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VA Loans in Temple City
Temple City sits in a sweet spot for VA buyers. Median home prices here run lower than nearby Arcadia or San Marino, making your VA benefit stretch further.
Most Temple City properties fall within standard VA loan limits. You can buy without a down payment and avoid PMI entirely, which saves $300-500 monthly compared to conventional financing.
The local market sees steady veteran interest. VA appraisers know the area well, which means fewer valuation surprises at closing.
You need a Certificate of Eligibility from the VA. Active duty requires 90 days of service. Veterans need 90 days during wartime or 181 days during peacetime.
Credit requirements run softer than conventional loans. Most lenders approve at 580-620 FICO, though 640+ gets you better rate options.
Income matters more than credit score. Lenders cap your total debt at 41% of gross income, including the new mortgage payment.
The VA funding fee runs 2.3% for first-time users with zero down. Disabled veterans and surviving spouses get this waived completely.
Not all lenders price VA loans competitively. Some wholesale lenders we work with beat retail bank rates by 0.25-0.50%, which saves $50-100 monthly on typical Temple City purchases.
VA loans require lender overlays beyond base guidelines. One lender might deny at 600 credit while another approves the same file.
Processing timelines vary wildly. The best VA lenders close in 21-25 days. Others drag past 45 days, risking your purchase contract.
We shop your scenario across 200+ lenders. That means finding whoever prices your specific credit and income profile most aggressively.
Temple City has plenty of older housing stock. The VA appraisal can flag deferred maintenance that conventional appraisers ignore—peeling paint, worn roof, basic safety issues.
Get a pre-appraisal inspection if buying a 1950s-1970s home. Spending $400 upfront beats discovering $8,000 in required repairs after going into contract.
The funding fee gets rolled into your loan amount. On a $650,000 purchase, that adds $14,950 to your mortgage. Plan for slightly higher monthly payments than advertised zero-down scenarios suggest.
Disabled veterans should verify their exemption before closing. I've seen lenders miss this and charge the fee, requiring post-closing refunds that take months.
FHA requires 3.5% down plus monthly mortgage insurance forever unless you refinance. VA gives you zero down with no PMI, saving $200-400 monthly on similar purchase prices.
Conventional loans need 5-20% down to avoid PMI. On a $700,000 Temple City home, that's $35,000-140,000 upfront versus $0 with VA.
Jumbo loans in this area start around $750,000. If you're buying above that threshold, VA jumbo terms still beat conventional jumbo rates by 0.125-0.375%.
USDA doesn't apply in Temple City—Los Angeles County lacks eligible rural zones. VA remains your only true zero-down option here.
Temple City properties average 1,200-1,800 square feet. Your VA benefit covers these price points comfortably without hitting conforming loan limits.
The city attracts families for its school district. VA buyers compete with conventional and cash offers, so waiving appraisal gaps helps—though this carries risk.
Proximity to the 10 freeway means some noise concerns. VA appraisers note freeway proximity but rarely flag it as a deal-killer unless homes sit immediately adjacent.
Several neighborhoods feature homes built in the 1940s-1960s. Budget for potential appraisal repair requirements on properties with original electrical, plumbing, or roofing.
Yes, if the complex appears on the VA's approved condo list. Most Temple City condos aren't pre-approved, requiring individual condo approval which adds 2-3 weeks.
$766,550 for 2024 with full entitlement and zero down. Above that requires a down payment covering 25% of the excess amount.
No difference. You'll have an escrow account collecting monthly portions of property tax and homeowners insurance, same as any loan type.
Yes, your entitlement restores after selling the previous VA-financed home. You can also use remaining entitlement while still owning another VA property.
Figure 21-30 days with experienced VA lenders. Delays happen if appraisals flag repairs or your Certificate of Eligibility needs manual review.
Clean VA offers compete well. Problems arise when you waive nothing while other buyers waive appraisal or inspection contingencies entirely.
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.