fA2F8bxI7y96OpsipK4WQlCvY-aTAhOAf5n1FZvLZ4UModerator: We would like to thank you for taking the time to sit down with us today, Paul. We’re excited to learn more you and how our VA loan program can help other veterans, like yourself. Let’s get started!

Moderator: How long did you serve in the military and for what military branch?

Paul: I joined when I was 19 years old and served four years from August 2000 through August 2004 in the US Airforce.

Moderator: How long have you been working at Paramount?

Paul: I have been in the business since 2005 and was hired as a District Sales Manager with Paramount in 2013.  I have since been promoted to Vice President of Sales which I love because it gives me the opportunity to educate Bankers about our military vets as well as the benefits of VA loans.

Moderator: Can you tell us what the VA mortgage program is?

Paul: We really have two types of VA loans.  If a borrower is currently in a VA loan and simply looking to lower their rate and payment, we would us the VA IRRRL program (Interest Rate Reduction Refinance Loan).  This may be the best thing about being in a VA loan because any time rates drop we can reduce their interest rate and payment without all the underwriting requirement other loans may require.  VA IRRRL’s do not require an appraisal or even income documentation, which allows us to close quickly with ease.  A traditional VA loan is a loan that every veteran should take advantage of.  Not only do they allow you to refinance or purchase 100% of the value of the home but they typically come with low interest rates as well.  Unlike FHA loans, the VA does not require a monthly mortgage insurance even if you are at the max LTV (Loan to Value).  VA also has less stringent guidelines, which allows approval for our veterans with lower credit scores as well as higher debt to income ratios.  These are just a few reasons why VA loans are a wonderful program to be a part of.

Moderator: How come veterans do not have to pay private mortgage insurance?

Paul: While all other loans may require monthly mortgage insurance, the VA loan does not.  These loans are designed to help our veterans as a benefit, not a detriment.  Now even though the VA does not have a monthly mortgage insurance, they do have a VA funding fee. This fee reduces the loans cost to taxpayers, considering that a VA loan does not require a down payment nor does it have a monthly mortgage insurance.  You have the option to finance the funding fee or pay it cash.

Moderator: What do veterans need to do to see if they are eligible for a VA loan?

Paul: All of our licensed loan officers are trained and happy to help.  If you are unsure if you would qualify or not, we can look into it for you by requesting a COE (Certificate of Eligibility) from the VA department.  This will let us know if you are eligible and what your entitlement amount is.

Moderator: Thanks, Paul, for telling us your story and for spreading the benefits of the VA loan program to other veterans. We appreciate your sacrifice and service to our country.

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Top 5 Advantages of a VA Loan



Being a military veteran comes with some great benefits, especially when it comes to home loans. Veterans who want to purchase a home can do so with a VA (Veteran Affairs) loan. The goal of the VA loan program is to make homeownership feasible for active and retired military personnel. The Department of Veteran Affairs makes buying a home easier for Veterans through the VA home loan program. Find out the top 5 advantages of the VA loan program:

  1. A Down Payment is Not Required- One of the biggest advantages of a VA loan is that a borrower does not have to pay any money toward a down payment. This is the only mortgage loan where a buyer does not have put money down to secure a loan. The reason for this is because VA loans are made by private lenders whereas for other loans the bank, mortgage company and other lenders put the funds toward the purchase of your home.
  2. Do Not Have to Pay Private Mortgage Insurance- VA borrowers do not have to pay private mortgage insurance if they do not have a 20% down payment toward their home. This is significant because private mortgage insurance can add $100 or more to a borrower’s mortgage payment each month. This benefit can save VA borrowers thousands of dollars over the life of the loan.
  3. You Can Use the VA Loan Benefit Numerous Times- A big misconception of a VA loan is that borrowers believe they can only use this program one time. There is not a limit on the number of times a borrower can use the VA loan program. Veterans who served our country earn this benefit for the rest of their life and can use this loan program as many times as needed.
  4. VA Loan Interest Rates Are Typically Lower- The interest rates for a VA loan are very competitive and typically lower than a conventional loan because it is guaranteed by the Department of Veteran Affairs. Since the Department of Veteran Affairs backs this particular loan, financial institutions feel more secure and can offer lower interest rates.
  5. Flexible Approval Guidelines- Veterans do not need to have perfect credit to secure a VA home loan because the Department of Veteran Affairs oversees the program. The Department of Veteran Affairs is not a lender and therefore it does not require minimum credit scores. This is a significant benefit because most conventional loans have a minimum credit score benchmark that must be met to receive a competitive interest rate.

If you are a Veteran and would like learn more about the VA program, give one of our senior mortgage specialists a call at (877) 788-4564 or to receive a free quote click here >>

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rayModerator: We would like to thank you for taking the time to sit down with us today, Ray. We’re excited to learn more about you and how our VA loan program can help other veterans, like yourself. Let’s get started!

Moderator: How long did you serve in the military and for what military branch?

