VA Loans

The Servicemen’s Readjustment Act was passed in 1944 to provide benefits to returning World War II veterans, active military, or their surviving spouses. One of these benefits, the VA loan program, was created to help veterans and military purchase homes. By guaranteeing home loans, the U.S. Department of Veterans Affairs (VA) makes it possible for California veterans to receive great rates and terms compared to other loan programs. At Vault Mortgage Lending, we offer VA loans to veterans and active military throughout Madera, Firebaugh, Los Banos, Merced, Chowchilla, Fresno and the surrounding California areas.

Most veterans, military, and spouses of deceased military members are eligible to apply for a California VA loan. If service requirements have been met, veterans are eligible without delay. Active-duty members will become eligible after roughly 6 months of service. Members of the National Guard and reservists will need to wait 6 years before reaching eligibility, however, if called to active duty, eligibility will be reached after only 181 days. All applicants will need to acquire a Certificate of Eligibility (COE) when applying for a VA loan.

VA Loan Benefits:

  • 100% financing
  • VA funding fees can be financed with the loan (up to 3.3%)
  • No private mortgage insurance (PMI)
  • No pre-payment penalty
  • Closing costs are limited by VA regulation
  • Up to $417,000 loan amount (certain counties may be higher)

There is no minimum credit score requirement for a VA loan however most lenders require a score of around 620 to qualify. With no set requirement, lower credit scores can often be approved with larger down payments or higher interest rates. Be prepared to provide W2 statements and pay stubs during the application process to verify your income. Documentation of assets such as checking accounts, savings accounts, and other financial investments will also be needed.

California VA loans are available for the purchase of a new home as well as refinancing an existing VA loan. Homeowners in need of cash for expenses such as home improvements, remodeling, or high-interest debt consolidation can utilize a VA Cash-Out Refinance loan. Interest Rate Reduction Refinance Loan (IRRRL), also referred to as VA Streamline Refinance Loans, are also for those looking to lower their current interest rates.

At Vault Mortgage Lending, we are proud to help the veterans and military members throughout Madera, Firebaugh, Los Banos, Merced, Chowchilla, and Fresno achieve their homeownership goals. For more information on California VA loans or to begin the prequalification process, contact us today.

*Please visit our Disclosures page for more details for all loan types