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VA Loans

VA Home Loans and RefinancingCalifornia Home Solution is dedicated to helping our military veterans in California to find the best home financing options available. Designed to help active duty military and veterans qualify for home ownership, the VA Home Loan is a mortgage guaranteed by the U.S. Department of Veteran Affairs that features easy home financing options. Because the Department of Veteran Affairs insures VA loans against default, we can offer veterans and military personnel lower interest rates and better terms than conventional mortgages and other types of mortgages.

Veterans are eligible to purchase a home with the VA Home Loan and current VA mortgage holders can refinance with the VA Interest Rate Reduction Refinance Loan (IRRRL). California Home Solution Solution Advisors will discuss all your home financing options and qualify you for the best home loan possible.

Buy Your Home with a VA Home Loan

Our service men and women sacrifice so much for our country; the joys and benefits of homeownership should not be one of them. With a Government insured VA Home Loan, you can secure a purchase home loan with no down payment and no monthly mortgage insurance premiums. This makes it a popular choice for a first time mortgage and those with less-than-perfect credit. With a VA Home Loan, there is:

  • No down payment required
  • Negotiable interest rates
  • Adjustable & fixed rate mortgage options
  • No monthly mortgage insurance premiums
  • Right to prepay loan without penalty
  • VA assistance to borrowers due to financial difficulty
  • Ability to finance the VA funding fee
  • Reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation
Basic Allowance for HousingThe BAH is a military entitlement given to active duty personnel so they can provide housing for themselves and their families. If you are not living in government housing, and assigned to permanent duty within the 50 United States, you can qualify for this important benefit.

While it is most often used for rental expenses, you can use your BAH to pay your mortgage, giving you the ability to save for the future while building equity in your home.  Many people don’t realize that their BAH benefits puts them at an income level needed to qualify for and support a VA Home Loan. Finance a new home with no down payment and use your BAH to pay your mortgage!

The BAH is determined by your pay grade, location, and whether you have dependents. Contact California Home Solution today to learn about all the ways you can make your BAH work for you.

Steps to Obtaining a VA Home Loan

  1. Apply for a Certificate of Eligibility. Our Solution Advisors will help you gather the necessary forms
  2. A California Home Solution mortgage specialist will work with you to ensure you qualify for the best home loan available. Then, we will refer you to a Real Estate agent within our network
  3. California Home Solution will order an appraisal from a VA assigned appraiser. Unlike other mortgage companies, we take care of the home appraisal for you, so you get the most accurate evaluation of the home
  4.  VA will review your application
  5. Close the loan.
The VA Interest Rate Reduction Refinance LoanThe VA IRRRL, often referred to as the VA Streamline, is part of a federally insured loan program to help veterans and active duty military  refinance their existing loan into a lower interest-rate loan. The underwriting process for the VA IRRRL is simplified for military veterans, so you can get a lower monthly mortgage payment without going through the pain of submitting bank statements, W2s, paychecks and other documents.

VA refinancing offers competitive interest rates that are not available to the general public for home financing. Unless you are switching from an Adjustable Rate Mortgage to a Fixed Rate Mortgage, the IRRRL must result in a lower interest rate than the one you currently hold. With a VA IRRRL, you can refinance your home with no out of pocket expenses. We can roll all closing costs into the loan making the refinance process even easier.

Refinance to A Fixed Rate VA Home Loan

If you purchased your home with an Adjustable Rate VA Home Loan, and would like to enjoy the security and consistency of a fixed rate mortgage, California Home Solution can assist you to refinance for a better rate. We have several Fixed-Rate VA Home Loan packages to choose from and can help you decide which option is best for your needs.

Requirements for VA Home Loans

All veterans, active duty personnel, Reservists/National Guard members, and surviving spouses that do not remarry are eligible for a VA Home Loan but must qualify. In order to receive financing, you must have a Certificate of Eligibility – a document issued from the Veterans Administration that verifies your eligibility to receive VA benefits. As a VA Approved lender, we can submit an online request through the Department of Veteran Affairs and receive your Certificate of Eligibility in seconds, making your life easier.

In order to qualify to refinance your VA mortgage, you must be a current holder of a VA mortgage and have already used your VA eligibility on the property you intend to refinance. Our mortgage specialists can help you determine your eligibility and explain the loan process.

If you have questions about applying for a VA Home Loan, using your BAH benefits, or refinancing with the VA IRRRL streamline loan program, contact California Home Solution today.