Ray: I served in the United States Air Force. In the Air Force, I served in several capacities including applied operation missions and management roles, offering comprehensive background supporting the United States military airlift operations in roles of increasing responsibility during a 20 plus year career. I served six years on active duty and continued my service to our country by serving with the United States Reserves. In the past, I served with the 452nd Air Mobility Wing at March Air Force Base, located in California, where members are professionals committed to excellence and to the highest state of readiness in support of our nation’s defense and objectives. During my active duty, I participated in Operation Desert Storm (also known as the Gulf War). I have spent my remaining time in the Air Force Reserve, where I am currently assigned to the 146th Airlift Wing in Oxnard, CA. Service is the gift we give to the world and gives our life meaning.

Moderator: How long have you been working at Paramount?

Ray: I have been working as a Senior Mortgage Specialist at Paramount Equity Mortgage for the last 2.5 years. The culture here at Paramount is wonderful. It’s an honor and privilege to serve our veterans and active service men and women.

Moderator: Can you tell us what the VA mortgage program is?

Ray: The VA is a powerful option for our active and retired military servicemen. Our active and retired military servicemen can use the VA mortgage program to purchase a home without a down payment, lower average interest rates than other home loans, do not have to pay for private mortgage insurance, will not have any pre-payment penalties and the VA foreclosure avoidance team can advocate on your behalf during hardships­­­. There is no greater purpose in life than to serve a veteran.

Moderator: What is the biggest benefit of a VA loan?

Ray: That would definitely be the waiving of a down payment. The VA guidelines allows veterans to purchase a home without the need of a down payment. This program is a privilege and entitlement for our veterans. This is such a powerful option, I have even used the VA mortgage loan program myself.

Moderator: What do veterans have to do to see if they are eligible for a VA mortgage loan?

Ray: Veterans just need to send us their DD Form 214 (Certificate of Release or Discharge from Active Duty) or a VA certificate of eligibility. Our team will call the VA and handle the eligibility paperwork for our military borrowers. Something else I would like to note, is if a military spouse passes away in active duty, the surviving spouse can also apply for the VA mortgage loan.

Moderator: What do you think is the biggest misconception regarding the VA loan program?

Ray: Most veterans know about the home loan entitlement but many veterans who served in the past, do not know they can use their entitlement more than once.  The VA loan program can be used again.

Moderator: Thanks, Ray, for sharing your story and for spreading the benefits of the VA loan program to other veterans. We appreciate your sacrifice and service to our country.

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Everything You Need to Know About VA Loans

Happy parents in soldiers uniform kissing their daughter

Happy parents in soldiers uniform kissing their daughterWhat is a VA Loan

A VA loan is a specific loan program, that is guaranteed by the Department of Veteran Affairs, to help veterans, active military members and survive military spouses purchase a home. The Department of Veteran Affairs (VA) creates the requirements that applicants must meet but they do not actually make the loan. The loan will be created at a financial institution, such as a mortgage company or bank.


Who is Eligible

To meet the basic eligibility requirements for a VA home loan, you must meet one of the following criteria:

  • Served 90 consecutive days of active service during wartime
  • Served 181 days of active service during peacetime
  • Have more than 6 years of service in the National Guard or Reserves
  • Be the spouse of a service member who has died in the line of duty or as a result of a service-related disability

The list above is a good indication of the basic eligibility requirements but ultimately the Department of Veteran Affairs will determine eligibility.

Types of VA Home Loans

There are three types of VA home loans available to veterans.

  • VA Purchase Home Loan- This type of loan allows veterans, who have met credit and income qualifications, the opportunity to purchase a home.
  • VA Refinance Home Loan- This type of loan allows homeowner veterans, who are in need of cash, to take equity out of their home. This is a great option for homeowners who want to do a home improvement project.
  • VA Streamline Refinance Home Loan- This type of loan is also known as an interest rate reduction refinance loan, which allows homeowners to refinance their home in an effort to lower their monthly payments.


How to Find Your Nearest VA Office

For more information on VA loans, you can contact the Veteran Affairs office. To find your nearest VA office, you can use this link >

Applying for a VA loan

To get started on the VA loan application process at Paramount, you can visit this link to receive your free quote >

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Everything You Need to Know About VA Loans

Everything You Need to Know About VA Loans

Everything You Need to Know About VA LoansIf you’re a Veteran of the U.S. Armed Forces or in active duty, you might be aware of a specialized home loan program administered by the Veteran’s Administration. There are significant benefits to obtaining a mortgage backed by VA support for eligible borrowers, so the plan is worth looking into if you think you qualify. Some general information about VA loans, the advantages and the financing process will be helpful if you’re considering one.

What is a VA loan? It’s a home loan backed by the VA which is available to members of our nation’s military, either active duty or those who have served in the past. The federal government doesn’t actually provide the loan funds, but the Department of Veterans Affairs acts as a sort of co-signer on loans for those individuals who qualify. (more…)

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How is a VA Loan Different from a Conventional Loan?

There’s no doubt about it – finding and qualifying for a home loan is one of the most stressful parts of your home buying adventure. Finding financing is a frustrating balance between your credit record, available loans and interest rates. If you or your spouse has served or is currently serving in the US Armed Forces, there may be a financing avenue available to you that could alleviate some of your headaches – a VA Loan.

What is a VA Loan?

VA Loans are somewhat misnamed, because the Veteran’s Administration does not actually loan money. What they do is work closely with lending institutions to find favorable financing for veterans and active duty service people. Because of your status as a veteran or active service member, you may qualify for loans with better interest rates as well as lending conditions. (more…)

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