VA Loan Down Payment Assistance for California Veterans and Active Duty Military
Why would someone need down payment assistance for a VA Loan in California? The answer is closing, settlement, and prepaid costs associated with a home purchase loan. VA loans, just like any other home purchase loan, will incur costs including closing costs from both the Lender and third parties such as title insurance, escrow agents, notary, recording, appraisal, prepaid property taxes and homeowners insurance to set up your impound account.
Many Veterans have the income and credit character to qualify for a VA home loan, but don't have the funds saved up for the closing, settlement and prepaid costs.
That is where our VA Loan Down Payment Assistance for California Veterans and Active Duty Military Members helps out.
There are several ways to help cover the amount of these funds needed:
- Gift from family
- Negotiate a seller credit
- Utilize a higher interest rate to receive a Lender Credit
- Negotiate with your Realtor to reduce their commission
- A combination of any/all the above
Unfortunately some interest rate and real estate environments make some of these options less favorable or even unlikely for a Veteran home buyer. We have a solution.
Our Down Payment Assistance option for our California VA loans can provide up to 5.5% of the purchase price toward your closing costs, settlement costs and prepaid items for your home purchase. The Down Payment Assistance is in the form of a 2nd Loan.
Here are some of the features of our Down Payment Assistance for California VA Loans:
- First Loan Amounts up to $726,400
- Veterans and Active Duty Military eligible
- A portion of the 2nd loan may be forgivable for certain occupations
- All California Counties, Cities and Census Designated areas eligible
- All Underwriting is done in house with VanDyk - No outside agency approval required
- Fast closing times as we Underwrite and Fund 100% in house
The following types of properties are eligible:
- Single Family Homes
- Condominiums
- Townhomes
- Rowhomes
- Manufactured Homes
- Attached Homes
- Duplex or 2 unit homes
- 3 or 4 unit homes - Triplex or Fourplex/quadplex
The following occupations may be eligible for the forgivable gift portion of the 2nd loan:
- Medical and Healthcare workers
- Police Officers, Peace Officers, Sheriffs and Deputies, Border Patrol Agents, Correctional Officers and others serving in a Law Enforcement capacity.
- Firefighters, CalFire, Paramedic, EMTs, and administrative staff that support these occupations.
- Teachers and Employees of California Public Schools, Private Schools, Charter Schools, California State University, University of California, Junior College, Private Colleges and Universities, including administration and staff.
- Current Members of CalSTRS - California State Teachers Retirement System, or UCRP University of California Retirement Plan.
We have been helping Veterans and Active Duty Military purchase and refinance homes since 2008 throughout our service areas. Give us a call at 866-900-2342 Toll Free or call /text Brian direct at 760-752-4480 to get help with your VA Loan, or to get your VA Loan Questions answered.
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