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VA Loans in Millbrae
Millbrae's proximity to San Francisco International Airport and excellent transit connections make it highly attractive for veterans and active-duty service members. The city offers a mix of single-family homes and condominiums that qualify for VA financing.
San Mateo County home prices present challenges for many buyers, but VA loans eliminate the down payment barrier. This benefit proves especially valuable in competitive markets where saving 20% down payment would take years.
Veterans purchasing in Millbrae gain access to strong schools, walkable neighborhoods, and easy Bay Area commutes. These advantages contribute to stable property values over time.
VA loans require a Certificate of Eligibility showing adequate service time. Most veterans need 90 consecutive days of active service during wartime or 181 days during peacetime. National Guard and Reserve members typically need six years of service.
Credit score requirements vary by lender, though many accept scores around 620. Your service record, current income, and debt-to-income ratio matter more than perfect credit. Rates vary by borrower profile and market conditions.
The VA funding fee ranges from 1.4% to 3.6% of the loan amount, depending on down payment and prior use. Veterans with service-connected disabilities receive a funding fee waiver, reducing closing costs significantly.
Not all lenders handle VA loans with equal expertise. Some specialize in veteran financing and understand unique situations like using BAH for income qualification or navigating condo approval requirements.
Millbrae's competitive market demands quick loan processing. Lenders experienced with California VA loans can expedite appraisals and underwriting, strengthening your purchase offer against conventional buyers.
Compare lender fees carefully since the VA limits what lenders can charge borrowers. You cannot be charged for items like document preparation or application fees, though some lenders price other services differently.
Many Millbrae sellers initially resist VA offers due to misconceptions about strict appraisal requirements or slower closings. A skilled mortgage broker can help craft competitive offers that address seller concerns while protecting your interests.
The VA appraisal includes minimum property requirements that some older homes may not meet without repairs. Identifying potential issues early prevents surprises and allows you to negotiate repair credits or pricing adjustments.
Veterans can use VA loans for investment properties only if they plan to occupy one unit in a multi-unit property. This strategy works well in Millbrae's market, where duplexes occasionally become available near downtown.
FHA loans require just 3.5% down but include mortgage insurance that never drops off on maximum financing. VA loans carry no ongoing mortgage insurance, saving hundreds monthly compared to FHA financing on the same property.
Conventional loans typically require 5-20% down and mandate private mortgage insurance below 20% equity. For veterans, VA financing eliminates both obstacles while often securing better interest rates than conventional options.
Jumbo loans become necessary when loan amounts exceed conforming limits. San Mateo County's higher conforming limit helps, but some Millbrae properties still exceed it. Veterans can combine VA loans with jumbo financing when needed.
Millbrae's location in San Mateo County means VA loans can go up to the conforming loan limit for high-cost areas. This higher limit accommodates the area's property values better than standard VA loan limits in other parts of California.
Condo financing in Millbrae requires VA approval of the homeowners association. Not all complexes maintain current approval, so verify status before making offers on condominiums or townhomes.
Property taxes in San Mateo County run higher than many California counties. Lenders include these estimates in debt-to-income calculations, potentially affecting your maximum purchase price despite zero down payment requirements.
Several Millbrae neighborhoods feature homes built before 1978, triggering lead-based paint disclosures. While this doesn't disqualify VA financing, it adds inspection considerations during the purchase process.
Yes, if the condo complex has current VA approval. Many Millbrae condos qualify, but verify approval status before making an offer since not all associations maintain their certification.
Not necessarily. While VA appraisals include property requirements, experienced agents present VA offers competitively. The key is working with professionals who understand how to address seller concerns upfront.
San Mateo County qualifies for high-cost area limits. Veterans with full entitlement can borrow up to the conforming limit without a down payment, though rates vary by borrower profile and market conditions.
Veterans with service-connected disabilities rated 10% or higher receive automatic funding fee waivers. Surviving spouses of veterans who died in service or from service-connected conditions also qualify for the waiver.
Experienced VA lenders regularly close in 21-30 days. The key is complete documentation upfront and working with a lender who understands California's fast-paced markets and can expedite appraisals.
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.