2021 VA Home Loan Limit: $0 down up to $5,000,000* (Subject to lender limits) /2 open VA loans at one time $822,375* (Call 888-573-4496 for details).
How to Apply for a VA Home Loan?
This is a quick look at how to apply for a VA home loan in San Benito County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in San Benito County. If you have any questions, you can call us at VA HLC and we’ll help you get started.
Get your Certificate of Eligibility (COE)
Give us a call at (877) 432-5626 and we’ll get your COE for you.
Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
Get pre-approved, to get pre-approved for a loan, you’ll need:
Previous two years of W2s
Most recent 30 days paystubs or LES (active duty)
Most recent 60 days bank statements
Landlord and HR/Payroll Department contact info
Find a home
We can help you check whether the home is in one of the San Benito County flood zones
Get the necessary inspections
Termite inspection: required
Well or septic inspections needed, if applicable
Get the home appraised
We can help you find a VA-Certified appraiser in San Benito County and schedule the process
Construction loan note: Construction permit/appraisal info
Building permit
Elevation certificate
Lock in your interest rates
Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
Close the deal and get packing!
You’re ready to go.
What is the Median Home Price?
As of March 31, 2021, the median home value for San Benito County is $715,049. In addition, the median household income for residents of the county is $86,958.
How much are the VA Appraisal Fees?
Single-Family: $600.
Individual Condo: $600.
Manufactured Homes: $600.
2-4 Unit Multi-Family: $850.
Appraisal Turnaround Times: 7 days.
Do I need Flood Insurance?
The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
Due to its location, San Benito County has no significant flood hazard areas with the only potential flood areas being immediately around the Paicines Reservoir.
How do I learn about Property Taxes?
Tom J. Slavich is the San Benito County tax assessor. His office can be reached at 481 4th Street, Hollister, California 95023 and by calling (831) 636-4030.
Veterans, owner-occupiers, and senior citizens may be eligible for property tax relief. You can find out whether you qualify through the county assessor. In addition, the Assessor’s Office can do re-appraisals to determine property values and flood risks.
What is the Population?
The county’s population of 62,808 is 60% Hispanic, 32% White, and 3.9% Asian.
Most county residents are between 18 and 65 years old, with 25.5% under 18 years old and 13.1% older than 65.
In total, the county has about 18,135 households, with an average of 3.3 people per household.
What are the major cities?
There are two cities in San Benito County, including Hollister, which serves as the county seat, and San Juan Bautista’s city.
About San Benito County
Beyond the beautiful scenery of San Benito County is an area where excitement and activity abound. As part of the San Jose Metropolitan area, residents are near all offered in the big cities of San Jose and San Francisco while simultaneously maintaining the quiet and calm more typically found in small-town America.
The closeness to the big cities provides easy access for veterans to veteran services. San Jose is home to a VA clinic and many smaller veteran support groups.
Additionally, given the multitude of gorgeous fauna and flora native to San Benito County, it should come as no surprise that Benitoite, rare blue titanium, was initially found in the area. The county is so lush in plant and floral life that the Benito, a genus of flowering plants, is named for the county. As the parable goes, where there are plants, there are bugs, exemplified by San Benito County, where a millipede with more legs than any other millipede species was discovered in 1926. This ecological display is prominently featured at the Pinnacles National Park, a federally protected area.
Veteran Information
The county is currently home to 2,619 veterans.
San Benito County is home to two VFW post:
Post 9242 Hollister Post – 649 San Benito Street, Room 204, Hollister, California 95023.
Post 6359 Leslie L. Garratt Post – 58 Monterey Street, San Juan Bautista, California 95045.
County Veteran Assistance Information
San Benito County Veteran Service Office – 649 San Benito Street, Hollister, California 95023.
Apply for a VA Home Loan
For more information about VA Home Loans and how to apply, click here.
If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.
VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.
VA Approved Condos
At the moment, there are no VA-approved condos available in San Benito County. However, if you’re still interested in getting a condo through the approval process, call us at (877) 432-5626.
Florida Gov. Ron DeSantis might be best known these days for his “war on woke.” He’s generated daily headlines for his “Don’t Say Gay” bill in schools, his battles against Disney, and the travel advisories issued against the state by the NAACP and LGBTQ organizations.
However, his housing policies haven’t generated nearly as much attention.
