Home Loans Arizona - California - Nevada - Utah

VA Home Loans Upland, California

VA Home Loans are mortgage loans offered by the US Department of Veteran Affairs. These are long term loans offered to American Veterans or to their surviving spouses. The intention behind the loan program is to support ex- service men and women by providing them the required finance for purchasing a house, where private finances are not available and to help them in availing a loan without any down payment. The Department classifies few areas as housing credit shortage areas, normally rural areas and offers this facility for those in these areas.

VA Home Loans Advantages for Upland Residents

• No Down Payment Needed
• No Private Mortgage Insurance Required
• Relaxed Qualification Standards
• Low Interest Rates
• No Prepayment Penalties
• Easy Qualifications

VA Home Loans Requirement

• At least 181 days of active duty service (90 days during wartime), or 6 years of National Guard service, and not dishonorably discharged.
• Spouses may be eligible if the member was killed in the line of duty, or died from service related injury or illness, is missing in action, or is a prisoner of war.
• A Certificate of Eligibility (COE) is needed, which can be obtained from Veteran Affairs here.
• A 580 minimum credit score is needed for consideration. Loans over $700,000 will require at least a 640 score.
• While no down payment is needed in most cases, a funding fee ranging from 1.25% – 2.40% for home purchases may be required.
• Veterans rated disabled are exempt from the funding fee.

Are you a veteran in Upland, California and looking for a home loan? Call Nathan Rufty now for a free consolation at 909-503-5600.