If your credit is not perfect, you may have a hard time qualifying for a loan. However, if you are or have been in the military, it's possible you may be approved quickly and qualify for low down payment with a Veterans Administration Loan.
The VA home loan product for military veterans is a very good product for vets, because it allows them to purchase or refinance with zero down or no equity in the property. The purchase product and the refinance product will go up to a million dollars or more on loan size, depending on certain conditions.
VA underwriting guidelines will also allow for lower credit scores. You can have a pretty poor credit score with the VA and still be able to get a VA loan. Doing streamline refinances with VA is pretty awesome, because there is no appraisal involved. The documentation requirements are extremely light (3 or 4 documents are needed). Rates are competitive and usually better than conventional mortgage rates. So there are many reasons to like a VA loan. It is one of the ways we honor our veterans by giving them this special loan program to allow for purchase and refinance with terms not found elsewhere.
The Servicemen’s act was passed in 1944 and included many different benefits to veterans. The VA loan program was a central part of this legislation. Since that time, millions of veterans have taken advantage of this program to help with home mortgage loans. Up until 1992 the loan program was only available to those who had served on active duty. Since then the requirements have allowed those on the National Guard and Reservists to also use this program under certain conditions (6 years of service or more).
There is sometimes confusion among consumers who might think the VA loans are made directly from the US government when in actuality the loans are guaranteed by the government but actually issued by normal loan companies in the market place.
If you're a vet and you think that you have a VA benefit that we can use, please contact me for a free consultation. 510-655-2868.
The services referred to herein are not available to persons located outside the state of California Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. This licensee is performing acts for which a real estate license is required. C2 Financial is licensed by the California Bureau of Real Estate, Broker # 01821025; NMLS # 135622
This licensee is performing acts for which a real estate license is required. C2 Financial Corporation is licensed by the California Bureau of Real Estate, Broker # 01821025; NMLS # 135622. Loan approval is not guaranteed and is subject to lender review of information. Loan is only approved when lender has issued approval in writing. Specified rates may not be available for all borrowers. Rate subject to change with market conditions. C2 Financial Corporation is an Equal Opportunity Mortgage Broker/Lender. The services referred to herein are not available to persons located outside the state of California.
C2 Financial Corporation is approved to originate VA and FHA loans, and has the ability to broker such loans to VA and FHA approved lenders. C2 Financial Corporation is not acting on behalf of or at the direction of HUD/FHA or the VA.