After months of fueling rumors, DeSantis formally announced his bid for the U.S. presidency on Wednesday. What would that mean for the housing market if he wrests the Republican nomination from real estate mogul and former President Donald Trump and wins the general election in 2024? (Currently, Trump has a sizable advantage in the polls among likely GOP voters.) Realtor.com® looked at the No. 2 Republican contender’s housing-related priorities during his four-plus years as governor of the Sunshine State for clues.
“His experience as the governor of Florida has certainly exposed him to the housing market and its issues,” says Sean Snaith, director of the Institute for Economic Forecasting at the University of Central Florida in Orlando. “He’s intimately familiar with the shortage of housing that has plagued our state.”
Florida experienced tremendous growth during the COVID-19 pandemic as companies expanded and legions of folks moved to the Sunshine State. It was the nation’s fastest-growing state last year, according to the U.S. Census Bureau. The median home list price in Florida shot up 42%, to about $468,000, from April 2020 to April 2023, according to Realtor.com data. Rental prices also surged throughout the state during the pandemic.
This year, DeSantis has passed bills geared toward creating more housing, providing assistance to first-time buyers, as well as restricting international buyers from certain countries from purchasing real estate in Florida. The government has also responded to the devastation wrought by hurricanes and flooding by making changes to Florida’s property insurance industry.
The legislature has also been forced to confront the state’s affordability challenges. For years, the state had typically been reallocating the money from its affordable housing trust fund to other projects. In 2021, the legislature agreed that a third of that money will be spent on housing, while the rest can go to other priorities.
Democrats have blasted diverting the money away from housing during such a severe real estate shortage.
DeSantis and Trump will have plenty of competition from other Republicans vying for the nation’s highest office. Former South Carolina Gov. Nikki Haley announced her candidacy in February. South Carolina Sen. Tim Scott threw his hat in the ring this week, and former New Jersey Gov. Chris Christie is expected to enter the fray. New Hampshire Gov. Chris Sununu and former Vice President Mike Pence are also likely to run.
Whoever wins the 46th presidency—from either side of the aisle—will have a major challenge in tackling the housing crisis.
“It would have to be concerted efforts from all levels of government,” says Snaith. “We need to help expedite the process for developers from going from paper to getting these housing units off the ground.”
DeSantis tries to create more affordable housing
In March, DeSantis signed an affordable housing plan that invested more than $700 million to provide low-interest loans to developers building workforce housing in Florida, down payment and closing costs assistance for first-time homebuyers, and the redevelopment of underused properties near military installations.
The Live Local Act is also expected to make it easier to convert commercial buildings into housing by bypassing local zoning boards, building height requirements, and local density regulations.
While superseding local authorities and zoning regulations can lead to a strain on local infrastructure—such as more traffic, crowding in schools, and other growing pains—the housing shortage “trumps” these concerns, says Ken Johnson, a real estate economist at Florida Atlantic University in Boca Raton.
“This will start to increase the supply of housing rather rapidly. We just need units built right now,” says Johnson. “We are still in a rental crisis here.”
He was less enthusiastic about the $100 million provided for down payment and closing costs assistance. The money will fund the Florida Hometown Heroes Housing Program, which the governor announced the creation of last year. It’s geared toward eligible first-time buyers who work in critical professions such as law enforcement, firefighting, education, health care, and child care, and active military or veterans, among others.
“There’s not enough money behind them to make a dent,” says Johnson.
The Live Local Act also prohibits towns and cities from enacting rent controls.
The state of Florida is short about 444,000 affordable and available rental homes for extremely low-income renters, according to the National Low Income Housing Coalition.
“It has been more pocket change than real substantial solutions to the problem,” says Jack McCabe, who runs an eponymous housing consultancy in Southern Florida. “Seven hundred eleven million dollars looks like a lot of money, but the truth is it could take billions and billions of dollars to correct the problem.”
Restrictions on who can buy homes in Florida
Last week, DeSantis signed a bill to prohibit many Chinese citizens who aren’t legal U.S. residents from purchasing real estate in the state of Florida. The bill also bans citizens from six other countries—Russia, Iran, North Korea, Cuba, Venezuela, and Syria—from buying farmland that is located within 10 miles of military sites and critical infrastructure.
In addition, as of July 1, the new law will require some Chinese nationals to register the real estate they already own and whatever they buy with Florida’s state government.
The law has been criticized by Democrats, Asian American leaders, and some real estate professionals.
“The law is very restrictive,” says Dan Lionetta, president of the Asian American Real Estate Association of America, Greater Jacksonville Chapter. He is also a mortgage lender at Movement Mortgage. “We are certainly not in favor of the law and anyone, from any country, being limited regarding purchasing real estate.”
