Loading
VA Loans in Marina
Marina sits adjacent to Fort Ord and Naval Postgraduate School, creating a robust veteran population. The VA loan program eliminates down payments here, opening coastal California homeownership without the six-figure cash barrier.
Former military housing areas have transitioned to civilian neighborhoods with strong resale values. Veterans compete against conventional buyers but win with zero down and no PMI costs.
Monterey County prices make the VA loan funding fee your biggest upfront cost. You'll pay 2.3% on first-time use without a down payment—roughly $12,000 on a $520,000 purchase.
You need a Certificate of Eligibility from the VA and 580 minimum credit score with most lenders. Active duty requires 90 consecutive days during wartime or 181 days during peacetime.
Veterans need 24 months of continuous service or full deployment period. National Guard and Reserve members qualify after six years unless called to active duty earlier.
Income verification follows standard mortgage rules—two years of tax returns and pay stubs for W-2 earners. The VA doesn't set maximum income limits, but debt-to-income can't exceed 41% without compensating factors.
We access 20+ VA-approved lenders who compete on rates and overlays. Some allow 500 credit scores, others cap at 620—lender choice determines whether you qualify.
Big banks often add overlays requiring 620+ credit and higher reserves. Credit unions near military bases understand VA loans but can't match wholesale rate competition.
VA appraisals include stricter property condition requirements than conventional loans. Properties need handrails, working systems, and no peeling paint—issues that kill deals if sellers won't repair.
Veterans leaving active duty often get denied because they apply before separation. You need DD-214 or statement of service—not just orders showing future discharge dates.
The funding fee gets financed into your loan, but disabled veterans get it waived entirely. Even 10% disability saves $12,000 upfront—verify your rating before applying.
Marina properties near former Fort Ord sometimes have environmental disclosure requirements. These don't block VA loans but slow closing timelines when surveys are required.
I see veterans leave $15,000 on the table by not shopping lenders. One quotes 6.75%, another offers 6.25% on identical scenarios—that's $90 monthly on a $500,000 loan.
FHA loans require 3.5% down plus monthly PMI that never drops off. VA eliminates both, saving $135 monthly on a $500,000 purchase compared to FHA.
Conventional loans need 5-20% down in Marina's price range. That's $26,000 to $104,000 in cash versus zero with VA—money you can use for reserves or home improvements.
Jumbo loans kick in above $766,550 in Monterey County. Veterans buying above that limit still use VA with zero down, while conventional buyers need 10-20% minimum.
Marina home prices favor single-family detached homes under $700,000. Condos require VA approval of the HOA, which blocks some complexes near the marina and beach areas.
Properties within former Fort Ord boundaries may trigger additional VA scrutiny on environmental clearances. These don't typically kill deals but add 1-2 weeks to closing timelines.
Monterey County has competitive inventory with multiple offers common. VA loans compete equally when you waive appraisal contingencies—but that's risky if condition issues appear.
Distance from San Jose brings Bay Area buyers who often pay cash. Your VA offer wins by being clean—quick close, pre-approved, and flexible on minor repairs.
Yes, your entitlement restores after selling and paying off the previous VA loan. You can also buy a second property while keeping the first if you have remaining entitlement.
Only if the HOA has VA approval, which many smaller complexes lack. We check approval status before you write an offer to avoid wasted time.
VA sets no minimum, but lenders require 580-620 depending on compensating factors. We access lenders approving 580 with strong income and reserves.
Any VA disability rating waives the fee entirely, saving $12,000+ on typical Marina purchases. Provide your VA award letter when applying.
Yes with pre-approval and quick appraisal scheduling. Fort Ord area properties may need 30 days if environmental reviews are required.
Absolutely when you're pre-approved and waive unnecessary contingencies. Strong offers with VA financing compete equally against conventional buyers.
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.