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VA Loans in Selma
Selma's median home prices sit well below VA loan limits, making zero-down purchases achievable for most veterans. The city's agricultural economy and proximity to Fresno create stable neighborhoods where VA benefits stretch further than coastal markets.
Most Selma properties qualify as single-family homes that meet VA appraisal standards. The local inventory includes newer construction and older homes that typically pass VA inspections without major repairs.
You need a Certificate of Eligibility showing 90+ days active duty or six years National Guard/Reserve service. Most veterans with any discharge except dishonorable qualify, including surviving spouses who haven't remarried.
No minimum credit score exists in VA guidelines, but most lenders want 580-620. You can carry some debt—lenders accept up to 41% debt-to-income, sometimes higher with strong compensating factors like residual income.
Not every lender understands VA residual income requirements—the hidden qualifier that trips up many applications. Wholesale lenders we access have dedicated VA divisions that know how to structure deals for California's cost of living.
Big banks often add credit overlays beyond VA minimums, requiring 620+ scores. Smaller VA-focused lenders approve 580-600 credit borrowers that Wells Fargo or Chase would decline.
The VA funding fee catches borrowers off guard—2.3% for first-time zero-down users, 3.6% for subsequent use. You can finance it, but that adds $4,600-$7,200 to a $200,000 loan. Disabled veterans pay nothing.
Selma sellers often resist VA offers assuming appraisals kill deals. That's outdated thinking—VA appraisals here rarely demand repairs beyond safety issues. We get VA offers accepted by showing sellers the process works smoothly.
FHA requires 3.5% down plus monthly mortgage insurance forever until you refinance. VA costs more upfront via the funding fee but eliminates monthly PMI, saving $100-150 monthly on a typical Selma purchase.
Conventional loans need 5-20% down and better credit than VA. USDA works in Selma with zero down, but income limits block many dual-income households that VA approves easily.
Selma's agricultural wells and septic systems sometimes complicate VA appraisals. Wells need water quality tests; septic systems need inspections. Budget $400-600 for these if buying rural properties outside city limits.
Fresno County tax rates run 1.0-1.2%, lower than coastal California. Your residual income calculation benefits from this—lower property taxes mean more leftover income to meet VA requirements.
Not if it needs major repairs before move-in. VA requires homes to be safe and livable at closing, though cosmetic updates are fine.
Yes, especially when you show pre-approval and explain the funding fee is financed. Sellers can pay all your closing costs, making offers stronger.
No limit exists for veterans with full entitlement. You can borrow whatever amount lenders approve based on income and debt ratios.
Certificate of Eligibility takes 3-10 days online. Full loan approval runs 25-35 days, similar to conventional financing timelines.
Yes, if it's permanently affixed to land you own and meets HUD codes. Many Selma manufactured homes qualify under these rules.
Mortgage financing for independent contractors and freelancers who earn 1099 income instead of traditional W-2 wages.
Mortgage programs that allow borrowers to qualify based on liquid assets rather than traditional employment income.
Non-QM loans that use 12 to 24 months of bank statements to verify income for self-employed borrowers.
Short-term financing that bridges the gap between buying a new property and selling an existing one.
Debt Service Coverage Ratio loans that qualify investors based on a rental property's income rather than personal income.
Mortgage programs designed for non-US citizens and non-permanent residents who want to purchase property in the United States.
Asset-based short-term loans primarily used by real estate investors for property acquisition and renovation projects.
Mortgages that allow borrowers to pay only the interest for an initial period, resulting in lower monthly payments upfront.
Financing solutions tailored for real estate investors purchasing rental properties, fix-and-flip projects, or investment portfolios.
Home loans for borrowers who have an Individual Taxpayer Identification Number instead of a Social Security number.
Adjustable rate mortgages held in a lender's portfolio rather than sold on the secondary market, offering more flexible terms.
Non-QM mortgages that use a CPA-prepared profit and loss statement to verify income for self-employed borrowers.
Home loans with interest rates that adjust periodically based on market conditions after an initial fixed-rate period.
Specialized mortgage programs designed to support homeownership in underserved communities with flexible qualification criteria.
Mortgages that meet the guidelines and loan limits set by Fannie Mae and Freddie Mac for secondary market purchase.
Financing for building a new home or making major renovations, typically converting to a permanent mortgage upon completion.
Traditional mortgage financing not backed by a government agency, offering flexible terms and competitive rates for qualified borrowers.
Innovative loan products that leverage projected home equity growth to provide favorable financing terms.
Government-insured mortgages from the Federal Housing Administration with low down payments and flexible credit requirements.
A revolving line of credit secured by your home equity that allows you to borrow funds as needed during a draw period.
A fixed-rate second mortgage that provides a lump sum of cash by borrowing against the equity built in your home.
Mortgages that exceed the conforming loan limits set by the FHFA, designed for financing high-value luxury properties.
Loans for homeowners aged 62 and older that convert home equity into cash without requiring monthly mortgage payments.
Government-backed zero down payment mortgages for eligible rural and suburban homebuyers who meet income limits.