The Power of VA Purchase Loans: Unlocking Home ownership for Veterans

Veterans, active service members, and their families have sacrificed significantly for their country. Recognizing this, the VA home loan program has been developed to offer numerous benefits, some of which have yet to be widely known. So, what makes VA purchase loans an attractive option for veterans and their families?

Dive Deep into the Financial Perks

Zero Down Payment: The primary allure of the VA home loan is its 0% down payment requirement. This means you can finance the entire purchase price of your home, enabling homeownership without the need for substantial savings.

Competitive Interest Rates: VA loans generally offer interest rates that are more favorable than their conventional counterparts. With 30-year VA mortgage rates as low as 3.375% and 15-year rates at 3.250%, it becomes clear why many veterans lean towards this option.

Lifting County Loan Limits: As of January 2020, the VA removed county loan limit restrictions. This monumental shift means that eligible borrowers with a stable income could potentially access a VA loan up to a whopping $2 million.

Guaranteed, Not Given

While the U.S. government does not directly issue VA home loans, they carry its guarantee. This assurance is a significant reason why lenders are more than willing to offer favorable terms, such as 0% down and competitive interest rates, as well as refinancing opportunities that can help decrease monthly payments.

The Array of Other Benefits

Waived Funding Fees: Disabled veterans and their surviving spouses could have their funding fees waived, reducing the overall cost of their mortgage. With just a 10% disability rating (often equivalent to receiving a minimum of $130/month in disability), you may qualify for this waiver.

Property Flexibility: With a VA home loan, you’re not limited to purchasing only single-family residences. It offers the flexibility to invest in duplexes, triplexes, or even four-plexes, provided you plan to reside in one of the units.

Eligibility and Lifelong Validity

Once you establish eligibility for a VA loan, it’s a benefit that stays strong with time. Whether you’re an active service member, veteran, or a surviving spouse who hasn’t remarried, this program has something to offer. The VA home loan program is a testament to gratitude, providing lasting benefits to those who’ve dedicated their lives to service.

VA purchase loans are more than just a pathway to homeownership; they symbolize a nation’s gratitude. With abundant benefits tailored specifically for those who’ve served, this program ensures our heroes have a comforting abode to return to.

Take advantage of these advantages if you’re a veteran or a surviving spouse. Explore VA purchase loans today and step closer to your dream home.

 

 

 

Source

California Platinum Loans

  https://californiaplatinumloans.com

The Power to Dream Big: Your Key to $15 Million Home Loans in California

What if you’re not looking for just any property but a slice of opulence in California? It’s a realm where the term ‘jumbo’ doesn’t quite cut it, and ‘super jumbo’ reigns supreme. If a luxurious property, valued up to $15 million or more, is in your sights, it’s crucial to understand that the typical mortgage playbook might not serve you. Let’s uncover the hidden gems of super jumbo mortgages.

 Ditching the Conventional for the Extraordinary

While the internet is brimming with advice on securing a conventional 30-year fixed-rate home loan, super jumbo loans live in a league of their own. Forget the standard Fannie Mae or Freddie Mac conforming loans, for they barely scratch the surface of super jumbo territory.

Unfurling Flexibility: Unique Underwriting Standards

Super jumbo loans embrace flexibility. Citizenship or permanent residency? Not mandatory. Traditional income documentation? Think outside the box. Dive deep into your business’s income statements or your assets. In this realm, creativity isn’t just allowed; it’s encouraged.

Tailoring Your Down Payment

While the grandiosity of super jumbo loans might seem intimidating, they come with diverse down payment requirements. Envision securing a mortgage with merely 5% or 10% down. On the flip side, some programs might ask for more upfront, but the beauty lies in customization. Align the loan to your aspirations, leveraging other assets and even businesses. With the right broker, that ambitious property purchase can transition from dream to reality.

Fixed or Adjustable? Delving into Rate Options

Drown out the noise of conventional wisdom and discover the variety within super jumbo rates. Whether your heart is set on a 15-year fixed, 30-year fixed, or an interest-only loan, choices abound. Are you considering adjustable-rate mortgages? Super jumbo loans offer enticing terms like 5/1 ARMs, 7/1 ARMs, and even 10/1 ARMs that could align perfectly with your financial trajectory.

The path to a multi-million-dollar Californian estate needn’t be a maze. With expert navigation from an adept independent mortgage broker like California Platinum Loans, envision a tailored journey to your dream abode. Deemed as the super jumbo mortgage maestros, let California Platinum Loans be the guiding compass to your luxury property aspirations.

Ready to scale the heights of luxurious Californian real estate? Dive into the world of super jumbo loans with California Platinum Loans today!

California Platinum Loans

  https://californiaplatinumloans.com

Can We Move to The Best Neighborhood We Want With a Jumbo ARM or Jumbo Home Mortgage?

Do you want to buy a home for $1 million or more? In many of our California neighborhoods, this is a starting price. A 30-year jumbo home mortgage or a jumbo ARM (adjustable rate mortgage) can help you finance a home purchase of more than $726,525 in many counties. In other counties with a majority of lower-priced homes, jumbo mortgages are any amount over $484,350. 

What is the difference between a jumbo loan and a conforming loan?

The term “conforming” refers to loan limits set by Fannie Mae and Freddie Mac, the two government-sponsored home loan mortgage purchasing organizations. Fannie and Freddie set limits on mortgages that they’ll purchase from lenders. This is the source of conforming loan limits: $484,350 in lower-priced counties, and $726,525 for higher-priced counties. 

When these two agencies buy a “conforming” mortgage, it reduces risk for the original lender. Qualifying for a conventional “conforming” mortgage can be easier because initial lenders know they can sell the mortgages to Fannie and/or Freddie. This isn’t the case for jumbo “non-conforming” mortgages. In this case, lenders may request more, or alternative documentation. 

What limits are there on jumbo home mortgages?

You can get jumbo mortgages for $1 million, $2 million, $5 million, and even $10 million. There is no technical limit on the amount of a jumbo home mortgage. You can also choose different loan repayment terms. While some jumbo mortgages are 30-year fixed interest rate mortgages, others can have 15-year terms. 

How can we qualify for a fixed rate jumbo mortgage or a jumbo ARM?

Different lenders will request different documentation to qualify you for the jumbo mortgage you need. You have options for using bank statements and alternative forms of income documentation. You may be able to use assets you have in reserve to qualify for a jumbo home loan. You may also use a combination of loan products to achieve your goal of owning the house you desire in the neighborhood you want to live in. Working with an experienced, qualified home mortgage broker will help you see all of your options in jumbo mortgages. You can decide whether you want a 30-year fixed rate jumbo home loan or a 5/1 jumbo ARM, or another mortgage product that meets your needs. 

Sources

http://www.qualifiedmortgage.org/california-jumbo-loan-limits-2019/

https://www.thebalance.com/what-you-need-to-know-about-jumbo-loans-4155160

 

California Platinum Loans

  https://californiaplatinumloans.com