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What is a VA loan?


The VA loan is a mortgage loan in the United States that is guaranteed by the U.S. department of Veterans Affairs (VA). It was established in 1944 and was designed to help members of our military and surviving spouses (given that they did not remarry) obtain a guaranteed affordable financing option to purchase a home. VA home loans are 100% financing and for all service members including USMC, Navy, Air Force, Army, Coast Guard, and DOD. You can use your VA Mortgage Loan Benefits more than once and there is not a limit as to how many times you can obtain a VA mortgage.California Mortgage Direct has participated in helping of 20 million service members receive this benefit and pledges to continue to support our military community here in California.


Why choose a VA Loan over a Conventional Loan?


The VA loan has distinct advantages over conventional for our military and their families.

  1. 0% down vs. 20% down

VA loans are of the last to offer an option with 0% down whereas a conventional loan generally requires up to 20% down to secure a loan which can be difficult for majority of buyers.


    2. No Private Mortgage Insurance vs. Private Mortgage Insurance (PMI)

VA loans are backed by the government so banks do not require private mortgage insurance. Conventional loans, however, do require mortgage insurance if the borrower plans to finance more than 80% of the homes value which as a result adds additional monthly expenses.


    3. Better Interest Rates vs. More Risk to Lenders

Since VA loans are government backed, lenders have a greater degree of protection which allows them to offer more competitive rates than with conventional loans since there is more of a risk to the lender.


   4. Easier to Qualify vs. Standard Qualifications.

Again, being government backed holds many advantages for the VA loan option. It allows lenders to be less rigid in their qualifying process than they are with conventional loans because there is more risk involved.


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