional loans. Such as
Zero Down Payment – Most banks require big down payments, but with a VA loan you can get into a home with zero money down.
NO mortgage insurance – Loans where the down payment is less than 20% require some type of mortgage insurance (either monthly or an added lump sum). With a VA loan, there is no mortgage insurance.
Lower closing costs – as a Veteran, there are certain costs you are exempt from and the lender or seller must cover them.   This keeps your cost way down. 
CHF Platinum Program – This program offers a grant (up to 5% of the purchase price) that can be used towards closing costs! It has income limits (based on County) and if you qualify, chances are I can get you into a home with zero money out of your pocket.
Easier Qualifications – Because the loan is backed by the government, some of the guidelines are less stringent making these loans easier to qualify for.
Here is the savings when comparing traditional down payment requirements:
 
 
Loan Amount
 
5% Down
 
10% Down
 
20% Down
$150,000
$7,500
$15,000
$30,000
$250,000
$12,500
$25,000
$50,000
$350,000
$17,500
$35,000
$70,000
$450,000
$22,500
$45,000
$90,000

What Evidence Will I Need to Get the Certificate?
The evidence you need depends on the nature of your eligibility.  The chart below explains.
 
Evidence Needed for the Certificate of Eligibility


 

 

 
If you are. . .
 
You should submit . . .
Veteran
(Includes a member or former member of the National Guard or Reserves who was once activated for Federal Service)
DD Form 214; We are required to have a copy showing the character of service (item 24) and the narrative reason for separation (item 28). 
Active duty servicemember
A current statement of service
signed by (or by the direction of):
the adjutant, personnel office, or commander of the unit or higher headquarters
showing:
Your full name
Social Security Number
Date of birth
Entry date on active duty
The duration of any lost time
The name of the command providing the information
 
 
 
If you are. . .
 
You should submit . . .         
Serving now in the Selected Reserve or the National Guard and have never been activated for federal service
Statement of service
signed by (or by the direction of):
the adjutant, personnel officer or commander of your unit or higher headquarters
showing:
Your full name
Social Security Number
Date of birth
Entry date on duty
The total number of creditable years of service
The duration of any lost time
The name of the command providing the information
A discharged member of the National Guard who has never been activated for federal service
Either:
NGB Form 22, Report of Separation and Record of Service, for each period of National Guard service
OR
NGB Form 23, Retirement Points Accounting, and proof of the character of service
A discharged member of the Selected Reserve who has never been activated for federal service
Copy of your latest annual retirement points statement and evidence of honorable service
 
 
 
 
If you are. . .
 
You should submit . . .     
The surviving spouse of a servicemember who died on active duty
If you’re already receiving Dependency and Indemnity Compensation (DIC), you don’t need to send any documents.
If you don’t receive DIC, please send us
  • A copy of the DD Form 1300 (Report of Casualty) from the military
  • A copy of your marriage certificate
It would be a good idea to add a simple signed statement saying that you would like to apply for DIC.  If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC.
Put the servicemember’s Social Security number on all documents.
The surviving spouse of a veteran who died as a result of military service
If you’re already receiving Dependency and Indemnity Compensation (DIC), send us a copy of your award letter.
(Generally, you will already have a record on file at a VA regional benefits office.)
If you don’t receive Dependency and Indemnity Compensation (DIC), please send us
  • A copy of the veteran’s DD Form 214
  • A copy of the veteran’s death certificate
  • A copy of your marriage certificate
We recommend that you add a simple signed statement saying that you would like to apply for DIC.  If you qualify for the home loan benefit, you probably qualify for monthly payments under DIC.
Put the veteran’s Social Security number on all documents.


 
 

 




 

 

 
 
 


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