Los Angeles VA Loans
Housing prices have typically been very high in Los Angeles due to its popularity as a city. While most citizens cannot afford houses in LA, veterans have the advantage of using affordable VA Loans to purchase their new house. Los Angeles VA Loans make it possible for veterans and their families to afford the homes of their dreams by extending some great benefits.
No Down Payment
A typical down payment for a conventional loan is around 20% of the total cost of the house. This is very expensive, especially for family homes in Los Angeles. With a VA Home Loan you are not required to provide a down payment on the house up to a certain amount. You may even be able to get a house over $1 million without any money down.
No Private Insurance
Conventional loans that have low or no down payments usually require you to purchase costly private mortgage insurance (PMI) to make up for the risk involved. With a VA Loan, the VA already guarantees a portion of your loan which will be paid to the lender if you should ever default on the loan and go into foreclosure. They are essentially insuring the loan for you, so you won’t be required to pay monthly PMI.
If you already have a Los Angeles VA Loan, refinancing is incredibly easy when you apply for an Interest Rate Reduction Refinancing Loan (IRRRL). The VA will already have your information on file, so you won’t be required to provide additional paperwork and you won’t incur any out-of-pocket expenses. If you need cash for tuition, outstanding liens, repairs, etc., you can always go with a VA Cash-out refinance and borrow the money against the equity of the house.
If you are a qualified veteran, getting approved for a VA Loan is incredibly easy. To get started right away, you can fill out our secure online form to get pre-approved for the loan. It’s fast, easy and will have you on your way to taking advantage of all the great VA Loan benefits!