VA Loan Information - San Bernardino County & Rancho Cucamonga

VA Loans: PROGRAM SUMMARY: The Veterans Administration loan program enables veterans and active duty personnel to purchase or refinance a home with favorable loan terms. VA offers fixed- and adjustable-rate mortgages that can accommodate no down payment on many purchase transactions. The VA Interest Rate Reduction Refinance Loan (IRRRL) program is for use by borrowers who would like to refinance an existing VA loan into a fixed-rate loan, a lower interest rate or shorter loan term without taking additional equity out of the property. For all required guidelines and updates refer to the VA manuals or Web site, http://www.homeloans.va.gov. The maximum guaranty amount is 25% of the 2010 VA limit. Therefore, a veteran with a full entitlement available may borrow up to the 2010 VA limit and VA will guarantee 25% of the loan amount. If the VA guaranty has been used previously and has not be restored the amount has to be reduced accordingly. Also, remember if the Veteran has a home that has a VA loan then they must sell or refinance into a regular loan in order to restore the VA guarantee in order to purchase another home with the VA loan. * 100% financing * No Mortgage Insurance * 620 minimum FICO score (640 preferred) * Loan limits depend on certain counties: Los Angeles is $593,750 * Must be a Veteran or the spouse of an eligible veteran * Max seller contributions 4% * All VA loans have a funding fee of up to 2.15% and it depends on the type of Veteran and if the Veteran is putting down a down payment. This fee is financed into the loan amount just like FHA requires an upfront mortgage insurance to get financed into the loan. * All applying veterans have to get their DD214 which is a certificate of eligibility form. We can help them fill out the forms or they can go directly to their commanding officer. Call for more information! (909) 224-5391 Thanks!