Sonoma County Mortgages

All financing provided by New American Funding

(707) 217-4000 | Prequalify Now
  • Home
  • Purchase
    • How Much Down Payment To Buy A Home?
    • How Much Income You Need To Buy A Home
    • How Much Should I Save For Buying A Home?
      • How Rates Affect Payment
    • No PMI Mortgages
    • FHA Loans
    • Sonoma County Disaster Loans
    • Jumbo Loans
  • Refinance
    • Mortgage Rates
    • Does It Make Sense To Refinance?
      • Get Your Refi Paperwork In Order
    • How To Pay Off Your Loan Faster
    • How To Remove PMI
    • How Lenders Price & Quote Loans
  • Loan Programs
  • Payment Calculator
    • Mortgage Affordability Calculator
  • Blog
  • Videos
  • Scott Sheldon
    • Scott Sheldon
      Senior Loan Officer
      NMLS ID# 287389
      Direct: 707 217-4000
      Scott.Sheldon@nafinc.com
      Specializing in Residential Home Loans for Primary Residences, Second Homes, Investment Properties, Single Family Homes, Condos, PUDs, 1-4 Units.

Get Your Latest Rate Quote Now!

The most important things you need to know about securing a VA Mortgage

December 11, 2018 by Scott Sheldon

Share on Facebook
Facebook
Tweet about this on Twitter
Twitter
Share on LinkedIn
Linkedin
Pin on Pinterest
Pinterest
Email this to someone
email
Print this page
Print
what to know when getting a va mortgage

VA financing is the best mortgage loan program by far for mortgage Borrowers. Here are some of the nuances about VA loans that you should know if you’re considering using a VA loan for a purchase or for a refinance…

The US Department of Veterans Affairs guarantees home mortgage loans for eligible military veterans up to the maximum loan limit in the county in which the property is located with no money down 100% financing for a purchase or refinance. The beauty of VA loans is that VA loans typically have better interest rates than conforming conventional mortgages and offer 100% financing with no monthly mortgage insurance.

The VA does not technically have a loan limit. Fannie Mae and Freddie Mac just recently announced their loan limits increase for 2019. The VA guarantees up to 25% of the entitlement that the veteran is otherwise eligible for subsequently allowing the veteran to not have a loan limit. In other words a veteran can purchase a property with absolutely no loan limit at all however the ability for them to come in with no money down diminishes as the purchase price rises. It’s reasonable for example a borrower purchasing a 1.2-million-dollar property in an area in which the loan limit is 648,600 would need to bring in approximately $130,000 as a down payment.

When refinancing the same limits and benefits apply. However know this- when you are doing a VA refinance and the loan being refinanced in not a VA Loan, the loan is coded as cash out refinance. The only loan true VA refinance that is considered a rate and term refinance is a VA IRRL.

Some other things to be mindful of when getting a VA mortgage:

The VA does not ensure loans they guarantee loans.

Va loans used to be that the seller had to pay for any of the pest clearance. That’s right VA loans whether purchasing, or refinancing require a clear pest report. The seller of the property in a purchase must pay for the actual report for the benefit of the buyer, but the buyer or the seller can pay for the repairs to the property

If the property is on land and is not on subject to city water and is on well and septic a water test and a well inspection test are going to be required for a VA mortgage.

VA loans also allow for more flexible and higher debt to income ratios allowing a family to push the envelope so to speak in terms of their borrowing power whereas other mortgages such as conventional are a bit more limited in payments income allowance.

VA financing in community property states requires the lender to pull a copy of the credit report of both spouses and use the debt of both spouses if only one of the spouses is on the mortgage. However, in 2019 there is going to be a change that’s coming allowing the lenders to use the debts of both spouses, but the spouse who is not on the mortgage that spouse’s income can be used to offset their debt while still not required to be on the application.

VA financing will require a shared road maintenance agreement for any borrowers seeking to finance a home located on a shared private road.

Looking to get a VA Loan? Begin today with an easy quote.

Related Mortgage Advice from Scott Sheldon

  • Mortgage Loan Costs Rising In 2012

    Considering purchasing or refinancing? If yes, be prepared to send in your financial documentation as…

  • The Top 3 Home Buying Mistakes Buyers & Realtors Make When Securing A Mortgage

    Purchasing a house is one thing, successfully closing escrow on a purchase mortgage loan is…

  • Home Loan Denied: Consider Re-Applying With A Different Mortgage Company

    Getting your home loan request denied, is certainly not a fun thing to deal with.…

  • mortgage after loan modification
    Mortgage after loan modification? Here's how...

    One of the challenges many homeowners faced in the recession was financial hardships. Loan modifications…

Filed Under: First Time Home Buyers, Interest Rates, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice Tagged With: buying a house, mortgage rate quote, qualifying for a mortgage, refinancing, sonoma county refinancing

Latest Video Tips

sonomacountymortgage

We are looking for an experienced, energetic, fun ...

Feb 6

Open
We are looking for an experienced, energetic, fun and dynamic individual to join our Santa Rosa Branch for New American Funding.

