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in Burbank, CA
Burbank buyers often choose between conventional and VA loans based on military eligibility and down payment capacity. Both work for the city's mix of single-family homes and condos near studios and entertainment hubs.
Conventional loans require stronger credit and down payments but offer faster closes. VA loans provide zero-down financing for veterans but come with property condition requirements that can limit options.
Conventional loans require at least 3% down and typically 620+ credit for approval. You'll pay private mortgage insurance (PMI) if you put down less than 20%, but PMI drops once you hit 78% loan-to-value.
These loans work for any property type in Burbank, from condos near Warner Bros to single-family homes in Rancho Equestrian District. Lenders price them based on credit score, down payment, and debt-to-income ratio—nothing more.
VA loans require zero down payment for eligible veterans, active-duty service members, and qualifying surviving spouses. No PMI ever, regardless of down payment amount, which saves $150-300 monthly on typical Burbank purchases.
You'll pay a VA funding fee (waived for disabled veterans) that ranges from 1.4% to 3.6% of the loan amount. Properties must meet VA appraisal standards, which means some fixer-uppers won't qualify until repairs are completed.
Down payment separates these loans most clearly—VA requires nothing, conventional requires at least 3%. Monthly savings add up: a $750,000 Burbank home with 3% down conventional carries $175-250 in PMI that VA borrowers never pay.
Conventional loans accept properties in any condition and close faster with simpler appraisals. VA loans demand properties meet minimum property requirements for safety and livability, which can knock out homes needing foundation work or HVAC replacement.
Use VA if you're eligible and want to preserve cash for reserves or renovations after closing. The zero-down structure and no PMI make it unbeatable for veterans buying in Burbank's competitive market, especially on move-in ready properties.
Choose conventional if you're not military-eligible, need to close fast on a competitive listing, or want a fixer-upper that won't pass VA inspection. It's also the better pick if you have 20% down and want to avoid the VA funding fee entirely.
Yes, if the complex is VA-approved. Many Burbank condos near downtown and Media District carry VA approval, but always verify before making an offer.
VA loans typically price 0.25-0.50% lower than conventional. Rates vary by borrower profile and market conditions, but VA consistently offers rate advantages for eligible borrowers.
Usually 2-6 months of reserves depending on down payment and credit. VA loans often waive reserve requirements entirely for qualified borrowers with stable income.
Yes, if you have remaining entitlement. Many veterans use VA loans multiple times, though simultaneous VA loans require sufficient entitlement for both loan amounts.
Conventional handles older homes better since VA requires HVAC, roofs, and foundations meet current standards. Many pre-1950 Burbank homes need updates before VA approval.