Designed to offer long-term financing to American veterans, VA mortgage loans are issued by federally qualified lenders and are guaranteed by the U.S. Veterans Administration. The VA determines eligibility and issues a certificate to qualifying applicants to submit to their mortgage lender of choice. It is generally easier to qualify for a VA loan than conventional loans.
Here's how it works:
100% financing without private mortgage insurance or 20% second mortgage.
A VA funding fee of 0 to 3.3% (this fee may be financed) of the loan amount is paid to the VA.
When purchasing a home, veterans may borrow up to 100% of the sales price or reasonable value of the home, whichever is less.
When refinancing a home, veterans may borrow up to 90% of reasonable value in order to refinance where state law allows.
California state law requires amongst others the following licensing disclosures: Phrasing: CA Bur of Real Estate - Real Estate Broker; or Real Estate Broker - CA Bur of Real Estate - AND - Broker, agent, Realtor, loan correspondent or abbreviations bro., agt., or other similar terms or abbreviations - AND - Cal BRE License Number 01198434- AND - NMLS Unique Identifier 297860. (California Finance Code 22162, California Business and Professions Code 17539.4, 10140.6).