California VA Loan Information: Our Top 10 Articles for Home Buyers

We’ve been blogging about the VA loan program for several years now. It’s part of a broader campaign to educate home buyers on the requirements and benefits associated with California VA loans.

All of those articles can be found through the search function of our website. But we thought it would also be helpful to round them up into a single “mega article” dedicated to California VA loans. And here it is!

Our Top 10 Articles About California VA Loans

Here’s a quick rundown of our top 10 articles offering California VA loan information, tips and advice. Follow the links provided to learn more about each subject area.

VA Home Loan Requirements
What are the basic requirements for a California VA loan? What kinds of things do you need to qualify for this program? We have addressed those and similar questions within this helpful article. It explains some of the minimum requirements and guidelines associated with this program.

Down Payment Rules for Borrowers
Most borrowers who use a VA loan to buy a house in California do not have to make a down payment. None whatsoever. That’s a big benefit in a pricey real estate market like ours. But there are some rare cases where a home buyer might need to put some money down.

Maximum Loan Amount in California
You might be surprised to learn that the Department of Veterans Affairs does not set a maximum VA loan limit for most borrowers. They leave it up to the mortgage lender to determine and only offer general guidelines for the debt-to-income ratio.

Basic Steps in the VA Loan Process
The mortgage application, underwriting and approval process can vary from one borrower to the next for a number of reasons. Every transaction is slightly different. Even so, there are certain steps that most home buyers go through when using a California VA loan. This article walks you through the process in step-by-step fashion, starting with the application and ending with the final closing.

Closing Costs for a VA Loan 
One of the major benefits of using a California VA loan is that you can avoid making a down payment. This is partly what attracts borrowers to this program in the first place. But you will likely encounter closing costs when using a VA loan to buy a house in California. These are the different mortgage and third-party fees that add up during the application, underwriting and closing process.

VA Loan Funding Fees Explained
As the Department of Veterans Affairs explains it: “The VA funding fee is a one-time payment that the Veteran, service member, or survivor pays on a … home loan. This fee helps to lower the cost of the loan for U.S. taxpayers.” This article explains how much VA loan funding fees cost in California, and other important information you should know.

Jumbo VA Loans With No Down Payment
Did you know that California VA loans are available for amounts exceeding $1 million? It’s true. In fact, we regularly generate VA loans for California home buyers that climb into the multimillion-dollar range. Better still, you could potentially qualify for this level of financing without making a down payment. This is one of the things that makes California VA loans unique and special from other mortgage products.

No Mortgage Insurance for VA Loans
With a conventional mortgage, borrowers who make a relatively low down payment typically have to pay for mortgage insurance. This insurance protects the lender but is paid for by the borrower. Thus, it can increase the size of the homeowner’s monthly payments. But with a California VA loan, mortgage insurance usually is not required. It’s another major benefit that makes this program special.

No Home Inspection Required
The U.S Department of Veterans Affairs does not require home inspections for VA loans. But they do require an appraisal to determine the market value and overall property condition. Even so, buyers can benefit from the inspection process because it offers deeper insights into the home’s true condition.

Using the Program More Than Once
Did you know you could use your VA loan privilege more than once, to help with a future home purchase? It’s true. If you use a California VA loan to buy a house, and later sell the home and pay off the mortgage, you will restore your program “entitlement.” This means you could your benefits again at a later date, to purchase another home without making a down payment.

Refinancing With the VA ‘IRRRL’ Program
Another benefit to using a VA loan in California is that you could refinance your mortgage down the road. In fact, the Department of Veterans Affairs simplifies the refinancing process for homeowners who have an existing VA loan in place. This is done through something known as the “Interest Rate Reduction Refinance Loan,” or IRRRL. Follow the link above to learn more about this streamlined refinancing program.

How the Home Appraisal Works
When you purchase a home using a California VA loan, the property will have to be appraised by an approved property appraiser. The appraiser will review the house to determine its current market value, and also to ensure that it meets the VA’s minimum property requirements. This is a standard requirement for all homes purchased through the program. This article explains how the appraisal process works and how it can affect you as a home buyer.

Have Questions Not Covered Above?

Bridgepoint Funding specializes in California VA home loans. We are passionate about this program because it rewards our brave servicemembers and veterans. Please contact us if you have a mortgage-related question that is not covered above, or if you would like to start the application process. We look forward to hearing from you!