The Benefits of Applying for a VA Home Loan

va mortgage loans

If you are a former or existing member of the armed forces consider applying for a VA home loan through Summit Funding. The current economic conditions has created an extraordinary opportunity to purchase a home. Current mortgage rates are at a 21 year low, which allows homeowners to qualify for larger loans at a budget friendly rate. VA loans are a viable option for millions of veterans seeking a fixed low rate loan with little or no money down.

Applying for a VA loan can result in a lower monthly payment and thousands in savings over the term of the loan. One of the main benefits of applying for a VA loan is a zero down mortgage. In addition, most mortgage companies also do not require Mortgage Insurance coverage even though there is less than 20% down payment.

Most importantly, VA home loan interest rates are much lower than conventional mortgages. Applicants will find that a VA loan can be as much as 0.5 percent lower than conventional mortgages. The current VA home rate is 2.7% with a 3.3% APR. With such low rates home buyers have more purchasing power than ever before.

The two most popular types of VA loans are Purchase loans and Interest Rate Reduction loans. Purchase Loans allow veterans to purchase a home at a competitive rate without a down payment or mortgage insurance. Existing home owners are also able to utilize VA loans to refinance their homes with cash out. Refinancing loans allow veterans to utilize the cash to settle debt or make home improvements. With the low interest rates and no mortgage insurance, veterans are able to stream line the loan application and qualify for larger loans with a lower monthly payment.

Veterans are able to receive such favorable terms due to several factors. VA loans are considered by lenders to be more secure by lenders. The Veterans Benefits Administration guarantees up to 25% of the loan. VA loans also have a lower rate of default compared to conventional loans. The lack of requirements to qualify for a loan also results in a faster loan application process. There are currently more than 22 million veterans and active military members that qualify for these loans. Surviving military spouses who have not remarried also qualify for a VA loan.

Summit Funding, Inc. -Home Loan Experts
300 Salem St, Chico, CA 95928
(530) 267-6262

Get Hard Money Loans for Real Estate Flipping


What You need to know about Private Money Lenders in Los Angeles

Real estate deals happen fast and you need a financial solution to help you complete transactions, flip homes and make repairs. While mainstream private money lenders take weeks to approve loans for real estate flippers, hard money lenders, such as Advanced Funding Solutions can get you the money you need within a matter of days.

How Hard Money Loans are Different From Conventional Loans

Conventional loans are often difficult to obtain, especially if someone is applying for a loan with an adverse credit profile. Beyond that, it can take weeks to get an approval from the bank and money into an account.

Private money loans issued by Advanced Funding Solutions are known as hard money loans. They are different than conventional loans because the approval process is shorter and easier, and borrowers who have had past credit problems have a better chance of getting the money they need to flip houses and make real estate deals. In most cases, the loan is secured by the actual piece of real estate that is involved in the deal.

The other major difference is that hard money loans issued by private lenders can be used to leverage and back a real estate deal that they are trying to make without having to use their own money for the same purpose.

Repayment Terms Required by Hard Money Lenders

Hard money loans used to back real estate deals and flipping projects are short term and normally issued for terms of two to three years. Any type of projects that last beyond that time frame might require a different type of financing option.

Interest rates are generally a bit higher for hard money loans as well, but the criteria used to qualify is much less stringent.

Benefits of Private Money Loans for Real Estate Flippers

If real estate flipping is your business of choice, Los Angeles hard money lenders are your best option for project and deal financing. You won’t have to worry about putting up money for the deal out of your own pocket or having to wait weeks for the money to come through while facing the risk of losing the deal altogether.

Simply put, a hard money loan is the quick and efficient financial solution to all your real estate flipping needs.

Advanced Funding Solutions
16200 Ventura Blvd #418, Encino, CA 91436
(818) 986-8880

Learn about Calpers Home Loans in California

Many US employees are watching their budgets get tighter due to inflation but their income get shorter as employers cut back on hours and paid vacation days. This can make obtaining a mortgage tough, but in California programs such as CalPERS FHA Loans no make it easier to get low PERS rates on their mortgage. Those in California that are employed by the state have access to this unique home mortgage program that offers a variety of property loans through various companies such as the noteworthy financing company Summit Loans. Since it can be hard to obtain a home loan with your own credentials, the CalPERS home loan program is a great way to get a secure loan.

Not only does the program allow new home owners to get approved, but it helps them get approved for a home loan at a low mortgage rate which is also increasingly tough to do in the current economic environment. Many people that use the program are choosing to get locked into a fixed home rate while they have the opportunity, but variable home mortgage loans are also available. Additionally, CalPERS Home Loans do not require a down payment in most cases allowing state employees to get into homes now instead of a few years from now.

calstrs loans
One nice perk of the loan program is that it can be used by any state employee whether they are employed currently, inactive, or already retired. It has already helped many people own their own home and can help more people that head to an institution that is qualified to offer CalPERS loans such as Summit Funding. Applicable restrictions include that the home price must be 5% less than the home price and mortgage amount cannot be higher than $350,000 for first time home buyers. It is also possible to use a down payment that has been withdrawn from an employees’ retirement account in some cases.