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There was a time when VA loans had a reputation for being difficult to secure, took twice as long as other loans, and as such sellers weren’t interested in buyers who had financing through the VA. However, those misconceptions are finally being dispelled, and the truth about VA loans in SoCal is that these are often wonderful programs.
That being said, very few California veterans actually take advantage of the benefits of VA loans. In fact, recent reports have shown that although California has the most eligible veterans in the nation, a mere 6% of current and former service men and women utilize VA loans. Here’s a look at what all veterans, and spouses of veterans should know about VA loans.
How Long Does It Take to Buy a House with a VA Loan in SoCal?
VA loans can be closed very quickly. Because Summit Lending is a VA Approved Lender, we are able to take the loan from start to finish, with automated underwriting, so that approvals can be secured swiftly. VA loans can be closed in less than 30 days in many cases.
What Types of Properties Can I Buy with a VA Loan in Southern California?
There are other pervasive myths about VA loans, pertaining to the types of properties that may be purchased with a VA loan. The truth is that VA loans are not only for first time homebuyers, and they are acceptable for foreclosed and short sale properties.
Can I Use a VA Loan More Than Once in SoCal?
VA loan eligibility is available even if you’ve bought a home with a VA loan in the past. You may be able to obtain VA loans multiple times, and your eligibility doesn’t expire.
What Are the Benefits of VA loans for SoCal Homebuyers?
In some cases, you may be able to have more than one VA loan at a time. You may also use VA loans for 2nd homes, and in some cases third homes/properties. Other benefits of VA loans include fast approvals and closings, no-money-down or low-money down mortgages, closing costs paid for by the seller, or third party. Veterans who are disabled may receive significantly reduced closing costs. Perhaps most appealing of all, in high price markets such as Southern California, VA loans don’t have a maximum amount.
Military service men and women who have served this country deserve to reap the benefits afforded by a VA loan. At Summit Lending we are proud to employ veterans and are honored to provide veterans with VA loans.
Contact our top-rated Orange County mortgage brokers at Summit Lending, or call (888) 451-9006 today to learn more about VA loans in Southern California.