Where Can I Get a VA Loan in California?

If you’re reading this article right now, you probably already know what a VA loan is. You know it’s a government-backed mortgage loan that allows you to buy a house with no down payment.

But where do you actually get a VA loan when buying a house in California? What kinds of lenders offer this type of government-backed financing? And how do you get the ball rolling, so to speak?

Below, we will explore some of the different places where you can apply for a VA loan in California. We’ll also cover some common misconceptions about how this program works.

How and Where to Get a VA Loan

To apply for a VA loan, California military members and veterans need to work with a VA-approved lender. These banks, mortgage companies, and lenders know how to originate and process VA loans. They’ve also been approved by the U.S. Department of Veterans Affairs to offer financing through this program.

Here are some of the places where you can find them:

1. Mortgage Brokers

Mortgage brokers act as intermediaries between borrowers and multiple lenders. Because of this, they’re able to offer a wider range of mortgage products, including VA loans.

Additionally, most brokers focus on a specific geographical area, as opposed to serving the entire country. This has its advantages. For one thing, a mortgage broker that serves a particular city or metro area probably knows a lot about the local real estate market. This makes them a valuable source of information for home buyers.

Bridgepoint Funding is a good example of this. As a Bay Area mortgage broker, we specialize in VA loans and serve borrowers all across the state of California. We also use our blog to educate local home buyers about current real estate market conditions and trends.

2. National Banks

National banks are prominent players in the VA loan market. These institutions have extensive resources and often offer a wide range of mortgage products, including VA loans. Some well-known national banks that provide VA loans include Bank of America, Wells Fargo, and USAA.

But there’s a potential downside to working with a major corporation, like those mentioned above. When dealing with the “big banks,” some borrowers feel that they are treated more like a number than an actual person. You might receive more individualized care and attention by working with a smaller company.

3. Local and Community Banks

Local and community banks are another option for borrowers seeking a VA loan in California. These smaller financial institutions often provide personalized service and a deep understanding of the local real estate market. Community banks and regional lenders often provide tailored solutions geared toward certain types of borrowers, such as first-time home buyers.

4. Credit Unions

A credit union is a financial institution that’s owned by its members, rather than by shareholders or private investors. Credit unions offer a variety of financial services, such as savings accounts, checking accounts, loans, and credit cards.

Many of them offer VA loans as well. Some credit unions even limit their products and services exclusively to military members, veterans, and their families. Navy Federal Credit Union (NFCU) is a good example.

5. Online Mortgage Lenders

If you own a TV, you’ve probably already heard about online mortgage lenders like Veterans United, Quicken Loans, and Rocket Mortgage. These types of companies have gained popularity over the past decade or so, partly due to all of the advertising they do.

These companies generate and process tens of thousands of VA loans every year. But again, bigger does not always mean better. With a high-volume lender, individual borrowers are more likely to “slip through the cracks.”

Benefits of Working with a Mortgage Broker

We touched on some of the benefits of working with a mortgage broker, when applying for a VA loan. Now, let’s take a closer look at those benefits…

• Multiple lenders: Mortgage brokers have access to a wider range of lenders than you would if you applied directly to a bank or credit union. This means you have a better chance of finding a lender that offers you the best interest rate and terms.
• Personalized service: Mortgage brokers can provide you with more personalized service than you would get from a big bank or credit union. They will work with you to understand your needs and goals, help you find the best loan for your situation.
• Less paperwork: Mortgage brokers can handle some of the paperwork for you, which can save you time and stress.

Granted, as an actual mortgage broker in California, we’re obviously biased toward this particular business model. So we encourage you to continue your research beyond our website, to learn more about the many benefits a broker can provide.

Want to Learn More About the Program?

We are passionate about the VA home loan program because it rewards our brave military members and veterans. We’ve also gone above and beyond to educate borrowers about this unique program.

Few mortgage companies have published as many VA loan-related articles as we have. In fact, we might have one of the largest article libraries of any mortgage broker in the United States. You can access some of those articles here, and we encourage you to do so.

We also welcome any questions you have about using a VA loan to buy a house in California. Our program experts can walk you through the process and explain what you need to do to get started. We look forward to helping you!