Real estate economist Johnson believes a bill like this “distorts” the market by dictating who can and who cannot buy.
“It will negatively impact price, although I think it will be marginal,” says Johnson. “We’re simply cutting the demand for real estate.
Tackling Florida’s hurricane and flooding issues
Last year, DeSantis signed a Republican bill to prop up Florida’s property insurance system as many companies have gone out of business and others are struggling due to the extensive damage wrought by storms and flooding. The bill raises costs for some homeowners while providing tax rebates for residents affected by Hurricanes Ian and Nicole. It will also force some homeowners out of receiving coverage from the state-created insurer.
As a result, many Floridians expect their already high flood insurance premiums to double this year.
“Many people are being forced to sell their homes and move,” says housing consultant McCabe.
However, the governor has also signed bills into law to give homeowners a break. One prevents insurers from refusing to cover homeowners if their roof is less than 15 years old. And in the wake of the Surfside condo collapse, buildings that are three stories and higher must be inspected after 30 years and then receive additional inspections every 10 years. Buildings that are within 3 miles of the coast must start undergoing inspections after 25 years.
The governor also approved setting $150 million aside last year to be used for grants for homeowners who want to retrofit their homes to be more resistant to hurricanes.
“The overall impact [of a DeSantis presidency] is hard to say right now,” says Johnson. “It’s a toss-up.”
2021 VA Home Loan Limit: $0 down up to $5,000,000* (Subject to lender limits) /2 open VA loans at one time $548,250* (Call 888-573-4496 for details).
How to Apply for a VA Home Loan?
This is a quick look at how to apply for a VA home loan in San Joaquin County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA house loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in San Joaquin County. If you have any questions, you can call us at VA HLC and we’ll help you get started.
Get your Certificate of Eligibility (COE)
Give us a call at (877) 432-5626 and we’ll get your COE for you.
Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
Get pre-approved, to get pre-approved for a loan, you’ll need:
Previous two years of W2s
Most recent 30 days paystubs or LES (active duty)
Most recent 60 days bank statements
Landlord and HR/Payroll Department contact info
Find a home
We can help you check whether the home is in one of the San Joaquin County flood zones
Get the necessary inspections
Termite inspection: required
Well or septic inspections needed, if applicable
Get the home appraised
We can help you find a VA-Certified appraiser in San Joaquin County and schedule the process
Construction loan note: Construction permit/appraisal info
Building permit
Elevation certificate
Lock in your interest rates
Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
Close the deal and get packing!
You’re ready to go.
What is the Median Home Price?
As of March 31st, 2021, the median home value for San Joaquin County is $448,453. In addition, the median household income for residents of the county is $64,432. which is higher than the national average.
How much are the VA Appraisal Fees?
Single-Family: $600.
Individual Condo: $600.
Manufactured Homes: $600.
2-4 Unit Multi-Family: $850.
Appraisal Turnaround Times: 7 days.
Do I need Flood Insurance?
The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
In San Joaquin County, there are several flood hazard areas around the San Joaquin River which run through the county. However, several levies have been built to manage potential flood areas around the county. In addition, areas surrounding French Camp Slough, the Old River, and Mormon Slough are also considered potential flood hazards.
How do I learn about Property Taxes?
Steve J. Bestolarides is the San Joaquin county tax assessor. His office can be reached at 44 North San Joaquin Street Second Flood, Suite 230 Stockton, CA 95202. In addition, his office can also be reached by calling (209) 468-2630.
The state of California offers incentive programs that expand statewide for new, growing, and relocating businesses. Two of these programs are the California Competes Tax Credit which offers qualifying businesses with a tax credit and the New employment Credit. The latter of which offers a tax credit for taxpayers who hire full-time employees. Furthermore, the state offers several other programs to further diversify the state’s economy.
What is the Population?
The county’s population of 762,148 is 41% Hispanic, 31% White, and 17% Asian.
Most county residents are between 18 and 65 years old, with 27% under 18 years old and 13% older than 65.
In total, the county has about 226,727 households, with an average of three people per household.
What are the major cities?
The county has seven cities, including the city of Stockton which serves as the county seat. Also, the county is home to six other cities including Escalon, Lathrop, Lodi, Manteca, Ripon, and Tracy.
About San Joaquin County
As a result of neighboring San Francisco’s growth, San Joaquin County has seen a big increase in its population and as a result has seen increased economic growth. In addition, the county is also home to the Employment & Economic Development Department which provides employee training, education, and economic services for new and growing businesses.
