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VA Loans in Burbank
Burbank's median home prices sit around $900K to $1.2M, putting most properties within conforming VA loan limits. The entertainment industry workforce here includes thousands of veterans.
VA loans let you compete against all-cash buyers common in this market. No down payment means you keep capital for closing costs and reserves.
You need a Certificate of Eligibility from the VA and at least 90 days of service during wartime or 181 days during peacetime. Surviving spouses of service members who died in service or from service-connected disabilities also qualify.
Credit requirements are flexible. Most lenders want 580 minimum, but we access VA specialists who approve 560 scores. Income must cover the full payment with no debt-to-income ceiling from VA, though lenders cap it around 55%.
Not every lender handles VA loans well. Some add overlays that defeat the program's flexibility. We work with VA-focused lenders who understand residual income calculations and don't impose arbitrary restrictions.
VA loan specialists matter more in Burbank because of condo prevalence. Many Warner Center and downtown condos need VA approval, which conventional VA lenders often can't navigate quickly.
The VA funding fee is your only major upfront cost besides closing fees. First-time use costs 2.3% of the loan amount, dropping to 3.6% for subsequent uses. Disabled veterans pay zero funding fee.
Sellers can pay all your closing costs under VA rules. In Burbank's market, asking for 3% seller credits is standard. Most sellers accept it because VA appraisals protect them from overpricing.
FHA loans require 3.5% down plus monthly mortgage insurance that never drops off. VA loans need zero down and charge no monthly MI. For a $950K Burbank home, that's $33K saved upfront and $400 monthly.
Conventional loans require 5% minimum down and PMI until you hit 20% equity. On properties above $726K, you'd need jumbo financing with stricter requirements. VA covers up to $1.4M in Los Angeles County with no PMI ever.
Burbank's older housing stock means VA appraisers scrutinize foundation and roofing closely. Homes built before 1960 often need repairs to pass VA's minimum property requirements. Budget for potential fixes the appraiser flags.
The city has earthquake retrofitting requirements that VA appraisers verify. Homes near the Verdugo Mountains face stricter soil and foundation checks. Properties in established neighborhoods like Magnolia Park typically sail through.
Yes, but the complex needs VA approval first. We check the approved condo list before you make an offer to avoid delays.
Not with experienced lenders. We close VA loans in 21-30 days, matching conventional timelines that sellers expect.
Los Angeles County VA limit is $1,089,300 for 2024. Above that, you'd need a down payment to cover the difference or consider a jumbo loan.
Most do, especially with strong pre-approval and quick closing timeline. Offering appraisal gap coverage helps in multiple-offer situations.
Standard VA loans require move-in condition. Consider VA renovation loans if the property needs significant repairs beyond cosmetic updates.
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.