Veteran Affairs (VA) Home Loans in Sacramento, CA

Understanding Home Loan & Mortgage VA Loans

VA Loans

Conventional, FHA, and VA home Loans

Veterans Administration (VA) loans are guaranteed by the U.S. Department of Veterans Affairs and are designed to provide housing assistance for armed services members, veterans and their families who are looking to purchase homes. The guarantee allows active duty military, veterans, service personnel, some members of the selected reserve and certain categories of spouses to obtain home loans with favorable terms, usually without a down payment.

What is a VA home loan?
VA loans are home mortgages backed by the Department of Veterans Affairs (VA). With a VA loan, eligible service members and veterans can buy a home with little or no down payment, or refinance an existing home to get cash out or a lower monthly payment.

As an approved lender for the VA Home Loan Guarantee Program, U.S. Bank can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. And if you don’t meet the qualifications for a VA loan, FHA loans offer similar advantages, including lower down payment requirements.

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VA Home Loan Benefits and Considerations

Low or no down payment
 

A VA mortgage loan requires little or no money down at closing – a valuable benefit that’s unique to the VA home loan program.

Lower monthly payments
Because the VA guarantees a portion of your loan, you won’t need to pay mortgage insurance premiums – a significant monthly savings.
Simplified approval process
VA loans were designed to offset common financial challenges faced by military families and veterans, and to simplify the approval process.
No Mortgage Insurance Required
No Mortgage Insurance required
Terms: 30 year fixed rate
  • Limit on the amount of origination fees, appraisal fees and closing costs
  • No pre-payment penalties

VA Home Loan Requirements and Qualifications

Military members
 

  • To be eligible for a VA loan, you must be an active-duty or former member of the armed forces with at least:
    • 90 days of consecutive service during wartime, or
    • 181 days of service during peacetime, or
    • 6 years of service in the National Guard or reserves.
Surviving spouses
  • Spouses of service members who died in the line of duty or as the result of a service-related disability.
Certificate of Eligibilty
  • You will need a Certificate of Eligibility from the VA to show that you meet these requirements. Your mortgage loan officer can help you obtain this certificate.
Owner-occupied properties only
  • Owner-occupied properties only
VA mortgages are a popular option, but they’re not the only one. Contact a mortgage loan officer to find out which mortgage option may be the best fit for you.

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