What are Military/VA Loans

Best Loan Terms For Veterans

Veterans receive the best loan terms on the market: no down payment, no MI, flexible qualification standards, and a low rate.


Created in 1944 under the Servicemen’s Readjustment Act (also known as the GI Bill of Rights), the VA loan helps make housing accessible for veterans and their families. The VA streamline refinance, meanwhile, allows VA loan holders to refinance and lower their mortgage rate with minimal hassle.

Benefits You’ll Love About VA Loans

No down payment required

Debt to Income ratio can be as high as 60%

Credit Score as low as 550

Flexible Qualification Standards

Information on VA Loans

Below, you will find expandable sections that give you information about VA loans. If you are ready to apply for a loan, click here and it will take you to our secure online application. If you still have questions, our loan officers are just a phone call away (805.543.LOAN)

VA Home Loan

The VA mortgage offers an unparalleled affordable mortgage opportunity for servicemen, veterans, and their families. Benefits of the VA loan include low-interest rates, low (or no) down payment, no mortgage insurance, and a minimal financing fee.

The terms of qualification are determined by the Certificate of Eligibility issued by the VA Department. For more information, give us a call at 805.543.LOAN.

The Basics:


  • Down payment: as low as 0%
  • Credit score: as low as 550
  • Debt-to-income ratio: as high as 60%
  • Gift payments: allowed; gifts, grants, and seller concessions
  • Rate and Term: fixed and adjustable rate options
  • Ceiling: no purchase maximum, but must be “modest in size, design, and cost”
  • Occupancy: primary residence only
  • Mortgage Insurance: yes, upfront funding fee; no monthly fees

*Note: Spouses of deceased veterans are eligible for VA financing in certain situations. Call 805.543.LOAN to learn more.*

VA One-Time-Close Construction Loans

Loan Requirements:

  • Credit: Minimum 530 FICO & including No Score
  • Loan Term: Fixed Rate Mortgage (FRM): 10 – 30 year terms
  • Max LTV: 100% LTV plus VA funding fee
  • Occupancy: Owner Occupied Only
  • Property Eligibility:
    • New Construction: 1 Unit Residential Property, Condominiums, Manufactured (double-wide or larger), and Modular Homes.
    • Condominium: Project must be accepted/approved by VA.
    • Manufactured Homes (off-frame only): Must meet all MPR-related requirements for proposed or under construction as per VA guides. Manufactured homes can be new or used, however Manufactured homes to be moved to purchaser’s lot to be affixed to permanent foundation require additional inspections.
    • Loan may include simultaneous purchase of the land/lot or loan can be guaranteed for the construction of home on land/lot already owned by veteran. (Read More)

GSFA Platinum Down Payment Assistance Program

The GSFA Platinum down payment assistance program was created to help low to moderate income homebuyers in the state of California purchase a home by providing down payment and/or closing cost assistance in the form of a non-repayable grant.


The Program Income Limit for FHA, VA, and USDA first mortgages

Program Limit - Copy

Click here to read more

VA Streamline Refinance (IRRRL)

The VA-backed streamline refinance product, called the Interest Rate Reduction Refinancing Loan (IRRRL), allows vets to drop their VA mortgage rate WITHOUT a new appraisal, WITHOUT asset documentation, and WITHOUT income requirements.

Eligibility is simple and to the point:


  • Current: must be current on your mortgage; no more than one 30-day late payment in the past year
  • Lower rate: refinance must reduce rate (ARM –> fixed always eligible)
  • No cash-out: only covers existing loan balance
  • Previously occupied: property must be previously occupied by mortgage holder
  • VA loan eligibility: VA loan allowance must have been used on property of intended refinance

Call 805.543.LOAN for more information

Purchase After Negative Credit Event

  • Foreclosure: 2 years from completion date
  • Short Sale: 2 years from completion date
  • Bankruptcy (Chapter 7): 2 years from date bankruptcy was completed
  • Bankruptcy (Chapter 13): 1 year payout has elapsed & payment performance is satisfactory & BK approval; 2 years from date bankruptcy was completed
  • Deed-in-Lieu: 2 years from completion date

Further Reading (From the FAQ Page)

Further Reading (from the FAQ Page)


  • Low down payment loan programs. (Read more).
  • Gift giving guidelines. (Read more).
  • Mortgage insurance guidelines. (Read more).
  • Credit qualification standards: FICO and Debt-to-Income. (Read more).

Step 1. Get Pre-Approved.

How Does Pre-Approval Work?

Getting pre-approved is as easy as 1-2-3!

1. Create an Account

Creating an account is fast, easy, secure and FREE! Your account enables you to easily modify your loan application and view the status of your loan anytime day or night.

2. Submit Information

When you register for a Loan Center account, you can submit a loan application online and the sensitive information that you provide will be transmitted securely.

3. Get Pre-Approved

Kick your feet up while we crunch the numbers. Pre-approval can be done very quickly if you provide a complete and accurate loan application and supporting documentation.

You have questions? We have answers.
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