How to Purchase a Home with a VA Loan

Alameda, Ca., We have seen a lot of military residents in Alameda and a lot of VA financing. How long? Well here is a brief history of “NAS Alameda”…
Congress approved $10 Million to develop a Naval Air Station here in 1938. The station commissioned on November 1, 1940, with a minimum of facilities. It was April 25th 1997 the base saw the closing of NAS Alameda and on September 30th 1996 the Naval Aviation Depot closed. Naval Air Station (NAS) Alameda had 60 Military tenant commands for a combined military/civilian work force of 18,000 personnel. In 1997 the base closed, and the Navy began turning the property over to the City of Alameda. Alameda Point was born. The Bayport residential project is to date the largest new addition of housing for Bay Area residents in Alameda. Twenty-five percent of the homes are for affordable housing.
Now the military has a different housing opportunity. Ownership over barracks! Military can actually purchase homes up to $729,750 with little or no down payment. Taking out a VA mortgage loan on a new home purchase in Alameda, CA is a fantastic way to finance a property with a low interest rate, with little to no required downpayment.
Purchasing a home with a VA loan is pretty straightforward. Listed below is an overview of the basic process:
  1. Choose your lender, present your Certificate of Eligibility, and get pre qualified.
  2. Find the property you would like to buy and arrange the purchase with the seller.  You'll then sign a purchase contract conditional upon approval of a VA guaranteed loan.
  3. The property gets appraised. If the determined value is acceptable and the VA Underwriter determines that your loan application meets the VA loan requirements, your mortgage can be approved.
  4. You (and co-borrower, if applicable) will then attend the loan closing and sign the related papers. The closing escrow agent or attorney will explain loan terms and requirements and monthly payment details.
After these steps are completed, you will own your own home with a low-interest VA purchase mortgage, with no private monthly mortgage insurance required!
Please note that when the VA receives report of the loan, the Certificate of Eligibility is adjusted to reflect use of entitlement and is then returned to the veteran.
No further actions are required to get your COE back, which just makes the overall process easier for veterans.
A common question we get is, “How long does the VA loan approval process actually take?” The overall period of time it takes for a VA mortgage approval varies depending on the amount of volume the lender has at that moment. It also depends on how quickly the VA borrower is able to respond to documentation requests.
As of late, getting full approval and closing your VA purchase mortgage has been taking between 3 weeks to 45 days. This time-frame is more or less the same as that for conventional loans. A 30 day escrow should be no problem if the property is in good condition.
There are some things you can do to ensure your loan process is as quick as possible, such as sending requested documents as soon as possible, working with a knowledgeable VA loan specialist, and making your hours of availability as flexible as you can.
For calculations of down payments and rates for your home purchase give us a call for accurate pricing. We have helped VA buyers in Alameda, Oakland, San Francisco and the entire Bay Area.
If you or someone you know is looking to explore their options with VA financing feel free to contact us, we are here to help you and we love serving those who serve.
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