VA guaranteed loans offer some of the most competitive mortgage money available, with exceptional terms on 100% financed purchases. Eligible veterans have access to 100% financed loans that in some Bay Area counties will cover a purchase price as high as $1,050,000, with zero money out-of-pocket. But VA-backed purchase offers are harder to get into contract due to the extended timeline that most lenders require for their underwriting. VA lenders typically require at least 45 days to close on purchase money. In California's highly competitive purchase market, sellers generally demand escrow periods of 30 days or less and give little consideration to bids with extended close periods.
Pinnacle Capital Mortgage is a California-based mortgage bank, offering local underwriting and exceptional service. We routinely close VA loans in under 30 days and offer the full range of VA financing with 100% coverage to the maximum county limits. Pre-approvals are fully processed and underwritten so that offers are solidly backed and positioned to close in a smooth and timely manner. Once loan approval is issued, we will back the buyer's offer with both a strong letter of support and our Offer Advantage guarantee, which is Pinnacle's commitment to close within the agreed-to escrow period or Pinnacle will pay the seller $100 per day for any delays resulting through our fault. The Offer Advantage guarantee is a great way to let a prospective seller that your VA financing is secure and that we can accommodate a fast close. It's putting money where our mouth is.
As always, it is best to get one's ducks-in-a-row and begin the approval process early. A fully processed and underwritten application gives you the ability to present a strong offer that is more likely to get accepted. And, once in contract, your advanced status puts your agent in a better position to negotiate potential seller credits on your behalf.