Using your VA Home Loan Benefit in Los Angeles -part 2 – refinance your home with a VA Loan
The VA Home Loan benefit is a great opportunity for Los Angeles Veterans and Active Duty Military to refinance a LA home or Los Angeles condo. We thought it would be a good idea to quickly review the benefits of VA Loans, and a few ways to use them to your benefit.
VA Loans require zero down payment up to $679,650 in Los Angeles, throughout Los Angeles County.
- VA Refinance Loans – available up to 100% of your homes value for Cash out, consolidating a first and second Mortgage, or just lower your rate.
- VA Jumbo Refinance Loans – also available up to 100% of your homes value with corresponding amount of home equity. these are also know as VA High Balance loans.
- VA IRRRL Streamline Refinance Loans – Refinance into a lower rate with reduced documentation requirements, up to $1.5M in Los Angeles. ** OK to exceed the current VA Loan Limit
However,Veterans are not limited to the Los Angeles VA Loan limit of $679,650 for VA Loans. We offer VA Jumbo Loans up to $1.5 Million with the appropriate down payment or equity to reach the VA Guarantee requirements of 25% of the loan amount. Here is one of our posts on how you can get a VanDyk Mortgage VA Loan over your county limit.
Here are a few ways to use your VA home loan Benefit in Los Angeles to purchase a home:
- VA Loan to Refinance a single family home with up to $453K loan amount with no PMI
- VA Jumbo Loan to Refinance a home up to a $679,650 loan amount no MI required. (loan amounts up to $1.5M if you have equity in your home)
- VA Loan to refinance a Condo in Los Angeles – up to $453,100 loan amount no MI required.
- VA Jumbo Loan to refinance your Los Angeles Condo up to $679,650 loan amount with no MI required. (loan amounts up to $1.5M if you have equity in your condo)
- VA Jumbo Loan to Refinance a $750,000 home in Los Angeles with a loan amount up to $732K with no MI
- VA Jumbo Loan to Refinance a $1M home in Los Angeles with a loan amount up to $919K with no MI
- Refinance your current VA Loan or VA Jumbo Loan using the VA IRRRL Streamline Refinance – VanDyk allows your VA IRRRL at loan amounts higher than current VA Loan Limit
- Use a VA refinance to refinance out of an Adjustable Rate Mortgage – Up to 90% loan to value – with zero Mortgage Insurance required.
- Use a VA refinance to consolidate your first and second mortgage with no extra charge to interest. This consolidation is considered Cash Out for Conforming Loans and has additional restrictions, VA Allows this up to 90% LTV.
- Use the VA Jumbo Loan to take advantage of the lowest 30 year fixed rates on Record (call for actual rates, they will shock you). Available up to $1.5M in Los Angeles with a suitable combination of Equity and guarantee. Check out some actual VA Jumbo Loan Refinance scenario‘s here.
VA Home Loan info for Los Angeles, California:
- Active Duty Military and Veterans can both qualify
- 100% financing up to $679,650
- A $825k Los Angeles Home Purchase would only require $36,388 down payment – 4.41% down
- VA Loans require no Mortgage Insurance
- VA Loans do require a VAFF (VA Funding Fee), which is usually financed
- Veterans with a 10% or higher VA disability pay no VA Funding fee
- VA Loans are not just for first time homebuyers
- VA Jumbo Loans are offered at competitive rates that will surprise you, in a good way.
- Sellers can pay up to 4% of the VA Buyers closing costs
- VA Loans can be used to purchase VA Approved Condominiums with zero down
>>> Get started here on your VA Loan PreApproval or give us a call at 866-900-2342 (toll free direct)
VanDyk is your source for VA backed Condo loans. We also do not have a waiting period for “flips”. This is often called the Flip Rule or VA Flip Rule. VanDyk does not require the seller of a property to wait 90 days before allowing a VA buyer to purchase the property, only 1 day.
VanDyk Mortgage is a Proud VA Direct Lender. VanDyk Mortgage has been making FHA & VA loans since 1987. We are a HUD recognized Full Eagle FHA DE underwriter and FHA Direct Lender. Go with the Government Loan Pros, go with VanDyk. Visit us at http://www.vandykfunding.com/ or call Brian Skaar direct at 760-752-4480 for help with your VA or FHA loan.
We serve the entire states of California and Washington for VA Loans, including Los Angeles, San Francisco, Pasadena, Long Beach, San Jose, San Diego, Huntington Beach, Anaheim, Orange, Santa Ana, Oakland, Fresno, Bakersfield, Riverside, Lancaster, Sacramento, Seattle, Tacoma, Spokane, and everything in between.
Be sure to check out part one of our series: Using your VA loan benefit to purchase a home in Los Angeles