VA LOANS
Using Your Benefit
For Your American Dream
Understanding Your VA Loan Benefit
VA loans are a powerful lending option giving Veterans, active-duty service members,
and surviving spouses the ability to purchase or refinance a home with major benefits.
No Limit Other Than That of Your Eligibility
As of January 1st, 2020, the VA has changed its loan limit to NO LIMIT! With full entitlement intact, lenders will have different requirements on their loan limits based on your FICO score. At Shining Star Funding, our minimum credit score is just 640 if your loan amount is below the county loan limit. Anything over that is on a case-by-case basis.
Flexible Underwriting Guidelines
The VA home loan has very flexible underwriting guidelines compared to a conventional mortgage and other types of home financing. Credit scores can go as low as 40 points lower than conventional loans, and VA loans have a higher debt-to-income ratio than other types of mortgages.
No Down Payment Required
You can borrow 100% of the home’s value or more, with lenient guidelines for 1–4 unit primary residences. Borrowers using the VA loan can purchase immediately with no money down.
No Private Mortgage Insurance
VA loans do not require mortgage insurance, even when the homebuyer is putting no money down. As a result, the buyer not only saves cash upfront but can also save thousands over the lifetime of the loan. Plus, the buyer has more purchasing power when shopping for a home.
Closing Costs
A down payment is not required on VA home loans, but the borrower does have to pay for closing costs. VA loan closing costs average 1–3% of the loan amount. Sometimes the buyer can receive seller or lender credits or a gift to cover closing costs.
No Expiration Date
Your VA loan eligibility does not expire and can be used more than once—even after a foreclosure or bankruptcy. Veterans can also have two VA loans at the same time in some situations.
Getting Your COE
To utilize the VA home loan program, you’ll need to first establish eligibility, or prove that you have earned the benefit. To do so, you’ll need to obtain your Certificate of Eligibility, or COE. We can help you get your COE during the pre-approval process.
Who Qualifies for a VA Loan?
Veterans, active-duty service members, and surviving spouses may qualify for a VA loan if they have satisfactory credit, adequate income, and a valid Certificate of Eligibility.
Check Out Our Helpful Resources for Veterans
We’ve got you covered! Explore away with our tools and resources…but know we’re here for you whenever you’re ready to chat.
6101 Bollinger Canyon Rd #344, San Ramon, CA 94583
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Copyright ©2023 Shining Star Funding A division of American Pacific Mortgage LLC | NMLS ID # 1850 (www.nmlsconsumeraccess.org) | 6101 Bollinger Canyon Rd #344, San Ramon, CA 94583 Phone (925) 820-2981 | Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act.
Interactive calculators are self-help tools. Results received from this calculator are designed for comparative and illustrative purposes only, and accuracy is not guaranteed. Shining Star Funding is not responsible for any errors, omissions, or misrepresentations. This calculator does not have the ability to pre-qualify you for any loan program or promotion. Qualification for loan programs may require additional information such as credit scores and cash reserves which is not gathered in this calculator. Information such as interest rates and pricing are subject to change at any time and without notice. Additional fees such as HOA dues are not included in calculations. All information such as interest rates, taxes, insurance, PMI payments, etc. are estimates and should be used for comparison only. Shining Star Funding does not guarantee any of the information obtained by this calculator.
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