California VA Loan Guidelines: A Library of Articles

Do you have questions about California VA loan guidelines and requirements? You’re in the right place. We’ve created a series of guides relating to the VA home loan program.

The U.S. Department of Veterans Affairs loan program has been helping military members buy homes since the 1940s. This unique program offers big benefits for eligible borrowers, including 100% financing.

At Bridgepoint Funding, we are passionate about the VA loan program, because it rewards our brave men and women in uniform. So we’ve developed a library of informative guides to help you understand how the programs works.

California VA Loan Guidelines: Information for Borrowers

VA Loan Eligibility Requirements
Most current members of the military, as well as veterans, are eligible for a VA-guaranteed home loan. This article offers an in-depth look at the current eligibility guidelines for borrowers in California and elsewhere in the U.S.

Going Big With a ‘Jumbo’ VA Loan
Borrowers with sufficient income can often qualify for a VA jumbo loan, which is one that exceeds the limits mentioned above. In such cases, the borrower generally has to make a down payment for 25% of the amount above the limit.

The Maximum VA Loan Amount
This article builds on the one directly above it. It defines the official maximum VA loan size for California as being $636,150, and explains why that number is deceiving. In short, well-qualified borrowers could obtain financing for more than that amount.

VA Loan Benefits for Home Buyers
There are many benefits to using a VA loan in California. You probably already know the biggest benefit — you can buy a home with no down payment whatsoever. But there are other advantages to using this program, and we’ve covered most of them in this article.

Mortgage Insurance Not Required
California VA loans usually do not require mortgage insurance or PMI. And that’s a major benefit, when you consider that PMI can cost the homeowner hundreds of dollars extra per month. The Department of Veterans Affairs makes up for this by charging a one-time funding fee that can be paid at closing.

How Much Can I Afford to Buy?
When determining how much you can borrow with a California VA loan, lenders use certain debt and income guidelines. The goal here is to ensure that you have the financial means to repay the loan, which is in everyone’s best interest.

VA Loan Pre-Approval Process
It’s wise to get pre-approved by a mortgage lender, before you start shopping for a house. You can think of pre-approval as a kind of financial pre-screening process. It helps you narrow your home search to the kinds of properties you can afford, among other benefits.

California Mortgage Qualification FAQs
The articles above relate to California VA loan guidelines, specifically. But, as a borrower, it’s good to know what else mortgage lenders look for when reviewing applicants. This article gives you a broader overview of mortgage qualification criteria and standards.

Documents Needed for a Mortgage Loan
California VA loan guidelines require lenders to obtain a variety of documents, when considering a mortgage application. These documents are needed to verify your income, assets and debts. This list includes some of the most commonly requested documents for VA loan applicants.