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VA Loans in Sausalito
Sausalito's median home prices push well into seven figures, which makes VA loans particularly valuable here. No down payment on a $1.5M home saves $300K upfront—money most veterans don't have sitting around.
The VA loan limit doesn't cap what you can borrow. It caps what VA guarantees without a down payment. In Marin County, that's $1,149,825 for 2024. Above that, you'll need 25% of the difference between purchase price and loan limit.
You need a Certificate of Eligibility from VA and at least 90 consecutive days of active service during wartime or 181 days during peacetime. Reserves and National Guard qualify after six years. Surviving spouses may also be eligible.
Credit score minimums vary by lender, but most want 620 or higher. VA doesn't set a minimum—that's lender overlay. Income must support a debt-to-income ratio under 41%, though we've seen exceptions to 50% with compensating factors.
Not every lender wants VA business in high-cost markets like Sausalito. The appraisal requirements are stricter and the margins are thinner. We work with about 30 lenders who actively compete for VA loans above $1M.
VA appraisals often kill deals here because inspectors flag peeling paint, broken windows, or missing handrails. The property must meet VA Minimum Property Requirements. In older Sausalito homes, that means sellers sometimes need to make repairs before close.
Most veterans I work with in Sausalito need jumbo VA loans. Here's the math: $1.5M purchase with $1,149,825 loan limit means you'd put down $87,544 (25% of $350,175 difference). Still better than 20% down on conventional, which would be $300K.
The funding fee catches people off guard. It's 2.3% for first-time use with zero down, financed into the loan. On a $1.1M loan, that's $25,300 added to your balance. Veterans with service-connected disabilities are exempt—always check your VA disability rating before closing.
VA beats conventional loans in Sausalito for one reason: no PMI. On a $1M loan with 5% down conventional, you'd pay $300-400 monthly in mortgage insurance until you hit 20% equity. VA eliminates that cost entirely.
Jumbo conventional loans require 10-20% down in this market. If you have that cash, conventional might offer slightly lower rates. But most veterans choosing between VA and conventional pick VA to preserve cash and avoid PMI.
Sausalito's housing stock trends older—many homes built in the 1950s and 60s. That creates VA appraisal challenges. Properties need functional heating, safe stairs, and no peeling exterior paint. Budget time for seller repairs or negotiate repair credits upfront.
Houseboats and floating homes don't qualify for VA financing. VA requires real property with land ownership. If you're looking at Richardson Bay marinas, you'll need conventional or portfolio financing instead.
Yes. You'll need 25% down on the amount above $1,149,825. On a $2M purchase, that's $212,544 down—still less than 20% conventional requires.
VA appraisals require property repairs that conventional loans don't. Sellers worry about deal delays or having to fix deferred maintenance before closing.
VA has no minimum, but lenders typically require 620. We have a few lenders who'll go to 580 with strong compensating factors.
No. Veterans with service-connected disabilities are exempt. That saves $25,000+ on a typical Sausalito loan amount.
Only if the complex is VA-approved. Many Sausalito condos aren't on the VA approved list, which kills the deal before it starts.
Plan for 35-45 days. VA appraisals take longer here due to high appraiser demand and potential property repairs.
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.