VA Loans

VA Loans

VA loans are available for active-duty military members, retired veterans and surviving spouses. At PHL, you will be able to use a qualified lender that understands every guideline and can assist you in obtaining the financing that you need. PHL is a direct VA loan lender that is approved and authorized to initiate government financing.

20% down payment and low debt ratios*. Gifting options are limited and additional loan points may apply.

As with many other financing programs, VA loans require applicants to use the property as their main residence. Yet, a VA loan can be used to purchase land and construct a new home. In addition, the program allows for fixer-upper refinancing and energy efficient improvements. Any existing or new construction home must have no more than four units.

In most cases, VA loans will not require a down payment and offer flexible underwriting standards for credit, income and debt-to-income ratios. Closing costs can be gifted, but can only be rolled into the loan if it is a refinance. With no money down and reduced fees, a military member is able to get a home for less than traditional financing.

A VA home loan will require an applicant to acquire a Certificate of Eligibility that proves the individual can move forward with this type of loan program. Either the applicant or PHL can request the certificate by using VA home loan Form 26-1880. VA loans have a $417,000 limit; however, Marin County has an increased maximum of $962,500. On average, a military member’s entitlement for a VA home loan is $36,000 or 25% of the loan limit, which is the amount that the government is willing to insure or guarantee.

If a VA loan is being used for refinancing purposes, the applicant can forgo a home appraisal and does not need to go through the underwriting process. The refinancing program is known as an IRRL, a streamlined process that is commonly used to reduce high interest rates.

PHL can give you the guidance and support that you need to close on a VA home loan. They are willing to go above and beyond in order to keep you satisfied. When you use PHL, you will be able to have peace of mind knowing that you have chosen a local lender that cares.

*Please visit our Disclosures page for more details for all loan types.