San Jose VA Loans – No Down payment needed!
Are you an active duty service member in our armed forces, National Guard or Armed Forces Reserve member with six or more years of service, a veteran, or a surviving spouse of a service member? If so, you may want to explore the VA home loan program. VA loans do not require any down payment, there is no monthly mortgage insurance, have lower closing costs for the borrower with extremely competitive rates. VA loans also carry a guarantee to the lender should the loan ever go into default.
Benefits of VA Loans
- No down payment. This is one of the most incredible benefits of a VA loan and certainly the most popular feature. For those wanting to buy a home with as little cash to close as possible, no down payment has a huge impact.
- Fast approval. These loans are often approved more quickly than others.
- You are not required to purchase Private Mortgage Insurance (PMI). A VA loan does carry a guarantee to the lender at 25% of the defaulted loan. VA loans however rarely go into default and are the highest performing loans in the marketplace. The guarantee is financed with the Funding Fee, which is rolled into the loan amount.
- Low APRs on fixed rate loans. Due to the lower loan costs, the APR on VA loans is extremely competitive.
- Low closing costs. VA guidelines restrict the types of closing costs the veteran may pay.
- You can prepay without penalties. Pay off your loan early if you want, without worrying about fees.
- When a home is sold, the buyer can assume the mortgage.
- Streamline refinance. The VA streamline refinance program requires much less documentation than a standard VA loan.
If you’re eligible for a VA loan and want to come to the closing table with as little cash as possible, nothing can beat the VA home loan program.
If you are ready to apply for a VA loan today, or you simply have some questions you would like to ask, we are standing by to help you! You can call us at (408) 599-3628, or email us at [email protected]. We provide free instant quotes, and are here to walk you through every step of the loan application and approval process. We will find you the best VA home loan rates in San Jose. You will be living in your dream home sooner than you think!