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VA Loans in Taft
Taft's oil industry heritage and small-town character create unique opportunities for veterans seeking affordable homeownership in Kern County. VA loans remove the down payment barrier that often challenges first-time buyers.
The no down payment feature of VA financing makes homeownership immediately accessible to eligible service members and veterans in Taft. This benefit proves especially valuable in a community where home prices remain more affordable than coastal California markets.
Active-duty service members who have served 90 consecutive days during wartime or 181 days during peacetime qualify for VA loans. Veterans need a discharge status of anything other than dishonorable.
Surviving spouses of service members who died in service or from service-connected disabilities may also qualify. National Guard and Reserve members become eligible after six years of service.
Most lenders require a minimum credit score of 580-620, though the VA itself sets no minimum. Your Certificate of Eligibility verifies your service record and determines your entitlement amount.
VA-approved lenders in Kern County understand the unique needs of military families relocating to or settling in Taft. Not every lender offers VA loans, so working with experienced VA specialists ensures smooth processing.
Mortgage brokers can connect you with multiple VA-approved lenders simultaneously, comparing rates and terms. This approach often secures better financing than applying directly to a single bank.
The VA funding fee ranges from 1.4% to 3.6% depending on your service type and down payment. Veterans with service-connected disabilities receive a funding fee exemption, reducing overall loan costs.
VA appraisals protect buyers by requiring properties to meet minimum property requirements that ensure safety and livability. In Taft, where some homes date to the oil boom era, this protection proves valuable.
Sellers sometimes hesitate accepting VA offers due to misconceptions about requirements. However, VA loans close successfully every day in Kern County when buyers work with knowledgeable loan officers who can educate listing agents.
Your VA entitlement can be used multiple times throughout your life. Even if you currently have a VA loan, you may have remaining entitlement for a second property or larger loan amount.
FHA loans require just 3.5% down but include monthly mortgage insurance for the loan's life on most purchases. VA loans eliminate both the down payment and monthly mortgage insurance, creating significant savings.
Conventional loans typically require 5-20% down and charge private mortgage insurance below 20% equity. For eligible veterans, VA financing provides superior terms without these costs.
USDA loans also offer zero down payment but limit eligible properties to designated rural areas and impose income restrictions. VA loans have no income limits and work throughout Taft regardless of location.
Taft's economy historically centered on oil production, though the community has diversified over time. Veterans purchasing here should verify employment stability, especially if working in energy-related industries.
The city's location in western Kern County places it within commuting distance of Bakersfield while maintaining lower housing costs. This affordability makes VA loan benefits go further for qualifying buyers.
Properties in Taft range from historic homes to newer construction, all potentially eligible for VA financing. The VA appraisal ensures any property you purchase meets safety standards regardless of age.
Standard VA loans require homes to meet minimum property requirements at purchase. For properties needing repairs, VA Renovation loans combine purchase and improvement financing in one mortgage.
VA loans typically close in 30-45 days, similar to conventional financing. Working with experienced VA lenders familiar with Kern County properties helps ensure timely closings.
The VA sets no minimum credit score, but most lenders require 580-620. Some specialized lenders work with veterans who have lower scores or past credit challenges.
VA loans require you to occupy the property as your primary residence. You must move in within 60 days of closing and live there for at least one year.
Your purchasing power depends on your income, debts, and creditworthiness. VA loans in Kern County have no maximum loan limit, though lenders verify you can afford payments.
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.