When it comes to education, the county is home to 14 public school districts as well as various school districts. In addition, the county is also home to higher education institutions like San Joaquin Delta College, University of the Pacific, and Teachers College of San Joaquin. Furthermore, the most common concentrations for students in the county are humanistic studies, liberal arts, and social sciences.
In addition to its strong economy and quality educational institutions, the county is also a great place to enjoy the local culture and history. These include the Bakersfield Museum of Art, the Buena Vista Museum of Natural History, and the Stockton Field Aviation Museum. Moreover, the county is also home to art institutions like the Stockton Symphony, and the Stockton Memorial Civic Auditorium.
Finally, the county is also full of recreational opportunities like Micke Grove Park, the Regional Sports Complex, and the Woodridge Wilderness Area. Furthermore, the county is also home to several celebratory events which include the Greek Festival, the Lodi Obon festival, and the San Joaquin County fair.
Veteran Information
The county is currently home to 30,296 veterans.
Bases Nearby:
San Joaquin County is home to four VFW post:
Post 52 Luneta – 513 North Center Street, Stockton, CA 95202.
Post 6311 Jimmie Connors – 580 Moffat Blvd. Manteca, CA 95336.
Post 1051 Nicholas P. Kukulica Sr. – 12455 W Ripon Rd., Ripon, CA 95366.
Post-1537 Tracy – 35 E. 6th Street, Tracy, CA 95376.
VA Medical Centers in the county:
Delta Vet Center – 1327 historical Plaza Way, Manteca, CA 95336.
County Veteran Assistance Information
San Joaquin County Veteran’s Services Office – 105 South San Joaquin Street, Stockton, CA 95202.
Apply for a VA Home Loan
For more information about VA Home Loans and how to apply, click here.
If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.
VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.
VA Approved Condos
Name (ID): BRIDGEBERRY CONDOMINIUMS (008472) Address: TRACT 2575
WOODBRIDGE CA 95258 SAN JOAQUIN Status: HUD Accepted Request Received Date: 11/19/2009 Review Completion Date: 11/23/2009
Name (ID): BROOKSIDE TERRACE (C01355) Address: TOWNHOUSE CONDOMINIUMS
LODI CA 95267 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 06/18/2002 Review Completion Date: 07/01/2002
Name (ID): CAMBRIDGE PLACE (007697) Address:
MOUNTAIN HOUSE CA 95391 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 03/13/2008 Review Completion Date: 03/13/2008
Name (ID): CASTAWAY AT RIVER ISLANDS (000354) Address: 1493 CURRENTS WAY
LATHROP CA 95330 SAN JOAQUIN Status: Accepted With Conditions Request Received Date: 10/16/2018 Review Completion Date: 10/30/2018
Name (ID): CAVENDISH SQUARE (008271) Address: CONDOMINIUMS
STOCKTON CA 95219 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 06/10/2009 Review Completion Date: 06/10/2009
Name (ID): EMBARCADERO WEST (000218) Address: 6669 EMBARCADERO DRIVE #18
STOCKTON CA 95219 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 10/06/2016 Review Completion Date: 10/26/2016
Name (ID): FOX CREEK I & II (C00520) Address:
STOCKTON CA 99999-0000 SAN JOAQUIN Status: Accepted With Conditions Request Received Date: 11/17/1111 Review Completion Date: Unavailable
Name (ID): LODI WOODLAKE NORTH (000328) Address: 2401 EILERS LANE
LODI CA 95242 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 04/15/2018 Review Completion Date: 05/01/2018
Name (ID): PARKSIDE CONDOMINIUMS (007902) Address:
STOCKTON CA 95204 SAN JOAQUIN Status: HUD Accepted Request Received Date: 08/03/2008 Review Completion Date: 08/04/2008
Name (ID): RIVER ROCK CONDOMINIUMS (007751) Address: PACIFIC COMMONS TRCT 1600
STOCKTON CA 95207 SAN JOAQUIN Status: HUD Accepted Request Received Date: 04/28/2008 Review Completion Date: 04/28/2008
Name (ID): RIVERGATE COMMONS (000253) Address: 1142 RIVERGATE DRIVE
LODI CA 95240 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 03/28/2017 Review Completion Date: 05/23/2017
Name (ID): THE REGENCY CONDOMINIUMS (007408) Address:
STOCKTON CA 95204 SAN JOAQUIN Status: HUD Accepted Request Received Date: 06/11/2006 Review Completion Date: 06/11/2006
Name (ID): VICTORIAN VILLAGE ONE (007472) Address:
STOCKTON CA 95207 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 02/13/2007 Review Completion Date: 02/14/2007
Name (ID): VILLAGE AT SUMMERGATE (C00528) Address: TR. 2510, PHASES I – V
TRACY CA 99999-0000 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 08/16/1992 Review Completion Date: Unavailable
Name (ID): WESTLAKE VILLAGE CONDO’S (C01264) Address: UNITS #1 – #52 ONLY
STOCKTON CA 95207-0000 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 05/19/1997 Review Completion Date: 05/19/1997
Name (ID): WOODLAKE PLACE SOUTH (000355) Address: 2400 EILERS LANE
LODI CA 95240 SAN JOAQUIN Status: Accepted Without Conditions Request Received Date: 11/05/2018 Review Completion Date: 11/19/2018
2021 VA Home Loan Limit: $0 down up to $5,000,000* (Subject to lender limits) /2 open VA loans at one time $550,850* (Call 888-573-4496 for details).
