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How Can VA Loans Be Used?

Learn how eligible military veterans, active duty personnel, and surviving spouses may use VA financing

  1. To buy a home including townhouse or condominium unit in a VA approved project
  2. To build a home
  3. To simultaneously purchase and improve a home
  4. To improve a home by installing energy related features such as solar or heating/cooling systems, water heaters, insulation, weatherstripping, caulking, storm windows/doors or other energy efficient improvements approved by the lender and VA. These features may be added with the purchase of an existing dwelling or by refinancing a home owned and occupied by the veteran. A loan can be increased up to $3,000 based on documented costs or up to $6,000 if the increase in the mortgage payment is offset by the expected reduction in utility costs. A refinancing loan may not exceed 90 percent of the appraised value plus the costs of the improvements. Check with a lender or VA for details.
  5. To refinance an existing home loan up to 90 percent of the VA-established reasonable value or to refinance an existing VA loan to reduce the interest rate.
  6. To buy a manufactured home and/or lot.

Have Questions? Resource Lenders has Answers

If you have any questions about buying or refinancing a home in California with a VA loan, give us a call at (800) 564-4342. We offer a wide variety of home mortgage solutions including low and no money down options such as VA loans, FHA mortgages, and USDA rural housing loans. We service the entire State of California from our offices in Fresno and Visalia.


More VA Loan Resources:

Costs Associated with VA Loans

A basic funding fee of 2.0 percent must be paid to VA by all but certain exempt veterans. A down payment of 5 percent or more will reduce the fee to 1.5 percent and a 10 percent down payment will reduce it to 1.25 percent. A funding fee of 2.75 percent must be paid by all eligible Reserve/National Guard individuals. A down payment of 5 percent or more will reduce the fee to 2.25 percent and a 10 percent down payment will reduce it to 2.0 percent. Read More >

How to Get a VA Loan

The CRV (certificate of reasonable value) is based on an appraiser’s estimate of the value of the property to be purchased. Because the loan amount may not exceed the CRV, the first step in getting a VA loan is usually to request an appraisal. Anyone (buyer, seller, real estate personnel or lender) can request a VA appraisal by completing VA Form 26-1805, Request for Determination of Reasonable Value. After completing the form, it can either be mailed to the Loan Guaranty Division at the nearest VA office for processing or an appraisal can be requested by telephoning the Loan Guaranty Division for assignment of an appraiser. Read More >

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