VA Loans

VA Loans


What Is A VA Loan?

A VA loan is a mortgage loan that is issued by VA approved lenders and guaranteed by The United States Department of Veteran Affairs. VA loans allow for relaxed credit requirements and down payment options for those who have served out country. Long Beach Home Loan is honored to serve our veterans with outstanding rates for their VA loans.


What Can VA Loans Be Used For?

A Long Beach Home Loan VA loan may be used by any eligible veteran to purchase a home, or refinance an existing VA loan through the VA IRRRL and cash-out options. A VA loan offers better credit requirements similar to FHA, however unlike FHA they allow for 100% financing options. A Long Beach Home Loan VA loan is great for first time home buyers because eligible borrowers do not have to provide a down payment.


VA Loan Requirements

  • Income Requirements: VA loans have a unique income qualifying guideline referred to as “residual income.” This is the amount of money left over from all the borrower’s gross monthly paychecks after the mortgage, property taxes, insurance, federal/state withholdings, and qualifying installment and revolving debt are taken out.
  • Down Payment: VA loans do not require a down payment.
  • Credit Score: The minimum credit required to obtain a Long Beach Home Loan VA loan is a middle score of 620 (special circumstances may allow for lower scores).
  • Property Requirements: All homes purchased with a Long Beach Home Loan VA loan require a VA picked appraiser and must meet the specific standards set by the Department of Veterans Affairs.


No Monthly Premium Fees

One huge benefit to obtaining a VA loan is that there are no monthly premium fees like FHA and USDA have. There is only one upfront premium of 2.15% of the base loan amount for first use of a VA loan and 3.3% for subsequent uses. However, there can be slight variations depending on if a down payment is used, and the veteran’s status within the military branches.


Working With A Qualified Lender

Did you know there are unique loan programs tailored for military families? As a member of USA Cares, I am proud to offer my knowledge and experience to assist those who have served our country. At Long Beach Home Loan we are committed to serving veterans throughout the state of California with all of their home needs. If you are thinking about purchasing your first home, or refinancing your existing VA loan, we can help. Contact me, Jack Skovgard (562-340-9453), for any questions you may have about VA loans.



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Jack Skovgard
Long Beach Home Loan
Mortgage Loan Originator
NMLS: 1448432
CalBRE: 01994726

Equal Housing Lender

Contact Us

Jack Skovgard of Long Beach Home Loan
1650 Ximeno Ave
Suite 210
Long Beach, CA 90804

 8:00 am - 6:00 pm
(After 6:00 pm by Appt)
Sat/Sun: By Appointment