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For those who have given so much to us, we thank you for your service.

In honor of those who have served, Pacific Residential Mortgage is offering a $1,111 lender credit on VA home loans* started November 1st through November 30th, 2020. For more information, fill out the form above.

VA Loan Solutions with PacRes

At PacRes Mortgage, we offer multiple VA loan solutions to meet a wide array of needs. For more information about which loan is ideal for your financial profile, get in touch with a licensed Mortgage Advisor here. 

Purchase

VA purchase loans are exactly what they sound like – a loan to purchase a home for a Veteran. VA purchase loans do not require a down payment** or monthly mortgage insurance. The VA also imposes restrictions on the amount and type of closing costs that are allowed to be charged to a Veteran.

Refinance

A VA refinance*** can be used to refinance an existing loan or multiple loans. Just like with purchase transactions, the amount and type of closing costs that may be charged to the veteran are limited.

IRRRL

An Interest Rate Reduction Refinance Loan, or IRRRL, is a streamlined loan, specifically for refinancing a property on which you’ve already used your VA loan eligibility. An IRRRL does not require an appraisal.

The occupancy requirement for an IRRRL is different from other VA loans. For an IRRRL, a veteran only has to certify that he/she previously occupied the home. Typically, an IRRRL lowers the interest rate on the existing VA mortgage. However, if you are refinancing from an existing adjustable-rate mortgage (ARM) to a fixed-rate loan, the interest rate may increase. There is no cashback allowed to the veteran from the loan proceeds. (They must be used to pay off the existing loan and cover the closing costs).

Jumbo  

Veterans can use a Jumbo VA loan to purchase or refinance when the loan amount exceeds the conventional loan limits. Jumbo VA loans require a down payment. The down payment amount is determined using a calculation that factors in the county loan limits for the area the home is in and the portion of the amount exceeding that loan limit, which the VA will guarantee.

Our expert mortgage advisors can explain the details on how much of a down payment would be based on your specific scenario. Typically, the amount of down payment required on a VA Jumbo loan will be significantly lower than what’s required on a conventional jumbo loan. VA Jumbo loans also do not require mortgage insurance, regardless of the down payment amount, whereas conventional loans with down payments less than 20% always require mortgage insurance.

*Credit not to exceed actual borrower-paid closing costs. Not to exceed program allowable limits.
**100% financing assumes full entitlement on VA purchases.
***The maximum LTV on a cash-out refinance is 90%.