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How to Qualify VA Loan for Veteran? Listen to Linda Peltz and Al Gonzalez Discussion

By
Real Estate Agent with eXp Realty DRE# 01997670

These days, lots of loan types are available to suit homebuyers of diverse backgrounds. If you're a veteran seeking a loan to finance your home purchase in Fresno, you've come to the right place. 

Recently Linda Peltz had discussion with Al Gonzalez from VA Loan Veteran. Al Gonzalez has been a local lender for roughly 22 years and lots of experience in this field. He helps veteran make their biggest financial decision over VA Loan, some of them felt anxiety and not sure if its the right idea. But Al Gonzalez is always there to help step by step

In the video below they will be discussing the Veteran Affairs' loan (VA loan for short) and what to prepare for VA loan process. We'll also cover the benefit of VA loan, plus its limits and fees involved.

 

 

What is a VA Loan?

The VA mortgage Fresno is a home buying program especially tailored for veterans, active military members and their spouses. This program is backed by the U.S. Veteran Affairs department and is granted to homebuyers through private lenders. It was first launched in 1944 by the U.S. government to aid veterans in buying homes with less hassle.

In short, lots of veterans think they don't qualify for this VA loan. As mentioned in video above, Al Gonzalez stated that its best to actually talk to lender or an agent. Make sure to ask and get them the DD214 or the NGV paperwork from the national guard or reserves. 

Qualifying for a VA Loan

The Veterans Affairs department has a few requirements on the eligibility for a VA loan:

  • Applicant has spent 90 consecutive days in combat duty service during wartime, OR
  • Applicant has spent 181 days of military service in peacetime, OR
  • Applicant has served for 6 years in the Coast guard or Reserves, OR
  • Applicant is the spouse of a deceased military member who passed away on deployment or due to a service-related disability.

 

In addition, applicants may need to obtain their Certificate of Eligibility (COE) depending on whether the lenders are capable of doing so. Other factors that contribute to VA loan approval are steady income streams, debt status and credit score.

Securing the VA Loan

The VA loan process involves several steps:

  • Pre Approval
  • Home hunting
  • Seal the deal with home sellers
  • Escrow and underwriting
  • Loan approval.

 

As this loan is guaranteed by the government, banks are more lenient in enforcing requirements for its approval. This renders the loan more accessible to members of the military and their spouses.

Al Gonzalez’s company, VA Loan Veteran can guarantee you ways to figure out how you can qualify for the programs, so don't worry if anything has happened to you during the military services

What's So Special About VA Loans?

Homebuyers can immediately reap the benefit of VA loan once they obtain approval. For instance, qualified borrowers can enjoy a zero down payment and obtain assistance to settle outstanding debts. What's more - a good credit score is not an obligation. Improving it though, will reward you with a better interest rate compared to non-VA loans.

 

Another advantage of securing the VA mortgage Fresno is the freedom to opt out of a Personal Mortgage Insurance (PMI). The reason? This type of mortgage has been guaranteed by the government right from the start, so no insurance is necessary. So in case the borrower defaults, the mortgage lenders or banks are protected from complete losses. As a result, lenders or banks gain confidence to provide better terms on loans.

 

Lastly, veterans can get discounts on closing costs. This is due to the VA requirement that home sellers cover most or all the expenses for closing.

VA Loan Limitation

Once the applicant gets through the whole VA loan process, he's able to borrow as much as the lender allows. Therefore, the loan limits vary from one lender to another depending on the policy of each. In spite of that, limitations often apply to borrowers with less than their full eligibility. This is mainly due to the possession of multiple active VA loans or a history of foreclosure.

VA Loan Funding Fees

The U.S Veteran Affairs department charges a funding fee for every VA loan granted to applicants. Fee payments received are utilized to keep the funding program going and provide veterans with the benefit of VA loan. The fee amount is subject to each applicant's condition and disabled veterans are exempted from paying. Generally, the funding fee is valued at 3.6% of the home's purchase price.

 

Conclusion

VA mortgage Fresno might just be the answer for active military members and veterans seeking to buy a home in Fresno. Need guidance for your VA loan process? Talk to Linda Peltz and Al Gonzalez in details below

 

Lender Al Gonzalez
al.gonzalez@alamedamortgage.com
(310) 869-0932

 

Linda Peltz, eXp Realty

DRE 01997670

559-353-4556

lwpproperty@gmail.com