Unlocking the Benefits of VA and CalVet Home Loans

As a veteran or active-duty service member, you have access to unique home loan programs designed to make homeownership more attainable. However, misconceptions about these programs—particularly VA and CalVet loans—often deter eligible individuals from taking advantage of them. Let's debunk some common myths and explore how these loan options can benefit you.

Common Myths About VA Home Loans

Myth: VA Loans Require a Down Payment
Reality: One of the standout benefits of VA loans is that they typically require no down payment, allowing you to finance 100% of the home's value.

Myth: VA Loans Take Longer to Close
Reality: VA loans generally close in a similar timeframe to other mortgages. Working with a lender experienced in VA loans can help ensure a smooth and timely process.

Myth: You Can Only Use the VA Loan Benefit Once
Reality: Eligible veterans and service members can use their VA home loan benefits multiple times throughout their lives, provided they meet the necessary requirements.

Understanding CalVet Home Loans

For those looking to purchase property in California, the CalVet Home Loan program offers additional advantages:

Flexible Eligibility: CalVet loans are available to veterans who have served on active duty for at least 90 days, regardless of when they served.

Competitive Terms: The program often provides competitive interest rates and may offer low to no down payment options, making homeownership more accessible.

Diverse Property Options: CalVet finances various property types, including single-family homes, condominiums, and manufactured homes on land.

How MortgageWorks Can Assist You

Navigating the specifics of VA and CalVet home loans can be complex, but MortgageWorks, Inc. is here to help. As a full-service mortgage company based in Palm Springs, California, we specialize in assisting veterans and active-duty service members in securing the best loan options available. Our services include:

Personalized Guidance: We take the time to understand your unique situation and guide you through the loan process step by step.

Competitive Rates: Our team works diligently to secure favorable loan terms that align with your financial goals.

Comprehensive Support: From application to closing, we're committed to making your home-buying experience as seamless as possible.

Take Action

Ready to take the next step toward homeownership? Contact MortgageWorks, Inc. today to explore your VA or CalVet home loan options. Visit our website at www.mwloan.com or call us at 760-969-5023 to speak with one of our experienced loan officers.

Frequently Asked Questions

Q: Can I use a VA loan to purchase a second home?

A: VA loans are intended for primary residences. However, under certain circumstances, you may be able to use remaining entitlement to purchase another primary residence.

Q: Are CalVet loans only for first-time homebuyers?

A: No, CalVet loans are available to all eligible veterans, regardless of whether it's your first home purchase or not.

Q: Do VA loans require private mortgage insurance (PMI)?

A: No, VA loans do not require PMI, which can result in significant savings over the life of the loan.

Q: Can I refinance an existing mortgage with a VA or CalVet loan?

A: Yes, both programs offer refinancing options. VA loans offer the Interest Rate Reduction Refinance Loan (IRRRL), and CalVet provides refinancing for eligible veterans.

Q: What credit score is needed to qualify for a VA or CalVet loan?

A: While the VA doesn't set a minimum credit score, lenders typically have their own requirements. CalVet loans are manually underwritten, allowing for flexibility even if you have past credit challenges.

Don't let misconceptions keep you from utilizing the benefits you've earned. Reach out to MortgageWorks, Inc. today, and let us help you achieve your homeownership dreams.

* Specific loan program availability and requirements may vary. Please get in touch with your mortgage advisor for more information.