The VA Home Loan Program For Veterans
The Mark Johnson Team is experienced in VA home loans. Don’t believe the common myth that getting a VA mortgage is difficult. This amazing program can help more veterans, active-duty service members, reservists, and National Guard members become homeowners. The sky is nearly the limit with VA home loans: Eligible VA buyers can now qualify for up to $2 million with little or NO money down.
The VA Home Loan Program was first created for veterans in 1944 as a part of the GI Bill of Rights following World War II. Its purpose is to reward those currently serving in the military and veterans that have served. As part of the GI Bill, this special government-insured mortgage program helps those who are currently serving our country as well as veterans minimize down payments, lower closing costs, and achieve the dream of home ownership.
- One of the main benefits of a VA mortgage is that in most cases, a down payment isn’t required. It is one of the only home loan programs in the country without a required down payment or private mortgage insurance. VA Loans allow veterans to pay up to 1% of their loan amount toward VA non-allowable fees.
- VA interest rates and Annual Percentage Rates (APR's) tend to be lower when compared to other home loan mortgage programs. Individual interest rates for VA loans are still dependent on your personal situation. Some factors that can affect VA interest rates include your credit scores, how much your down payment is, the value of the home, etc.
For eligible veterans and their families, VA home loans in Santa Barbara are a truly great home financing option and are worth exploring with an experienced mortgage professional. If you’re a veteran or currently serving, contact Mark Johnson to learn more and to get started!
VA Frequently Asked Questions
Eligible veterans and their spouses include the following:
- Active Duty Personnel of the Air Force, Army, Navy, and Marines
- Veterans of the Air Force, Army, Navy, and Marines
- Certain Reservists and National Guard Members
- Surviving spouses of veterans who died on active duty or died as a result of service connected disabilities
- Certain spouses of active duty personnel who are:
- Missing in action
- Captured in line of duty by hostile forces
- Forcibly detained by a foreign government or power
- What can I expect? The VA offers very user friendly home lending guidelines and allows VA mortgage lenders to utilize a manual underwrite when needed. One can expect to have to provide 2 years tax returns with W2's, 30 days most recent pay stubs and current bank statements.
- Where do I check my VA benefits? A VA approved home loan lender can usually access the benefits or one can contact the VA Eligibility Center at 1-877-827-3702 to request their Certificate of Eligibility.
- Can I use my VA Benefits more than once? YES!!!! This is one of the biggest misconceptions that still exist. Your VA Certificate of Eligibility dictates the available benefit.
- A regular VA Loan consists of financing up to 100%. There is no monthly mortgage insurance nor private mortgage insurance on VA Loans. You may need to put more down to qualify and be approved for your specific monthly payment.
- Only VA approved condo projects may qualify for VA financing. Contact our team to learn more.
The next steps in getting a VA Home Loan in Santa Barbara
- Contact our team right away! We’re an experienced and qualified VA Mortgage Lender and can assist with every step of the process.
- Check your VA Benefits Eligibility yourself or we can assist you with that too.
- Gather your necessary documentation like 2 years tax returns with W2's, 30 days most recent pay stubs and current bank statements.