This person would be have specific recent mortgage experience, know the loan business including guidelines and be willing to go the explore mile. If you know someone like that please feel free to message me.

@nafmidpacificregion
@stylemyheart @newamericanfunding #talent #hiring #fun #talent #looking #team #crew #building #family #santarosa #sonomacounty

We are looking for an experienced, energetic, fun and dynamic individual to join our Santa Rosa Branch for New American Funding.

This person would be have specific recent mortgage experience, know the loan business including guidelines and be willing to go the explore mile. If you know someone like that please feel free to message me.

@nafmidpacificregion
@stylemyheart @newamericanfunding #talent #hiring #fun #talent #looking #team #crew #building #family #santarosa #sonomacounty
...

sonomacountymortgage

Every family we meet with gets this super handy ...

Jan 30

Open
Every family we meet with gets this super handy packet. We like families to have something tangible when it comes to financing a home. You won't find this type of service with a Rock Loan company or an internet lender...🤔 @nafmidpacificregion @nikki___perfectly_imperfect83_ @_gorjessxo #family #team #value #rates #mortgage #goals #homes #realestate

Every family we meet with gets this super handy packet. We like families to have something tangible when it comes to financing a home. You won't find this type of service with a Rock Loan company or an internet lender...🤔 @nafmidpacificregion @nikki___perfectly_imperfect83_ @_gorjessxo #family #team #value #rates #mortgage #goals #homes #realestate ...

sonomacountymortgage

My little sweet pea loved the award dad earned for...

Jan 18

Open
My little sweet pea loved the award dad earned for having a record year. #families 
#mortgage #kids #family #team #goals #success #year #2019 
@nikki___perfectly_imperfect83_ @_gorjessxo @nafmidpacificregion @nafsantarosa @tinalsheldon

My little sweet pea loved the award dad earned for having a record year. #families
#mortgage #kids #family #team #goals #success #year #2019
@nikki___perfectly_imperfect83_ @_gorjessxo @nafmidpacificregion @nafsantarosa @tinalsheldon
...

Popular Posts

Why your income is your lifeline to finance a home

Why your income is your lifeline to finance a home

Filed Under: Credit Score Questions and Answers, Economic News, First Time Home Buyers, Jumbo Loans, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice, Popular

2020 Conforming Loan Limits Increaase

New loan limits for 2020 makes getting a mortgage easier

Filed Under: Economic News, First Time Home Buyers, Interest Rates, Mortgage Shopping, Mortgage Tips & Advice, Popular, Pre-Approval

Why the purchase price in a real estate transaction should not be the single most important factor

Why the purchase price should not be the single most important factor

Filed Under: Credit Score Info, Economic News, First Time Home Buyers, Interest Rates, Invesment Properties/Second Homes, Jumbo Loans, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice

How to avoid getting a jumbo loan due to Coronavirus

Here are 2 mortgage process problems you will want to avoid

Filed Under: Credit Score Questions and Answers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice, Popular, Pre-Approval, Purchase Mortgage Loans Questions and Answers

Self Employed Borrowers

Here is a legit non-traditional income program for self-employed mortgage borrowers

Filed Under: Credit Score Info, Economic News, First Time Home Buyers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice

How to use seller carry financing to purchase a house with less cash down

Should you buy & build or buy a single family home?

Filed Under: First Time Home Buyers, Interest Rates, Loan Programs, Loan Qualifying, Mortgage Shopping, Mortgage Tips & Advice, Pre-Approval

SCM on Zillow

Zillow Reviews for Scott Sheldon, New American Funding

SCM on Facebook

SonomaCountyMortgages.com

Location & Contact

Scott Sheldon, Senior Loan Officer
NMLS ID# 287389
1450 Neotomas Ave Suite 115
Santa Rosa, CA 95405
1-707-217-4000
Email Us!

Copyright 2021 SonomaCountyMortgages.com · About Us · Sonoma County Loans · Privacy Policy · Terms Of Use · Legal · Site Map

NMLS Consumer Access © New American Funding. All rights Reserved. NMLS ID#6606.
Corporate Office 14511 Myford Road, Suite 100, Tustin, CA 92780. We at New American Funding take great pride in our customer service and make it our number one priority. We encourage you to contact us for complaint resolution or any post-closing questions you may have regarding the servicing of your loan. We strive to have your experience with New American Funding a stellar one. In the rare case that our service did not meet your expectations, please call our customer care hotline at 1-800- 450-2010, ext. 7100 or you may contact us by email customerservice@nafinc.com. Please leave a detailed message and we will follow up with you no later than the end of the next business day. If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 800-450-2010 Ext. 7100 for assistance.

State Licensing | Privacy | Terms of Use | Electronic Consent Agreement

Connect With Scott In Your Inbox

Looking for a home? Real estate insider? Get connected with Senior Loan Officer Scott Sheldon. Scott stays updated on the latest in the mortgage industry, so you can stay updated with him!