VA Home Loans, Santa Rosa, CA - Top 10 VA Home Loan Benefits for Sonoma County Home Purchases

One of my fondest memories comes from growing up in Santa Rosa where my father purchased his first family home using the VA home loan program. As a Veteran who served two terms in the Navy during the Vietnam war, my dad deserved all of the benefits the Department of Veterans Affairs has to offer. One of them was the Va Home Loan Guaranty. With his DD214 in hand, my father was able to by our family home with no money down and with little closing costs. If it wasn't for this program, we probable would have lived in a tiny apartment somewhere until my parents could save up enough money to buy a home. Well, as a way to give back, I learned to originate VA home loans once I became a mortgage loan officer in the early 90's. Unfortunately, the real estate market values in Sonoma County and everywhere else grew so rapidly that the VA home loan became obsolete. The Department of Veterans Affairs couldn't guarantee the increasing loan amounts that were in demand until a few years ago. It wasn't until 2007 when the government authorized higher loan limits for VA Home loans to help revise the declining housing market.

I know there are a ton of resources out there about VA loans, but I thought I would create a short and sweet list of all the benefits the VA home loan has to offer for my team of Realtors in Santa Rosa and Sonoma County. So, here's the list that I think should make up the Top 10 VA Home Loan Benefits:

1. VA Home Loans require no money down
2. VA Home Loans Limit the Closing Costs allowed to charged against the qualified VA Home Loan buyer
3. VA Home Loans will finance the funding fee. It can also be reduced if VA buyer puts 5% down
4. VA Home Loans have no prepayment penalties. The VA buyer can pay the loan off early without incurring additional fees.
5. VA Home Loans allow less than perfect credit to be used for qualifying.
6. VA Home Loans have no Monthly Mi. Other loans require a monthly mortgage insurance payment if you put less than 20% down.
7. VA Home Loans qualify the buyer by using one debt to income figure. I've seen loans with a 48 to 52% DTI get qualified.
8. VA Home Loans are assumable with VA's permission, but seller loses the ability to buy another home until the loan is paid off.
9. VA Home Loans required an inspection to protect the Veteran Home buyer from any potential harm.
10. The Department of Veterans Affairs raised the maximum loan limits to match the demands of the Nation. 

Here are the numbers for my area:

2009 VA Loan Limits for Northern California

County- VA Loan Limit

• ALAMEDA           $1,094,625.00
• CONTRA COSTA $1,094,625.00 
• MARIN $1,094,625.00 
• MONTEREY $525,000.00 
• NAPA $643,750.00  
• SACRAMENTO $516,250.00   
• SAN FRANCISCO $1,094,625.00   
• SOLANO $435,000.00
• SONOMA $566,250.00