Veteran Affairs (VA) Home Loans in Sacramento, CAUnderstanding Home Loan & Mortgage VA Loans
Veterans Administration (VA) loans are guaranteed by the U.S. Department of Veterans Affairs and are designed to provide housing assistance for armed services members, veterans and their families who are looking to purchase homes. The guarantee allows active duty military, veterans, service personnel, some members of the selected reserve and certain categories of spouses to obtain home loans with favorable terms, usually without a down payment.
What is a VA home loan?
As an approved lender for the VA Home Loan Guarantee Program, U.S. Bank can offer service members, veterans, and eligible surviving spouses favorable terms on all types of home mortgage products. And if you don’t meet the qualifications for a VA loan, FHA loans offer similar advantages, including lower down payment requirements.
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VA Home Loan Benefits and Considerations
Low or no down payment
A VA mortgage loan requires little or no money down at closing – a valuable benefit that’s unique to the VA home loan program.
Lower monthly payments
Simplified approval process
No Mortgage Insurance Required
Terms: 30 year fixed rate
- Limit on the amount of origination fees, appraisal fees and closing costs
- No pre-payment penalties
VA Home Loan Requirements and Qualifications
- To be eligible for a VA loan, you must be an active-duty or former member of the armed forces with at least:
- 90 days of consecutive service during wartime, or
- 181 days of service during peacetime, or
- 6 years of service in the National Guard or reserves.
- Spouses of service members who died in the line of duty or as the result of a service-related disability.
Certificate of Eligibilty
- You will need a Certificate of Eligibility from the VA to show that you meet these requirements. Your mortgage loan officer can help you obtain this certificate.
Owner-occupied properties only
- Owner-occupied properties only