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VA loans

If you’ve served, this is usually the strongest loan we can put in front of you, and the one big banks most often misprice or fumble. Southern California has a lot of veterans and not many lenders who do VA well.

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What a VA loan gives you

  • No down payment in most cases, up to the county loan limit, and above it with a partial down payment.
  • No monthly mortgage insurance. FHA and low-down conventional loans both charge it. VA doesn’t, which is often the single biggest difference in the monthly payment.
  • More forgiving credit guidelines than conventional, and lenders can’t require a minimum score the VA doesn’t.
  • Two- to four-unit properties qualify if you live in one of the units. Rent from the others can help you qualify.
  • Assumable. When you sell, a qualified buyer can take over your loan and its rate. In a high-rate market that can make your home easier to sell.
  • Reusable. Entitlement restores when the loan is paid off, and partial entitlement can be used more than once.

Who qualifies

Veterans, active-duty service members, National Guard and Reserve members with qualifying service, and some surviving spouses. The property has to be your primary residence. We pull your Certificate of Eligibility for you; you don’t need to have it in hand.

The funding fee

The VA charges a one-time funding fee on most loans, which can be rolled into the loan amount. Veterans receiving VA disability compensation, and some surviving spouses, are exempt. We’ll tell you whether you are before you commit.

When VA isn’t the answer

An investment property you won’t live in, or a second home. And occasionally a borrower with 20% down and excellent credit comes out slightly ahead on conventional once the funding fee is counted. We run both and show you the numbers.

What we need from you

  • DD-214 or statement of service
  • Recent pay stubs or LES, and two years of W-2s
  • Two months of bank statements
  • Award letter if you receive VA disability

VA refinances

Already have a VA loan? An Interest Rate Reduction Refinance Loan (IRRRL) lowers the rate with minimal paperwork and often without a new appraisal. A VA cash-out refinance can replace a non-VA loan, too. More on refinancing.

Nuline Funding, Inc. is a private company and is not affiliated with or endorsed by the Department of Veterans Affairs. Eligibility, loan limits and fees are set by the VA and subject to change.