VA Loans are a flexible loan program guaranteed by the US Department of Veterans Affairs to help military veterans, members of the military and/or surviving spouses of veterans’ purchase homes with no down payment.  Unlike, other government loans, VA loans are guaranteed, not insured thereby making the VA Loan one of the lowest cost mortgages available in the market today.

VA Loans Highlights:

• No Down payment required
• No monthly mortgage insurance payment
• Increased purchasing power
• Seller can pay closing costs up to 6% of the purchase price
• VA Loans are guaranteed by the US Department of Veterans Affairs
• No Prepayment Penalties
• Less than perfect credit ok
• 30-, 25-,20-,15- and 10- year loan terms available

How VA Loans Work

• Credit score as low as 640
• No reserves are required
• Military veterans include Army, Navy, Air Force, Marines, and Coast Guard-including surviving spouses of an eligible service member who died as a result of military service and/or connected injuries is also eligible
• 2.15% funding fee can be financed into the loan amount or paid upfront
• DD Form 214 needed from Department of Veterans Affairs to obtain certificate of release or discharge from active duty
• Previous Bankruptcy eligible in two years
• Previous Foreclosure eligible in three years

VA Loan Requirements:

• Veteran may not pay for pest inspection fee
• Property must clear a pest report
• Veteran can pay for a home inspection report

If you are military veteran thinking about buying a house in Sonoma County, consider a VA Loan. Compared to to other mortgage loan programs available in the market, the VA Loan is truly a stand alone program helping today’s military veterans. Start by getting prequalified online for your VA loan today.