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American Family Funding has helped many of our local veterans utilize their VA benefits by obtaining a VA home loan.
The VA Loan program, backed by the Department of Veterans Affairs, is designed to help veterans, reservists and active duty personnel find a home. VA Loans are available for active duty and honorably discharged veterans without income limitations or a down payment.
In an effort to help more veterans afford a home purchase, longtime Santa Clarita mortgage professional Rhona Jukes explains the benefits of a VA Loan.
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“There are so many benefits to a VA loan,” explained Santa Clarita mortgage professional Rhona Jukes, “that most people aren’t even aware of all of them. Part of what I do at American Family Funding is share some of this little-known information to veteran families and individuals in Santa Clarita.”
- Borrow 100% of the home value.
“One of the great things about this loan type,” Jukes explained, “is you can borrow 100% of the value of the home — with lenient guidelines.”
- Purchase with no money down.
With a VA Loan, home buyers can purchase a house with no money down — up to the current conforming loan amounts for their county. The current LA county limit is $679,650.
If a veteran would like to purchase a home over the county limit, a VA Loan asks the home buyer to put down 25 percent of the difference between the purchase price and the current LA county limit of $679,650 up to a $1.5 million purchase price.
“Even if your home value is greater than the county limit, you’re still putting less down than you typically would on a conventional loan,” said Jukes, who specializes in assisting families with their VA loans.
- VA Loan eligibility does not expire.
Contrary to what many veterans think, VA Loan eligibility does not expire.
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“Even if you ran into a hardship — you experienced a previous foreclosure, bankruptcy or a short sale, for example — you’re eligible to purchase a home again after two years,” Jukes explained.
- VA Loans can be used more than once.
“You can also use your VA Loan more than one time,” Jukes said. “Most people don’t know that either.”
As long as their previous loans were paid in full, veterans can use their benefits for a second VA Loan.
- Closing costs don’t have to be paid out of pocket.
VA Loans offer several options to avoid paying closing costs out of pocket. They may, for example, come from a gift, be paid with lender credit or be paid by the seller.
What’s Next?
To take advantage of the many benefits of a VA Loan, contact Rhona Jukes, a mortgage professional who specializes in VA Loans.
“By providing your discharge DD214 form or your current service record, I can start the simple process of obtaining your certificate of eligibility directly from the VA,” Jukes said.
Do you have a news tip? Call us at (661) 298-1220, or drop us a line at community@hometownstation.com.American Family Funding a Division of American Pacific Mortgage Corporation NMLS #1850
Rhona Jukes NMLS #299978 — Licensed By the Department of Business Oversight Under the California Residential Mortgage Lending Act.
American Family Funding, Your Guide A VA Loan In Santa Clarita
Santa Clarita mortgages lender American Family Funding can help you fulfill your dream of home ownership. A highly rated Santa Clarita mortgages lender, American Family Funding maintains a focus on community involvement and a commitment to giving back whenever possible. A friendly mortgage advisor will make the first time homebuyer experience an easy and stress-free experience — even with bad credit or a low down payment. The Santa Clarita home loan officers at American Family Funding also specialize in VA loans, reverse mortgages, refinancing and the STAR Loan Program.
American Family Funding
28368 Constellation Road
Suite 398
Valencia, CA 91355
(661) 284-1150
info@affloans.com
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There are other good reasons to choose a VA-backed loan if you are eligible to do so. Among these benefits include no regular mortgage insurance costs (just the up-front funding fee) and the ability to do a streamlined refinance at a later date. The Interest Rate Reduction Refinancing Loan (IRRRL) allows mortgage holders to get a lower interest rate with no credit review, no appraisal and no employment requirement. These can be a great opportunity to get monthly payment relief.