VA Loans

A VA Loan is a no-down-payment home loan option. It was constructed for you if you are a qualified veteran, service member, or an eligible spouse.
"Who Are VA Loans Suitable For?"

VA loans is an option that is more affordable for qualified veterans, service members, as well as their spouses.

"How Do VA Loans Actually Work?"

VA mortgages are guaranteed or backed by the Department of Veterans Affairs. 

The program has a range of loan types, including adjustable or fixed rates, and terms between 15 and 30 years.

"What Are The Qualifications For A VA Loan?"
  • You need to fulfill the following criteria to qualify:
    • You’ve served a minimum of  90 consecutive days during wartime, or 181 days in active service during peacetime.
    • You’ve served six years with the National Guard or Reserves, or 90 days under Title 32 (at least 30 of those days had to have occured consecutively).
  • You’ll get a Certificate of Eligibility:
    • The Department of Veterans Affairs will issue you a Certificate of Eligibility if you meet their requirements precisely for type and length of service.
    • Don’t have one already? We can help you apply for one.
  • A FICO® Score of at least 620.
  • A debt-to-income ratio (DTI) of less than 60% is required. It’s estimated by adding your monthly bill for credit payments (such as credit card and auto payments) and dividing your monthly income by this amount.
  • The funding fee charged by the VA may be rolled into your loan’s repayment. This is subject to one of the conditions listed:
    • You have a disability that’s service-connected.
    • You currently receive VA disability checks or have received it in the past.
    • You’re a qualifying surviving spouse.
    • You’re a on active duty as a service member and you’ve received a Purple Heart.
VA Mortgage Rates
Product
Rate
APR
VA 30 Year Fixed
VA 25 Year Fixed
VA 15 Year Fixed
3 Disclaimers and Examples

30-year Fixed-Rate VA Loan:
The following is calculated based on an interest rate of 3.75%, with 4.197% APR (annual percentage rate) and the cost of 1.875 Points, for a total of $3,836.27 paid at closing. On a mortgage of $204,601, you would have to pay monthly payments of exactly $947.54.

The monthly payment in this example doesn’t include insurance premiums and taxes, meaning the total payment amount would be higher. This payment amount also assumes that the LTV, or loan-to-value, is at 76.63%. 

You’re not required to have PMI for VA loans. VA loans are only offered to you if you’re a veteran, a surviving spouse or on active duty in the military. 

25-year Fixed-Rate VA Loan:
The following is calculated based on an interest rate of 3.75%, with 4.267% APR (annual percentage rate) and the cost of 1.875 Points, for a total of $3,836.27 paid at closing. On a mortgage of $204,601, you would have to pay monthly payments of exactly $1,051.92.

The monthly payment in this example doesn’t include insurance premiums and taxes, meaning the total payment amount would be higher. This payment amount also assumes that the LTV, or loan-to-value, is at 76.63%. 

You’re not required to have PMI for VA loans. VA loans are only offered to you if you’re a veteran, a surviving spouse or on active duty in the military. 

15-year Fixed-Rate VA Loan:

The following is calculated based on an interest rate of 3.375%, with a 4.204% APR (annual percentage rate) and the cost of 2.125 Points, for a total of $3,836.27 paid at closing. On a mortgage of $204,601, you would have to pay monthly payments of exactly $1,450.13.

The monthly payment in this example doesn’t include insurance premiums and taxes, meaning the total payment amount would be higher. This payment amount also assumes that the LTV, or loan-to-value, is at 76.63%. 

You’re not required to have PMI for VA loans. VA loans are only offered to you if you’re a veteran, a surviving spouse or on active duty in the military. 

The Top 6 VA Loan Benefits
  • You might not need a down payment at all.
  • You could qualify for a VA loan with a lower credit score and more debt compared to the requirements of other conventional loans.
  • There’s no need to pay mortgage insurance. 
  • You’re able to use the VA loan benefit more than one time. If you decide to sell your property or pay off the mortgage, you can simply get another VA loan.

You can also refinance with a VA loan:

  • If you have a VA loan right now, you have the option to refinance up to 100% of your home’s value in order to get cash out.
  • If you’ve got a VA mortgage and don’t want cash out, it is possible to refinance up to 120% of your property’s appraised value.
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Take your first mortgage step with Crown Mortgage of the West.

Call us now to get personalized recommendations about VA Loans, or to discuss different options.

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Two VA Property Requirements
  • You or a spouse must move into the home within 60 days. There are exceptions to this, including deployment.
  • It must be your primary residence, not a vacation home or income property.
Why You Should Choose Crown Mortgage of the West
  • You’ll get access to an online application process, which saves you paperwork.
  • Our Home Loan Experts will be there to answer questions and concerns, and to help you get clear on all the details so you get the perfect mortgage for your needs.
  • After you’ve closed the home loan, you’ll be able to manage your mortgage online without any hidden fees.
  • You can expect customer service long after you’ve closed. You see, we service around 99% of all our mortgages.
Here's What Other Homeowners Like You Have To Say About Us
Other Mortgage Options

Keep the following in mind:

  • Mortgage rates are in constant flux.
  • Your actual mortgage payments will vary. This is based on your individual situation as well as current rates.
  • Certain products may not be available in every state.
  • Certain jumbo products are unavailable to first-time homebuyers.
  • Lending services are unavailable in some areas.
  • Certain restrictions could apply based on your location and situation.
  • Unless stated otherwise, we assume a refinance or purchase of a primary residence without a cash-out at closing.
  • Unless stated otherwise, we’ve assumed the following: all costs associated with closing are paid out of your pocket; it’s your primary residence and it’s a single-family home; your debt-to-income ratio (DTI) doesn’t exceed 30%; your credit score is greater than 720 (for certain jumbo products, we assume a credit score of 740 or higher.
  • You have a 40-day lock period for your mortgage rate.
  • If LTV > 80%, PMI will be added to your monthly mortgage payment, with the exception of Military/VA loans (these loans don’t require PMI).
  • Keep in mind that we don’t have all the necessary information to make an accurate assessment if you don’t contact us. At Crown Mortgage of the West, we offer a wide selection of home loan options. Do you want more precise and personalized results? Call us at (805) 434-5226 right now, and speak to one of our mortgage experts.

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