VA Loans for Home Purchases and Refinances

090821.jpg

If you’re an Active Duty member of our military or a Veteran, we thank you for your dedicated and selfless service to our country. You heroically served us and we want you to know Full Circle Home Loans is here to serve you when you’re ready to use your VA loan benefit to take the leap into homeownership. We have 3 locations to serve you across Southern California.

All About VA Loans

VA loans, or U.S. Department of Veterans Affairs loans, are home loans available to Active Duty military members, Veterans, and eligible surviving spouses of servicemembers. The VA home loan program allows eligible military or former military borrowers to purchase a home with little to no down payment, no Private Mortgage Insurance (PMI), and a competitive mortgage interest rate. While it does have a funding fee for service members, it does not for service-connected disabled people.

VA mortgage borrowers may also be eligible for more flexible loan terms over conventional loans - including reduced closing costs and no penalty fee if you pay the loan off early. Eligible borrowers can use a VA loan to purchase or build a new home, improve and repair an existing home, secure an interest rate reduction refinance loan, or secure a cash-out refinance. In certain scenarios, you can also use a VA loan to finance an investment property.

Eligibility for a VA Loan

VA loans are available Active Duty, honorably separated, and retired servicemembers as well as eligible surviving spouses of servicemembers. Borrower eligibility requirements include:

  • Borrower must have served 181 consecutive days military service during peacetime, or

  • Borrower must have served 90 consecutive days military service during wartime, or

  • Borrower must have 6 years of service in the National Guard or Reserves, or

  • Borrower can also be a surviving spouse of servicemember who has either been killed in action or is missing in action

During the VA loan application process, you’ll need to obtain what’s called a Certificate of Eligibility, or COE, from the VA. We can help you with this! The COE is a document that confirms your entitlement to the VA loan benefit and it’s your key to moving forward in the VA loan process.

The VA Funding Fee

VA loan borrowers are required to pay a VA funding fee as part of loan underwriting. This fee is a government administrative fee applied to every VA loan purchase and refinance loan. This money goes to the VA to help keep the  program running for future generations of Veteran borrowers.

The VA funding fee amount is based on a percentage of the total loan amount. Not all VA loans will require the same funding fee percentage. For a first-time VA loan borrower, this fee ranges between 1.4% to 3.6% of a loan amount in any given year. For borrowers refinancing, the funding fee ranges from 0.5% or 3.6%. Some veterans are also exempt from paying a funding fee for any VA home loan.

We’ll Guide You from Pre-Qualification to Closing

At Full Circle Home Loans, we’re here to guide you throughout the entire process of your VA loan purchase or refinance. We’ll work with you closely to explain the ins and outs of the VA-backed loan program, get you pre-qualified to purchase a new home, work with you to refinance your existing home, and guide you throughout the VA loan process.

As a full-service mortgage company, we can also close your loan faster than traditional bank lenders. Traditional bank lender closings are 30 to 45 days on average, sometimes longer. We can close your loan in roughly half that time - and keep you informed every step of the way.

Reach Out To Us When You’re Ready to Use Your VA Loan!

You served us. Let us serve you! When you’re ready to apply for a VA mortgage for a new home purchase, an interest rate refinance, or a cash-out home equity refinance, give us a call! We handle it all, from pre-qualification to loan application, securing your Certificate of Eligibility, explaining & streamlining the process of a VA loan, and final loan approval. Plus, we'll keep you fully informed along the way.

Learn more about us and reach out to us by calling 951.538.6093, emailing office@fchomeloans.com or contacting us to discuss your mortgage loan financing needs today!