San Bernardino VA Loans
For veterans interested in purchasing a house in the San Bernardino and Riverside areas will want to consider going through the VA for a loan. The VA Loan Guaranty program makes buying homes much more affordable, especially in these expensive California cities.
Eligibility
The very first step in obtaining a VA Loan is filling out an eligibility form with the VA. In California you are eligible after serving 181 days of continuous regular service. Ex-military must have served the same time, unless they served overseas during wartime in which case they qualify after serving 90 days or more. If you are no longer in the military, you must have been discharged under honorable circumstances. Once you have received confirmation from the VA on your eligibility, you can go ahead and look for homes and find a loan repayment plan that works for you. Even if your credit is sub par, the VA has a more lenient policy than private lenders so you are likely to still get a loan.
Benefits
The benefits of a VA Loan are extensive. The greatest benefit is you will be able to buy a house with absolutely no money down. Not only that, but the loan limits in San Bernardino and Riverside have increased recently, so you can get a big, roomy, expensive house and still not have a down payment. Because the VA guarantees up to half the loan amount, you won’t be required to pay Premium Mortgage Insurance (PMI). Another benefit of a VA Loan is you can often get a lower interest rate than you would with a traditional loan. Basically, the VA Loan makes the whole process much simpler and more affordable for veterans.
Types of Repayment Plans
With a California VA Loan you have five options when it comes to repayment plans: traditional fixed, graduated payment mortgage, growing equity mortgage, traditional ARM and hybrid ARM. Each one of these plans is designed to fit your individual income and needs. Be sure to discuss all your options with your lender.
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