California VA Loan: Simple, Easy and Fast

California VA loan program is available for home buyers and refinances. Veteran home buyers in California can take advantage of the benefits of California VA Loan. With falling home prices and increased loan limits in your area mean purchasing a home in California with a VA mortgage is now much easier. The VA Loan Guaranty Program backed more than $68 billion in single-family loans for the fiscal year ending Sept. 30, an 80 percent increase from last year.

VA loans are also one of the last remaining avenues to purchase a home with no down payment, repeatedly cited by veterans as a signature benefit. They also typically feature higher debt-to-income ratios, seller-financed closing costs and no private monthly mortgage insurance.

A VA Loan is the only loan programs that still allow the borrower to finance 100% of the home's value and purchase with $0 down. Now more than ever banks are requiring large down payments for conventional loans. In many cases they require 10-20% down, putting home ownership out of reach for many prospective buyers.

The VA insures about a quarter of an eligible veteran's mortgage, a guarantee designed to spur lending to a deserving demographic that often faces unique financial challenges. More than 80 percent of VA loan borrowers could not have qualified for a conventional loan.

Highlights of California VA loan:

• VA loans go up to 100% financing
• Sellers can pay all your closing costs on a purchase
• VA streamline refinance are easy to drop your interest rate to today’s low rates
• You don’t need great credit to apply for a VA loan, so if you think you have bad credit you still may be able to get a VA loan
• Interest rates at record lows and being held down by the government to stimulate the economy, this won’t continue forever
• California VA Jumbo Loan 100% to $737,000+ in many counties

Fewer than 10 percent of the nation's 24 million veterans have taken advantage of their VA home loan entitlement. Many simply assume they don't qualify for benefits.  A 2004 agency survey found 20 percent of veterans weren't aware the program even existed.