If you are a veteran, an active military member, or a spouse of a deceased veteran, you may be entitled to a VA loan home loan benefit. VA loans are designed to help those who have served our country achieve homeownership.
A VA loan is backed by the U.S. Department of Veterans Affairs. It’s a loan program that helps U.S. veterans, active-duty service members, and widowed military spouses buy a home, build a new house, make home improvements, or refinance their current mortgage.
When applying for a VA loan, you’ll need to provide a Certificate of Eligibility (COE) to qualify for VA financing. You can obtain a COE through the VA website or by mail, or our team can request it as part of the loan process.
The 2022 VA loan limit for Tulare, Kings, and Fresno counties is $548,250 for a single-family property. For more expensive housing markets and high-cost areas in California, VA loan limits can reach up to $970,800 for 2022.
There is no monthly mortgage insurance with VA loans. However, there is a one-time upfront VA funding fee applied to purchase and refinance transactions.
VA Loan Benefits:
- Competitive interest rates
- No down payment requirement—up to 100% financing
- Ability to finance closing costs
- Higher allowable debt-to-income ratio than other loan types
- Sellers can pay up to 6% of closing costs and other concessions
- Leniency with past bankruptcy or foreclosure