At Pacific Mortgage Group, we proudly serve veterans, active-duty military personnel, and their families across California, Florida, Oregon, Nevada, Colorado, and Washington. Our mission is to help you navigate the journey to homeownership with ease, thanks to the benefits of VA loans.
VA loans are a powerful tool designed for veterans, active-duty military personnel, and eligible surviving spouses. Backed by the U.S. Department of Veterans Affairs, these loans offer significant advantages over traditional mortgage options, including no down payment, lower interest rates, and no requirement for private mortgage insurance (PMI).
The VA loan program offers several key benefits:
To apply for a VA loan, you need to provide your Certificate of Eligibility (COE). To make the process fast and easy, we can do this for you.
Have questions or ready to apply for a zero down VA loan? Please contact us today at (951) 934-7706 to schedule your mortgage consultation.
VA loans are mortgage loans provided by private lenders and partially guaranteed by the U.S. Department of Veterans Affairs (VA). They are specifically designed to offer favorable terms to eligible veterans, active-duty service members, and certain surviving spouses. Benefits of VA loans include no down payment, competitive interest rates, and no private mortgage insurance (PMI).
One of the greatest benefits of a VA loan is the ability to secure a mortgage with a lower credit score. While many conventional loans require higher credit scores, VA loans are more accessible to those with scores of 580 or higher. This opens up the possibility of homeownership to a broader range of veterans and their families.
Because VA loans often do not require a down payment, you can finance 100% of the home’s purchase price. This makes it easier to get into a home without having to save for years for a substantial down payment—a significant advantage in today’s competitive housing market.
VA loans generally offer lower interest rates compared to conventional loans. This is because the VA guarantees a portion of the loan, reducing risk for lenders and allowing them to provide better rates.
Unlike conventional loans that often require PMI if the down payment is less than 20%, VA loans do not have this requirement. Eliminating PMI can save you hundreds of dollars each month, making homeownership more affordable.
While a credit score of 580 is the minimum for many lenders, some lenders may have more lenient requirements. This flexibility means that even if your credit score is in the lower end of the acceptable range, you still have a strong chance of qualifying for a VA loan.
To qualify for a VA loan, you must meet specific eligibility criteria, which include:
Lenders typically look for a DTI ratio around 43% or lower, but VA loans can be flexible. A higher DTI may be acceptable if other compensating factors like residual income or significant savings are present.
Stable and sufficient income is crucial for loan approval. Be prepared to provide documentation such as pay stubs, tax returns, and proof of any additional income sources.
VA loans have limits based on the county where the property is located. In high-cost areas, these limits can be higher, which may affect your borrowing capacity.
At Pacific Mortgage Group, we’re committed to serving those who’ve served our country. We understand the unique needs of military families and are dedicated to making the home buying process as smooth and stress-free as possible.
Whether you’re buying your first home or refinancing an existing mortgage, our experienced team of loan officers will guide you every step of the way. We’re proud to serve clients in California, Florida, Oregon, Nevada, Colorado, and Washington, offering personalized service tailored to each client’s unique needs.
Call (951) 531-1399 to learn more about our services and schedule a visit.
You can also fill out our contact form and we’ll be happy to get back to you as soon as possible.
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Pacific Mortgage Group is a dba of California Premier Services, Inc
