VA Mortgage Loans in Alameda, CA a Piece of Island History
Alameda, CA is a town with a long military history. Since we have lived here, they have been trying to renovate about 1/3 of the main island which was originally the base to the Coast Guard.
Just a little history…. originally known as Government Island, this artificial island was formed in 1913 by the dredging project that extended the Oakland Estuary to San Leandro Bay. The Coast Guard first came to the island in 1926 when it established Base 11. Through the years, there was much expansion and many improvements made to the area. In 1982, the Training Center was closed and Support Center Alameda was established June 1, 1982. The island was then renamed Coast Guard Island. Naturally with its long history with the military the VA loan plays an important part in Alameda real estate home loans.
A VA (Veterans Administration) guaranteed home loan in Alameda, CA is the preferred loan program for active, non-active, Reserve, National Guard, and retired military of the armed forces because there is no down payment needed and no private monthly mortgage insurance required.
VA mortgage loans can be used towards purchasing a home, building a home, or refinancing an existing mortgage.
We will discuss what role the VA plays in a VA guaranteed mortgage, the benefits of a VA home loan, who is eligible for a VA loan, and the documentation you will need to present to your lender in order to apply.
Did you know that more than 27 million veterans and service personnel are eligible for VA financing, yet many aren’t aware it may be possible for them to buy homes again with VA financing using remaining or restored loan entitlement?
VA Does Not Offer Loans Directly and Does Not Guaranty You Will Qualify.
The VA does not actually lend the money to you directly. They offer a guaranty to a lender that if you should default on the loan, they will pay the lender a percentage of the loan balance.
*The word GUARANTY does not actually guarantee the veteran will qualify for a VA home loan.
Primary Benefits of a VA Mortgage:
• 100% financing
• No monthly private mortgage insurance is required
• There is a limitation on buyers’ closing costs
• The loan is assumable, subject to VA approval of the assumer’s credit
• 30 year fixed loan
• Seller can pay up to 4% of the veterans closing costs and even pay down they buyer’s debt to help lower their debt-to-income ratio
• Interest rates are similar to FHA rates
• You don’t need perfect credit
Frequently Asked Questions:
Q: My parent is a veteran. Can I obtain a VA loan if I have not served in the military myself?
No, the VA loan benefit does not extend to a veteran’s children.
Q: What is required to prove my record of military service?
You will be required to us Standard Form 180, Request Pertaining to Military Records, to apply for proof of military service.
Q: My spouse who has passed away was an eligible veteran. I am eligible for the home loan benefit myself?
A surviving spouse is eligible if they have not remarried, and the eligible veteran died during active duty service or as a result of a service-related disability.
Q: Is a VA loan better than a conventional mortgage?
For the most part, yes. VA guaranteed loans often offer a lower interest rate than conventional mortgages, they do not require monthly private mortgage insurance when borrowing more than 80% of a home’s value, and they can be easier to get approved for.
Q: How long does it take to get pre-approved for a VA loan?
To get pre-approved for a VA home loan, providing you submit all documentation in a timely manner should take at the most just 48 hours.
If you or someone you know is looking to explore their options with VA financing feel free to contact us, we are here to help you and we love serving those who serve.
Other VA posts you may be interested in:
VA Interest Rate Reduction Loan
The Buzzz Blog | The Buzzz | March 23, 2011
[...] VA Mortgage Loans in Alameda, CA, a Piece of Island History [...]
[...] VA Mortgage Loans in Alameda, CA, a Piece of Island History [...]
[...] VA Mortgage Loans in Alameda, CA- A Piece of Island History [...]
[...] VA Mortgage Loans in Alameda, CA- a Piece of Island History VA Interest Rate Reduction Loan VA Loan Requirements and Eligibility in Alameda, CA Approved Property Types and Loan Limits for VA Loans Share var button = document.getElementById('facebook_share_link_1053') || document.getElementById('facebook_share_icon_1053') || document.getElementById('facebook_share_both_1053') || document.getElementById('facebook_share_button_1053'); if (button) { button.onclick = function(e) { var url = this.href.replace(/share.php/, 'sharer.php'); window.open(url,'sharer','toolbar=0,status=0,width=626,height=436'); return false; } if (button.id === 'facebook_share_button_1053') { button.onmouseover = function(){ this.style.color='#fff'; this.style.borderColor = '#295582'; this.style.backgroundColor = '#3b5998'; } button.onmouseout = function(){ this.style.color = '#3b5998'; this.style.borderColor = '#d8dfea'; this.style.backgroundColor = '#fff'; } } } [...]
[...] VA Mortgage Loans in Alameda, CA- a Piece of Island History [...]
[...] VA Mortgage Loans in Alameda, CA- A Piece if Island History [...]