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  • Writer's pictureNichole Fox

Purchasing or Refinancing a Home with a VA Loan

If you currently reside in California Colorado, or Florida and you are either a Veteran or Active Duty, you may be eligible to purchase or refinance your home with a VA Loan. There are different loan limits depending on the county you live in. If you have served in the US Military and received an honorable discharge, you have VA Loan eligibility. The Veterans Administration guarantees VA Loans up to a certain percentage of the loan amount. VA Loans are also assumable from other Veterans or family members of Veterans. Give us a call or click on the button below to find out if you are eligible for a VA Loan. One of our representatives would be happy to discuss your VA Loan options in California.

VA Streamline

Even if your home is currently “under water” or or you have no equity due to the current economic environment and depressed home values, it is still possible to refinance your VA Loan. Freedomstar Financial works with lenders in California, Florida, and Colorado who do not require an appraisal or AVM (automated valuations) for your VA IRRRL.

If you have VA disability benefits greater than 10%, you are exempt from the VA Funding Fee. If not, Veterans in California are subject to a VA Funding Fee of 0.5% of the loan amount. The VA Funding Fee is much cheaper when you refinance. The VA Funding Fee can be rolled into the loan amount and paid down over the full term of the loan.

Low Down Payment

Many Veterans do not take advantage of their VA Benefits when purchasing a home in California. The average down payment on a VA Loan in California is between 0% – 2.5%. Even FHA Loans have an average down payment of between 3% - 4% of the appraised value of the home! This makes the VA Loan an extremely attractive loan for home buyers. Especially in California where home prices are so high and traditional loans that require down payments of 20% or more can end up requiring hundreds of thousands of dollars for the down payment alone.

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