VA Loans

5Star Lending is committed to helping military veterans find affordable home financing options. The VA loans are designed to help active duty military and veterans qualify for home ownership. These loans are guaranteed by the U.S. Department of Veteran Affairs.

The best VA loans in San Jose, in Silicon Valley, in Bay Area, and in California by 5 Star Lending are easy home financing options. They are government insured and offer veterans and military personnel lower interest rates and better terms than any other conventional mortgages. The current VA mortgage holders may refinance with the VA Interest Rate Reduction Refinance Loan (IRRRL) if they want to lower their interest rate. At 5Star Lending, the licensed mortgage specialists will discuss your home financing needs and work to help you qualify for the best VA loans in San Jose, in Silicon Valley, in Bay Area, and the entire California.

Main benefits of VA home loans

Our servicemen and women make many sacrifices for our country; the joys and benefits of homeownership should not be one of them. With a government insured VA mortgage, veterans and military personnel may secure a home purchase loan with no down payment and no monthly mortgage insurance premiums. VA Home Loans are popular as first-time mortgages and for buyers with less-than-perfect credit.

The VA home loan option is for our military servicemen and servicewomen who make many sacrifices for our country. They may secure a home purchase loan with no down payment and no monthly mortgage insurance premiums. These loans are popular as first-time mortgages and for buyers with less-than-perfect credit. The attractive benefits include

  • No down payment required
  • Negotiable interest rates
  • Adjustable & fixed rate mortgage options
  • No monthly mortgage insurance premiums
  • No prepayment penalty
  • VA assistance to borrowers due to financial difficulty
  • Ability to finance the VA funding fee
  • Reduced funding fees with a down payment of at least 5% and exemption for veterans receiving VA compensation

Basic Allowance for Housing

BAH, an acronym of Basic Allowance for Housing is a military entitlement given to active duty personnel to provide housing for themselves and their families. As an active duty personnel, you can qualify for this benefit if you are assigned to permanent duty within the 50 United States and living in a government housing.

BAH is most often used for meeting rental expenses. You can also use it to pay a mortgage. This will give you the ability to save for the future while building equity in your home. Along with that, its benefits put you at an income level needed to qualify for and support a VA home loan. The BAH is determined by your pay grade, location and whether you have dependents or not. 5Star Lending can educate you about all the ways you can make your BAH work for you.

Requirements for VA Home Loans

  • Active duty personnel, reservists/national guard members, un-remarried surviving spouses are eligible
  • Certificate of Eligibility – a document issued from the Veterans Administration

As a VA approved lender, 5Star Lending can submit an online request through the Department of Veteran Affairs and receive your Certificate of Eligibility in seconds, making your life easier

Steps to Obtaining a VA Home Loan

  1. Apply for a Certificate of Eligibility. Our licensed mortgage specialists will help you gather the necessary forms.
  2. Work with a 5 Star Lending mortgage specialist to ensure you qualify for the best home loan available.
  3. Allow us to refer you to a Real Estate agent in our preferred network to find and negotiate a purchase agreement for your new home.
  4. We’ll take care of the home appraisal process for you, ordering a property appraisal from a VA assigned appraiser.
  5. 5 Star Lending is VA authorized to approve and close your loan without waiting for the VA’s review of the credit application.
  6. Loan closing. You are now a homeowner!

Call us to know more about the best VA loan options in San Jose, in Silicon Valley, in Bay Area, and in California. We have immense knowledge and experience to serve you better with the best deal.