How to Apply for a VA Home Loan?
This is a quick look at how to apply for a VA home loan in Solano County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Solano County. If you have any questions, you can call us at VA HLC and we’ll help you get started.
Get your Certificate of Eligibility (COE)
Give us a call at (877) 432-5626 and we’ll get your COE for you.
Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
Get pre-approved, to get pre-approved for a loan, you’ll need:
Previous two years of W2s
Most recent 30 days paystubs or LES (active duty)
Most recent 60 days bank statements
Landlord and HR/Payroll Department contact info
Find a home
We can help you check whether the home is in one of the Solano County flood zones
Get the necessary inspections
Termite inspection: required
Well or septic inspections needed, if applicable
Get the home appraised
We can help you find a VA-Certified appraiser in Solano County and schedule the process
Construction loan note: Construction permit/appraisal info
Building permit
Elevation certificate
Lock in your interest rates
Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
Close the deal and get packing!
You’re ready to go.
What is the Median Home Price?
As of March 31st, 2021, the median home value for Solano County is $510,353. In addition, the median household income for residents of the county is $81,472.
How much are the VA Appraisal Fees?
Single-Family: $600.
Individual Condo: $600.
Manufactured Homes: $600.
2-4 Unit Multi-Family: $850.
Appraisal Turnaround Times: 7 days.
Do I need Flood Insurance?
The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
In Solano County, there are several flood hazard areas, especially around the county’s many wetlands. One such flood hazard area is south of Suisun City which has considerable flood-prone areas south of Rio Vista Highway. In addition, low elevation areas around Carquinez Strait are also considered flood hazards.
How do I learn about Property Taxes?
Marc Tonnesen is the Solano county tax assessor. His office can be reached at 675 Texas Street, Suite 2700 Fairfield, CA 94533. In addition, his office can also be reached by calling (707) 784-6200.
The state of California offers various incentive programs that expand statewide for new, growing, and relocating businesses. Two of these programs are California Competes Tax Credit which offers qualifying businesses tax credit and the New employment Credit program which offers a tax credit for taxpayers who hire full-time employees. These and many other programs help in further diversifying the state’s economy.
What is the Population?
As of 2019, Solano County’s population is 447,643 which has seen an 8% increase in the last decade. Moreover, demographically speaking, 37% of the population is White, with 26% Hispanic, and 16% Asian.
Most county residents are between 18 and 65 years old, with 22% under 18 years old and 16% older than 65.
In total, the county has about 149,067 households, with an average of two people per household.
What are the major cities?
The county has seven cities, including the city of Fairfield which serves as the county seat. There are six other cities in the county which include Benicia, Dixon, Rio Vista, Suisun City, Vacaville, and Vallejo.
About Solano County
Solano County, California is home to strong healthcare, retail trade, and construction employment industries. Hence, the most common types of employment in the county are in the office administrative, sales, management occupations.
When it comes to education, the county is home to eight school districts that offer education ranging from pre-K to senior year in high school. In addition, the county is also home to Solano Community College, Touro University California, and California State University Maritime Academy which provide higher education opportunities. Moreover, the most common concentrations for students in the county are in the Liberal Arts, Biological Sciences, and Business Administration.
In addition to its workforce and education, the county is also home to rich art and culture institutions like the A gallery, Arts Benicia, Fairfield Center of Creative Arts, and Vacaville Art gallery. Moreover, the county is also home to several museums like the Western Railway Museum and the Solano History Exploration Center.
