Thank you to those who served
Veterans Day began as Armistice Day, marking the end of World War I on the eleventh hour of the eleventh day of the eleventh month in 1918. Today it is a day to thank all living veterans for their service. This year it falls on Wednesday, November 11. Our community is home to many veterans and military families, with Naval Base Ventura County nearby, and I am grateful to every one of them.
What is a VA home loan?
A VA loan is a mortgage guaranteed by the U.S. Department of Veterans Affairs and offered through private lenders. It is designed to help eligible service members, veterans and some surviving spouses buy, build or refinance a home.
Key benefits of a VA loan
- Often no down payment: Eligible buyers with full entitlement can typically purchase without a down payment.
- No monthly mortgage insurance: VA loans do not require private mortgage insurance.
- Competitive interest rates: VA loans often carry rates that compare well with other loan types.
- Limits on certain closing costs: The VA restricts some fees the buyer can be charged.
- Funding fee: Most borrowers pay a one-time VA funding fee, which can be financed. Some veterans, such as those receiving VA disability compensation, may be exempt.
How to use your VA loan benefit
- Request your Certificate of Eligibility (COE) through the VA or ask your lender to help.
- Choose a VA-experienced lender who can explain your options and get you pre-approved.
- Work with a local agent who understands VA purchases, including the VA appraisal and minimum property requirements.
- Make an offer with terms that work for the seller and your financing.
- Complete inspections and the VA appraisal, then close.
Tips for VA buyers in the Conejo Valley
- Get pre-approved first. In competitive situations, a strong pre-approval helps sellers feel confident.
- Understand the property requirements. The VA appraisal checks that the home meets minimum standards, so ask your agent and lender what to expect.
- Compare communities. Prices, lot sizes and lifestyles differ across the Conejo Valley, Agoura Hills and Malibu.
- Ask about your remaining entitlement if you have used your benefit before. You may be able to use it again.
Loan terms, eligibility and funding fees change, so confirm details with the VA and a VA-approved lender. This post is general information, not financial advice.
Frequently asked questions
Who is eligible for a VA home loan? Eligibility depends on your service history, discharge status and length of service. Request a Certificate of Eligibility to confirm.
Do I need a down payment with a VA loan? Many eligible buyers with full entitlement can buy with no down payment, but your lender can confirm what applies to you.
Can I use a VA loan in Malibu or Westlake Village? Yes, as long as the property and loan amount meet VA and lender requirements. Your lender can walk you through the details.
Can I use my VA loan more than once? In many cases, yes. Ask your lender about restoring or using remaining entitlement.
Thank you to our veterans and military families. If you are a veteran or service member planning a move in the Conejo Valley or Malibu, I'm Karen Sandvig with Coldwell Banker, and I'd be honored to help. Reach me at karensandvighomes.com or 818-941-7437
