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VA Loans in Loomis
Loomis pulls military families who want small-town living within reach of Travis Air Force Base and Beale AFB. VA loans handle the price range here without hitting conforming limits most of the time.
The fruit belt orchards and horse properties attract retirees trading Bay Area equity for acreage. Veterans compete with conventional buyers but skip the 20% down requirement that keeps others out.
Appraisals in Loomis move slower than metro Sacramento since fewer comps exist for rural parcels. Plan 3-4 weeks for VA appraisals on properties over an acre or with well water.
Active duty needs 90 consecutive days during wartime or 181 during peace. Veterans qualify with 90 wartime days or 24 months active service. Reserves and Guard need six years.
No minimum credit score exists in VA guidelines, but most lenders want 580-620. We place borrowers under 600 through specialty VA lenders who price the risk differently.
Debt-to-income can stretch to 50% with strong residual income. The VA counts what's left after bills, not just the ratio. Family size matters more than most realize.
Big banks approve VA loans but price them higher than wholesale lenders we access. Their overlays add credit score bumps and reserve requirements the VA never mandated.
Veterans United and USAA dominate advertising but don't shop 200+ lenders. We find better rates on rural Loomis properties by matching you to lenders comfortable with well water and septic.
The funding fee hits 2.15% for first use with zero down, 1.5% with 5% down. Disabled veterans pay nothing. Most roll it into the loan rather than paying upfront.
Sellers in Loomis accept VA offers more readily than Sacramento proper. The buyer pool skews older and more stable. We still write escalation clauses that waive appraisal gaps up to a limit.
Well water requires testing that costs $400-600 and adds a week. Septic inspections run $300-500. Budget these before your appraisal or you'll delay closing scrambling for clearances.
Horse properties trigger VA appraisal issues if barns count toward square footage or if fencing looks unsafe. We order inspections early to fix problems before the appraiser arrives.
FHA requires 3.5% down plus monthly mortgage insurance that never drops off. VA skips both. On a $600K Loomis home, that's $21K upfront plus $280/month saved.
Conventional loans need 5-20% down and hit you with PMI under 20%. VA charges a one-time funding fee instead. Veterans with disability ratings pay zero—no other loan does that.
USDA works in Loomis but income limits knock out dual military couples and retirees with pensions. VA has no income ceiling. You can make $300K and still use it.
Placer County sets development rules that limit new construction. Veterans buying existing homes face less competition than in Roseville where production builders dominate.
Loomis sits outside flood zones that plague parts of Sacramento County. VA appraisers still flag drainage issues on flat parcels. Grading reports cost $500-800 if the appraiser wants one.
Fire insurance runs higher after Camp Fire even though Loomis stayed safe. Budget $2,000-3,500 annually. Some carriers won't write new policies here. We connect you to brokers before you go under contract.
Yes, but appraisals take longer and cost more on rural land. Wells and septic add testing requirements that delay closing 1-2 weeks.
More than metro areas. The buyer pool here understands military buyers and values stability over speed.
Most lenders want 580-620. We place sub-600 borrowers through specialty VA lenders who accept the profile.
2.15% with zero down on first use, 1.5% with 5% down. Disabled veterans rated by the VA pay nothing.
Yes, but barns and fencing get scrutinized during appraisal. Fix safety issues before the appraiser visits or you'll delay closing.
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.