VA Loans in California
Common Questions and Answers
What is a VA loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs, designed to help eligible veterans, active-duty service members, and certain surviving spouses buy a home with favorable terms. It often requires no down payment, has no private mortgage insurance, and offers competitive interest rates.
What is a VA Loan?
A VA loan is a government-backed mortgage loan designed for veterans, active-duty service members, and their surviving spouses. One of the biggest benefits of a VA loan is the no down payment requirement, which makes homeownership more accessible. Additionally, VA loans typically offer lower interest rates, no private mortgage insurance (PMI), and more lenient credit score requirements compared to conventional loans.
Who qualifies for a VA loan?
VA loans are available to eligible veterans, active-duty service members, National Guard members, reservists, and some surviving spouses. Eligibility is verified through a Certificate of Eligibility (COE) from the VA.
How does a VA home loan work?
You apply with an approved VA lender (Armando Novelo Can help!). The VA guarantees part of the loan, reducing the lender’s risk and allowing them to offer better terms, such as zero down payment and no PMI.
Are VA loans assumable?
Yes. If the buyer qualifies, they can take over your VA loan, including your interest rate and terms.
Are VA loans good?
For eligible borrowers, VA loans can be one of the best financing options available. They offer zero down payment, no PMI, and competitive rates.
Why are VA loans so popular?
They remove many of the upfront and ongoing costs of other loans and make homeownership more affordable for service members and veterans.
Are VA loans bad for sellers?
Some sellers believe VA loans take longer to close or have stricter appraisal requirements, but most transactions close smoothly when handled by an experienced lender.
Can VA loans be used for land?
Not by themselves. VA loans must be used for property with a home, but they can finance land as part of a construction-to-permanent loan.
Can VA loans be used for manufactured homes?
Yes, if the home meets VA property guidelines and is on a permanent foundation.
Can VA loans be used for second homes?
No. VA loans are intended for primary residences only.
Can VA loans be refinanced?
Yes. You can use a VA Interest Rate Reduction Refinance Loan (IRRRL) to lower your rate, or refinance into a conventional loan if you prefer.
Min FICO
600 min
620 high balance with limits
Down Payment
Not required
Occupancy
Primary
Other
Up front funding fee required
No Monthly MI required
100% gift funds allowed
Up to 4% seller contributions
Links
Contact
Armando Novelo
NMLS 237243
Super Mortgage Bros
1900 W. Garvey Ave S. #100
West Covina, CA 91790
Phone: (626) 200-1838
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