VA Loan Program Pasadena
A VA loan is available to current military members,
veterans, National Guard members, reserve members, and some eligible spouses.
The loans are guaranteed through the Veterans Administration and available through certain VA-approved entities. The major benefit of a VA loan is a lower down payment and lower interest rates – they are similar to other types of loans, but with certain perks due to your or your spouse’s military service.
Contact Capital Source Financial today to get started with your VA loan today. We will take you through the specifics of the loan, the steps required to apply, and we’ll help you with the actual application and approval if you decide its right for you.
Call (866) 303-7050 or click button below to get you started now.
Why Get a VA Loan?
There are no downsides to a VA loan – think of it like a regular loan, but better.
- Regular loans require 3.5% down payment or more. A VA loan requires anywhere from 0.5% to 3.3%.
- Regular loans have MIPs (mortgage insurance premiums). These are one-time fees that are paid at signing or in installment plans every 12 months. VA loans do not have MIPs.
- Regular loans have fairly strict qualification criteria’s. VA loans have relaxed qualification criteria’s; meaning lenders are more lenient on aspects like your credit score.
- Both regular loans and VA loans have flexibility on closing costs, but VA loans allow for 1% more of concessions to be paid by the seller (4% vs. 3%).
- VA loans are typically “safer” loans. There are no “catches” – though you still need to do your due diligence before signing any papers (we can help you there), the lenders usually aren’t trying to milk you for every penny you’re worth.
Requirements for a Pasadena VA Loan
Both regular and VA loans require you to live in the home you are fixing up. You may not flip the home on the open market until a certain time period has passed.
Active or past military service or service of a spouse.
Specifically, current military members, veterans, National Guard members, reserve members, and some eligible spouses may qualify.
Use Your VA Eligibility – Or Save It?
As you take out more and more VA loans, they begin to lose their perks. This makes sense – they are offered at a discount to assist service members and spouses, but if they were granted over and over again, they would be a burden on lenders, and some would try to abuse the system.
It’s worth considering whether to use your VA first-time loan on this particular home – or saving it for another project. You should make this decision based on how much you will save if you use your VA benefits – if it is a smaller loan and your VA benefits will be minimal, you may choose to save the VA loan until a later point in life. We can help you outline your savings versus if you used a regular VA loan and give you our thoughts as to whether you should use your benefits or not, based on the amount you would save and your current standing in life.
Get started today by contacting Capital Source Financial. Tell us about your project and we will let you know if a FHA 203K in Pasadena is right for you. If it is, we will help you with the necessary steps required to prove your concept, and from there, help with all of the necessary paperwork to ensure that your loan moves along smoothly and you get the funds needed to turn your vision into a reality.
Click buton below or call (866) 303-7050 to get started now.