The U.S. Department of Veterans Affairs (VA) Loan was created to assist servicemembers, veterans, and eligible surviving spouses in becoming homeowners. Just as with other government loans, this funding is not provided by the VA but instead they provide a guarantee which allows lenders to provide more favorable loan terms.
Is it right for me?
This no down payment/ 100% financing loan is only available to servicemembers, veterans, and eligible surviving spouses. The length of service/service commitment, duty status, and character of service determine the individual’s eligibility for specific home loan benefits. In order to qualify with us you will need to provide a Certificate of Eligibility (COE), your mortgage banker can help with this or you can find information here. Additionally, the property owner must occupy the property so this loan wouldn’t work for an investment property like a conventional mortgage might.
Why is it different from other mortgages?
While, this loan program does not require a down payment, similar to the RHS loan, it is unlike the RHS loan in that mortgage insurance is not required. The reason why your lender can offer these favorable loan terms- no down payment, no mortgage insurance, and lower credit score requirements than many conventional products- is because it is backed by the VA. Meaning your mortgage lender takes on less of a risk since the VA will pay a claim if you default on the mortgage. That being said, the VA has it’s own set of appraisal guidelines which the property must meet; dependent on the property this means a water test or a pest inspection may be required.
Give me all the details.
VA mortgages are assumable.
A seller may contribute up to 6% of the purchase price.
The property cannot be income producing.
Given that a good credit history has been re-established, you may qualify for an VA loan even if you’ve gone through bankruptcy or foreclosure. You can find more information here.
Being your own boss shouldn’t mean a backbreaking path to homeownership. Self-employed borrowers can relax with Stockton Mortgage’s bank statement program, with alternative documentation options of 12 or 24 months of bank statements.
Our conventional loans can be a fixed rate or adjustable rate mortgage. With a variety of down payment options, the minimum down payment requirement is 3%. There are also options that avoid mortgage insurance.
This loan program helps medical professionals qualify for a home loan, even with student loans and limited savings. Eligible borrowers include currently practicing medical professionals or those who’s employment will start within 90 days of closing.
The Federal Housing Administration (FHA) loan is a great option for borrowers without a large amount in savings.
Fresh Start Loan
Individuals recovering from a credit event should not be without the hope of homeownership. If you’ve had a recent bankruptcy (Chapter 7 or 13), foreclosure, deed-in-lieu, or short sale, ask one of our mortgage bankers about a Fresh Start.
Hobby Farm Home Loan
The Hobby Farm loan is for homes with 5 – 160 acres. Rural areas, non-contiguous parcels permitted. Not eligible for full time Farming operations. This program is good for customers looking for a place to have horses, hunting property, etc.
Home Equity Line of Credit (HELOC)
This alternative to a cash-out refinance allows a borrower to use the equity in their home without refinancing their mortgage.
Investor Cash Flow Loan
With Stockton Mortgage’s Investor Cash Flow Loan, it’s never been easier to break into real estate investing. This program allows you to utilize the future income rental of a property to determine cash flow – meaning that if portfolio growth is a goal, the Cash Flow Loan could make it happen.
Stockton Mortgage offers solutions for people who have an Individual Tax Identification Number (ITIN) who are looking for a mortgage or wish to finance their existing mortgage. With our ITIN Loan Program, we may be able to utilize written verification of employment and bank statement payroll deposits in lieu of paystubs.
A great option for large loan amounts; too large for a conventional loan. Loan amounts up to $3 Million for owner occupied or $2 Million for second home. This program varies by state, please ask your mortgage banker for more information.