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VA Loans in Long Beach
Long Beach runs expensive. Most homes push $900K or more. That makes VA loans a massive advantage for eligible veterans and active-duty service members.
With zero down payment required, you skip the $180K cash hurdle that conventional buyers face. In Long Beach's competitive market, that's the difference between buying now or waiting years to save.
You need a Certificate of Eligibility from the VA. Most veterans with 90+ days active service qualify, along with current service members and some surviving spouses.
Credit requirements sit around 620, though many VA lenders prefer 640+. Income matters less than debt-to-income ratio, which VA caps near 41% before requiring compensating factors.
Not all lenders price VA loans the same. Some wholesale lenders waive the funding fee for first-time VA buyers. Others charge lower rates but higher closing costs.
Long Beach has plenty of VA-experienced lenders, but rates vary by half a point or more. We shop across 200+ wholesale lenders to find the lowest total cost for your situation.
Long Beach condos come with condo approval requirements. The building must be VA-approved or individually appraised. Many newer developments already have approval, but older complexes may not.
VA appraisals flag issues conventional appraisers ignore. Peeling paint, missing handrails, roof wear—any safety concern kills the deal until fixed. Budget time for repairs or negotiate them upfront.
FHA loans require 3.5% down plus monthly mortgage insurance. On a $900K Long Beach home, that's $31,500 upfront and $500+ monthly forever.
VA skips both. No down payment, no mortgage insurance. You pay a one-time funding fee—usually 2.3%—but that rolls into the loan. Much cheaper over time than FHA or conventional with less than 20% down.
Long Beach has a large veteran population, so most real estate agents understand VA contracts. But sellers in hot neighborhoods still prefer conventional or cash offers.
Strengthen your offer by waiving the funding fee appraisal gap clause if you can afford it. Or have your broker explain that VA appraisals close just as fast as conventional when the property is clean.
Yes, if the building is VA-approved or you get individual condo approval. Many Long Beach complexes already have approval, but check before making an offer.
First-time use is 2.3% of the loan amount. Subsequent use is 3.6%. Disabled veterans and some surviving spouses pay zero.
Yes. VA removed loan limits in 2020 for most borrowers. You can finance any amount with zero down if you have full entitlement.
They fear stricter appraisals or required repairs. A strong pre-approval and experienced broker solve this by explaining VA deals close just as reliably.
No. VA loans require you to live in the home as your primary residence. You can rent it out later after living there first.
Most lenders want 620 minimum. Some go lower with compensating factors, but 640+ gets you the best rates and terms.
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.