VA home loan mortgage interest rates are at all time lows for California Veterans. The VA loan program provides a way for California active military and veterans to purchase a home with $0 down payment. The 100% financing limit varies from county to county. Some California counties are known as “high cost” and allow for 100% financing up to a purchase price of $593,750. Orange County and Los Angeles County both have these high VA loan limits. Not only does the VA loan program offer 100% financing, but it also does not have mortgage insurance, like most other “high loan to value” loan programs. Now, to make the VA program even better, VA interest rates for California home buyers are lower than ever before.
California VA loans $417,000 and Under
30 year fixed interest rates for VA loan amounts $417,000 and less are currently in the 4.25% to 4.5% range, depending on loan fees required by the lender. Interest rates can vary depending on the borrowers FICO score. For example, while most lenders will allow FICO scores as low 620, interest rates for low FICO scores will be higher. Which makes it very important to know your FICO score before making an offer on a home.
California VA loans $417,001 and Up
For those counties that allow 100% financing over $417,000, the interest rate is a little higher. Currently VA interest rates for “Jumbo VA loans” is in the 4.5% to 4.75% range. Pricing can change even more dramatically for Jumbo VA loans if a FICO score is low. Also, reserves (money in the bank) can help a Veteran get the best pricing possible.
What is the Difference Between VA Interest Rates and Cal-Vet Interest Rates
The Cal-Vet loan program can be great at times. But it can also be not so great at other times. This is one of those times. Interest rates for the Cal-Vet program are based on Bond financing. Cal-Vet interest rates are currently in the 5.75% to 6.2% range, according their the Cal-Vet website. This is 1.5% to 2% higher than what is available on the VA loan program for California veterans and active military.
Interest rates for the VA loan program can move on a daily basis. For the latest update it is important to talk to a California VA loan expert.
Authored by Tim Storm, an Orange County, CA VA Loan Officer – Please contact my office at Trust One Mortgage Corporation for more information about an Orange County, CA home loan. 877-786-4243 x 7.
Call our office today and see how we can help you and your family. Ask for your Free First Time Home Buyer Report.
877.786.4243 x 7 | tstorm (at) ochomebuyerloans.com
*Trust One Mortgage Corporation is licensed and supervised by the California Department of Real Estate (“DRE”), License # 01087829
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