Over 30 Years VA Loan Experience Welcoming Veterans and their Families!
(*VA Sponsered Broker)
Home of the No Down Payment and No Closing Cost Loan!
To talk with a Qualified VA Loan Officer
Call (916) 672-6130
Or Click here to qualify for a VA Loan
or complete the form at the bottom of the page.
We have VA Programs that other lenders don't offer, with Credit scores down to 550. If your lender tells you that you need a 620 or better give us a call we can help.
"Thank you, to all who have served, we thank you for preserving our freedom!
VA guaranteed loans are made by lenders and guaranteed by the U.S. Department of Veteran Affairs (VA) to eligible veterans for the purchase or Refinance of a home. In most cases, no down payment is required on a VA guaranteed loan and the borrower usually receives a lower interest rate than is ordinarily available with other loans.
We try very hard to get Veterans into homes, as we believe that if you have served our Country, and you are a hard worker, you should be able to achieve the American dream of homeownership. Underwriting for Veterans is more understanding of past credit issues and other factors that may affect a non-veteran for getting a loan. We want to see all Veterans have the opportunity to own their own home and we fight for our Veteran clients to be able to achieve homeownership as they have fought for our freedoms.
Benefits of a VA loan include:
- No Down Payment required up to a $417,000 home.
- Credit Scores down to 550
- Negotiable interest rate.
- No Mortgage Monthly Insurance payments
- Closing costs can be paid by others to achieve a zero out-of-pocket home.
- No private mortgage insurance requirement.
- Right to prepay loan without penalties
- Can be taken over (or “assumed”) by the buyer when a home is sold.
- Counseling and assistance available to veteran borrowers having financial difficulty or facing default on their loan.
- Flexible Underwriting
There is no Mortgage Insurance required on VA so the monthly payments are cheaper than most other loans. When obtaining a VA loan there are certain costs that a Veteran can and can not pay for and those costs are itemized below.
Non Allowable Closing Cost that the Veteran Cannot pay for:
(1) Tax service fee
(2) Processing fee (from the Lender)
(3) Settlement or Closing fee (also referred to as the Escrow fee)
(4) Document preparation fee (from the lender)
(5) Notary fee
(6) Pest inspection fee (termite report)
(7) County and/or city transfer fee(s), or documentary tax stamp
(8) Reconveyance fee
(9) Demand fee
(10) Warehouse fee (from the Lender)
(11) Photo and inspection fee (re-inspection for repairs)
(12) Clearance and necessary repairs
(13) Re-draw fee (From the Lender)
(14) Any express (overnight) mail charges, or delivery fees From the Escrow Company or the Lender)
Closing Costs a Veteran Can pay for:
(1) Loan origination fee 1% of the loan amount. Note as a Broker we do not charge this fee with Lender paid Compensation.
(2) Appraisal report cost of $350.00-$650.
(3) Prepaid interest.
(4) Credit report.
(5) That a portion of taxes for the current year that are chargeable to the veteran and prorated from the date of the final disbursement to the date of the first payment.
(6) Initial deposit for the tax and insurance impound account.
(7) VA funding fee (this charge can be financed into the loan).
(8) Recording fee (with the county)
(9) Title fee ALTA portion.
(10) Hazard insurance (annual premium + 2 months impounds)
Note for a refinance the lender must pay for the non-allowable closing costs so the points will be .5% higher than a VA Purchase loan. Still, there is no mortgage insurance on a VA refinance.
Special Notes for Negotiating a Purchase Contract Utilizing VA Financing:
When negotiating a purchase contract for a Veteran the costs that a Veteran cannot pay may be paid for by the seller or the lender. The seller can pay up to 6% of the buyer's closing costs and that may include both Allowable Closing Costs and Non-Allowable Closing costs. If the seller is going to pay more the 6% the additional money should be used to reduce the sale price of the home. If the seller is not willing to pay for the closing costs the buyer may choose to finance the closing costs by accepting a slightly higher interest rate from the lender and applying the additional rebated points towards closing costs making the offer more acceptable to the seller. Please contact us so we can assist you in this process.
A VA loan can be used to buy a home, refinance, and even improve a home with energy-saving features such as solar or heating/cooling systems, water heaters, insulation, weather-stripping/ caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA. Ask about the energy efficient VA loan.
How to Apply:
Veterans can apply for a VA loan by simply completing the form below. You will need your DD214 (separation papers) or an "In Service Statement" from your Commanding Officer (if still i the military) and we will do the rest. If you have lost or misplaced your DD214 we can get a new one from the VA online for you.
You can use our Loan Application checklist to make sure you have all your documents in order to be approved for your home loan.
You can apply directly online by clicking here.
Don't Tread on America or those that defend it.
Complete the form below to start the qualification process:
Or Call 916-672-6130
For More Information Click on a Topic:
* A VA Sponsored Broker is one that has been approved the Veterans Administration to originate loans For them. MAE Capital Mortgage Inc. has been approved by the Veterans Administration to Originate loans our sponsorship number is 9007604801 (PUF)
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