VA Loans in Los Angeles, CA
For most people in the country, owning a home is one of their main priorities. However, reaching the point of obtaining real estate can be difficult due to the costs.
Fortunately, benefits such as VA loans in Los Angeles, CA are available for veterans and military personnel. With VA loans in Los Angeles, CA, our brave soldiers can expect generous terms, like no mortgage insurance, down payment, prepayment penalties, and limited closing costs.
If you or someone you know has served–or is currently serving–the armed forces, you might be interested to learn more about VA loans in Los Angeles, CA. For your reference, let’s take a closer look at VA loans in Los Angeles, CA.
What Are VA Loans in Los Angeles, CA?
VA loans in Los Angeles, CA were established by the United States Department of Veterans Affairs. As part of the GI Bill in 1944, VA loans in Los Angeles, CA were introduced to help military families.
Basically, VA loans in Los Angeles, CA are issued by private lenders and backed by the government. With VA loans in Los Angeles, CA, purchasing real estate becomes easy for US veterans, active service personnel, and widowed military spouses. VA loans in Los Angeles, CA also help them build, repair, or retain their properties.
How Do VA Loans in Los Angeles, CA Work?
Unlike regular mortgages that you can get from banks, VA loans in Los Angeles, CA are guaranteed by the United States Department of Veterans Affairs. When you are granted VA loans in Los Angeles, CA, the government will cover the payments.
Lenders see VA loans in Los Angeles, CA as low-risk provisions compared to conventional mortgages. For that reason, VA loans in Los Angeles, CA are easily approved.
What Requirements Are Needed to Obtain VA Loans in Los Angeles, CA?
In order to qualify for VA loans in Los Angeles, CA, military personnel need to get a certificate of eligibility. If you are a current member or an honorably discharged veteran with 90 consecutive days of active service, you may be qualified for VA loans in Los Angeles, CA.
Another way to become eligible for VA loans in Los Angeles, CA is to serve more than six years in the National Guard or the Selected Reserve. Lastly, you might also be entitled to the benefit if you have served 181 days of active service during peacetime.
What Are the Types of VA Loans in Los Angeles, CA
Listed below are the types of VA loans in Los Angeles, CA provided by the government to veterans and their families. You can choose among the kinds of VA loans in Los Angeles, CA the one that meets your needs:
- Home Purchase Loans: This type of program helps veterans purchase real estate with a competitive interest rate. Often, this variation of VA loans in Los Angeles, CA does not require a down payment.
- Cash-Out Refinance Loans: Veterans who opt for this type of VA loans in Los Angeles, CA are allowed to borrow from home equity to pay off debt, make home improvements, or fund schooling. Compared to the existing notes and conversions, this option offers a larger and newer mortgage that converts home equity into cash.
- Interest Rate Reduction Refinance Loans: Also known as IRRRL, this variation of VA loans in Los Angeles, CA, aids borrowers to acquire a lower interest rate. This works by refinancing existing financial commitments.
- Adapted Housing Grants: This program grants assistance to veterans with permanent disabilities obtained in the line of duty. This option helps soldiers build an adapted home or modify an existing property for their medical condition.
If you think you’re qualified for VA loans in Los Angeles, CA, don’t hesitate to reach out to Purpose Funding. Our staff will be more than happy to accommodate you. We can surely help you get the funds you need. Reach out to us today!
Making Home Ownership Within Arm’s Reach
Purpose Funding is a premium mortgage brokerage serving both the California and Texas regions. No matter what our client’s credit history is, we have a house loan that caters to their specific lifestyle. Whether you’re looking to apply for home equity or are thinking of refinancing, our team of reliable and skilled mortgage experts will walk you throughout the entire process.
At Purpose Funding, we try to put ourselves in the situation of our clients. We take the time to ask them questions that would allow us to learn more about their specific needs. From there, we customize a plan that would best match their financial aspirations.
Our Various Loan Offerings
We provide a variety of loan options that will allow you to make better financial decisions. Our clients will be able to receive benefits without having to worry about closing costs or any additional charges. Here are some of the plans that we specialize in:
- Cash Out Refinance
Maximize the benefits of your equity through cash out refinancing. Whether it’s for a car, credit card, or student loan, this program allows you to obtain lower interest rates. Moreover, you’ll have a chance of increasing your home value through renovations or investing in a property to up your income.
- Payment Reduction Finance
Find out how much you can save with our payment reduction refinance. Through this plan, you’ll be able to save an average of $750 on your monthly payments. From combining first and second loans to switching from adjustable to fixed, we provide solutions that will work best for you.
- VA Loan
America’s heroes deserve only the best even when it comes to financing their properties. Our VA Loan enables veterans to acquire their own homes without having to worry about costly down payments. They will also be able to cash out up to a 100% of their equity or lower payments without the need of appraisals or income qualifications.
- Reverse Mortgage
Secure your future with our reverse mortgage loan. This program allows homeowners to fund their retirement through life-long monthly payments. With this plan, our clients will be able to receive tax-free cash returns and invest in things that they love. Whether it’s for a passion project or a dream business, the options are endless.
- FHA Home Loan
Nothing can beat the feeling of living in a place that you can call your own. Our FHA home loan allows you to invest in a property with minimal to no down payments. On top of that, this plan also gives you the option to cash out for debt consolidation and home improvements, or lower payments without the need for appraisals or income qualifications.
- Home Purchase Loan
Through our home purchase loan, we make owning a house easier and more accessible. We follow a systematic procedure that will enable you to sign ownership to your dream property as soon as possible. We will ensure that you are included in every step of the process. Our agents will do their best in helping you find a home that you can call your own.
Get in Touch With Our Team
At Purpose Funding, we specialize in home refinancing, reverse mortgages, and VA loans among others. We are committed to providing our clients with unbeatable service at the highest degree of integrity. Whether you’re interested in applying for a fixed or adjustable rate mortgage, debt consolidation, refinancing, etc., we have the right plan for you.
Our highly-experienced agents will take the time to assess your personal needs before customizing the most suitable plan for you. To help you get started, you can also request a quote from one of our experts. Contact us at (844) 427-3863 today or visit us at any of our four locations.