What is a VA Home Loan?
VA loans are a special type of financing product offered to veterans and service members that make it easier and more affordable to purchase a home. With no down payment required, and no personal mortgage insurance needed, your initial home buying costs are lowered when you purchase a home using a Coronado VA loan.
VA loans are backed by the Department of Veteran Affairs, through a program created in 1944 that sought to provide veterans with affordable housing and a number of other benefits. Since VA loans are secured by the government, lenders can be more flexible when it comes to qualification requirements and offer favorable rates and terms. This makes VA loans a tremendous asset for qualifying Coronado residents looking for affordable home financing options.
Advantages of a Coronado VA Loan
There are a number of advantages to securing a Coronado VA loan to purchase a home. As a veteran or active member of the military, you can secure funding for the purchase of a home with no down payment, no private mortgage insurance, and limited closing costs. With that being said, some of the key advantages of Coronado VA loans include:
- No down payment required
- VA loan rates are typically low
- Your loan is backed by the VA
- Flexible qualification requirements
- Minimal closing costs
- No penalties for prepayment
- Minimal restrictions on selling or refinancing your home
- You can add a non-spouse member of your family to the loan as a joint applicant
- Own a home within walking distance of North Island Naval Air Station (NAS), and Naval Amphibious Base Coronado (NAB Coronado)
The Veterans Administration makes buying a home possible by providing the backing you need when you don’t have the finances to save up for a down payment. Closing costs, financing fees, and down payments are often a deterrent to purchasing a new home, and none of these are necessary when you are able to secure a Coronado VA loan. With no PMI needed for a VA loan, the monthly mortgage payment is more affordable for those purchasing a home.
Who Qualifies for a VA Loan in Coronado?
VA loan eligibility is based on minimum service requirements and other criteria set by the Department of Veterans Affairs. Service members must serve for at least 90 continuous days to qualify, while minimum service requirements for veterans depend on when they served. Those who don’t meet minimum service requirements may still be able to qualify for a VA home loan if they were discharged for a qualifying reason, such as hardship or a service-connected disability. You can also potentially take out a VA loan as the surviving spouse of a qualifying individual.
Aside from minimum service requirements, your credit score has to be 500 or higher in order to qualify for a VA loan and you must meet certain income requirements. Additionally, you must obtain a Certificate of Eligibility (COE) through the Department of Veterans Affairs.
At Griffin Funding, you will meet with a mortgage specialist in our local Coronado office who will walk you through the process of meeting the qualifications of a VA loan. Qualifying for a VA loan can in fact be easier than qualifying for a traditional mortgage if you meet the necessary criteria. If you are a service member, a veteran, or a surviving spouse, this is an excellent mortgage option for you to consider.
How to Get a VA Loan in Coronado
The application process to secure Coronado VA loans is a simple process. At Griffin Funding, we have worked hard to make securing a home loan for your purchase as easy as possible. We understand that applying for a mortgage is stressful, and our goal is to guide you through the process every step of the way. So, when applying for a VA loan in Coronado, this is the process you will follow:
- Schedule a discovery meeting: Meet with one of mortgage specialists at our Coronado office to discuss your options. This is a discovery meeting that you can have in-person, on the phone, or virtually. In this meeting, we will talk about your credit score, any cash you have for a down payment, and your income level.
- Complete an application: If you are interested in applying for a VA loan in Coronado, we offer an online application that can typically be completed in under 15 minutes. Once you complete your application, we can provide you with an interest rate and loan terms.
- Obtain loan approval: After receiving all necessary documentation, we will underwrite the loan and appraise the home of your choice. If everything checks out, we will reach out and set up a time for you to sign the final loan document in the presence of a notary.
- Get loan funded: After you have signed off, your loan will be funded and you can purchase your home.
See If You Qualify for a VA Loan
If you are a veteran, active-duty service member, or surviving spouse, it’s time to see if you qualify for a VA loan. When you have a credit score of at least 500 and you meet income requirements, a VA loan can be your way to homeownership. With more flexible requirements and no down payment, you will get the opportunity to own your own home through the VA loan program.
Learn more about the process of qualifying for a VA loan through Griffin Funding. Contact us today to get a quote and begin the process of securing a VA loan in Coronado. Get the home of your dreams through the VA loan program, and work with a member of the team at Griffin Funding today.