Finally, outside of the city, there are also several recreational areas within the county like Lake Solano Park, Lynch Canyon Open Space Park, and Sandy Beach Park. All of which provides an escape from city life by providing opportunities for water activities, camping, and many other outdoor activities.
Veteran Information
The county is currently home to 32,811 veterans.
Bases Nearby:
Travis Air Force Base
Solano County is home to five VFW post:
Post-2333 Simmons-Sheldon – 427 Main Street, Suisun City, CA 94585.
Post 7244 Lt. Michael Libonati Jr. – 549 Merchant St. Vacaville, CA 95688.
Post 8151 Dixon – 231 N. First St. Dixon, CA 95620.
Post-1123 Carl H. Kreh – 420 Admiral Callaghan Ln. Vallejo, CA 94591.
Post 3928 Benicia – 1150 1st St. Benicia, CA 94510.
VA Medical Centers in the county:
Fairfield VA Clinic – 103 Bodin Circle, Building 778, Travis AFB, CA 94535.
RCS Pacific District Office – 420 Executive Court North Suite A, Fairfield, CA 94534.
Mare Island VA Clinic – 201 Walnut Avenue, Building 201, Mare Island, CA 94592.
County Veteran Assistance Information
Solano County Veteran Services Office – 675 Texas Street, Suite 4700, Fairfield, CA 94533.
Apply for a VA Home Loan
For more information about VA Home Loans and how to apply, click here.
If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.
VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.
VA Approved Condos
Name (ID): ALAMO CREEK (C00837) Address: AKA EDGEWATER
VACAVILLE CA 95688-0000 SOLANO Status: Accepted Without Conditions Request Received Date: 01/01/1983 Review Completion Date: 01/02/1983
Name (ID): BELVEDERE AT NORTHGATE (008331) Address: PHASE 1, 2, & 3
VALLEJO CA 94591 SOLANO Status: Accepted Without Conditions Request Received Date: 08/06/2009 Review Completion Date: 08/06/2009
Name (ID): COSTA DEL ORO III (000138) Address: SEAPORT DRIVE
VALLEJO CA 94590 SOLANO Status: Accepted Without Conditions Request Received Date: 11/09/1993 Review Completion Date: 11/09/1993
Name (ID): ELDORADO 1 & 2 (000058) Address:
VACAVILLE CA 94945 SOLANO Status: Accepted Without Conditions Request Received Date: 04/14/2004 Review Completion Date: 04/15/2006
Name (ID): FAIRFIELD’S CREEKSIDE MANOR (000326) Address: 1810 E. TABOR AVE
FAIRFIELD CA 94533 SOLANO Status: Accepted Without Conditions Request Received Date: 04/02/2018 Review Completion Date: 04/16/2018
2021 VA Home Loan Limit: $0 down up to $5,000,000* (Subject to lender limits) /2 open VA loans at one time $548,250* (Call 888-573-4496 for details).
How to Apply for a VA Home Loan?
This is a quick look at how to apply for a VA home loan in Sierra County. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Sierra County. If you have any questions, you can call us at VA HLC and we’ll help you get started.
Get your Certificate of Eligibility (COE)
Give us a call at (877) 432-5626 and we’ll get your COE for you.
Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
Get pre-approved, to get pre-approved for a loan, you’ll need:
Previous two years of W2s
Most recent 30 days paystubs or LES (active duty)
Most recent 60 days bank statements
Landlord and HR/Payroll Department contact info
Find a home
We can help you check whether the home is in one of the Sierra County flood zones
Get the necessary inspections
Termite inspection: required
Well or septic inspections needed, if applicable
Get the home appraised
We can help you find a VA-Certified appraiser in Sierra County and schedule the process
Construction loan note: Construction permit/appraisal info
Building permit
Elevation certificate
Lock in your interest rates
Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
Close the deal and get packing!
You’re ready to go.
What is the Median Home Price?
As of March 31st, 2021, the median home value for Sierra County is $258,015. In addition, the median household income for residents of the county is $52,148.
How much are the VA Appraisal Fees?
Single-Family: $600.
Individual Condo: $600.
Manufactured Homes: $600.
2-4 Unit Multi-Family: $850.
Appraisal Turnaround Times: 7 days.
Do I need Flood Insurance?
The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
In Sierra County, there aren’t many flood hazard areas other than areas around Davies creek north of the Stampede Reservoir.
How do I learn about Property Taxes?
Laura Marshall is the Sierra county tax assessor. Her office can be reached at 100 Courthouse Square, Room B1 P.O. Box 8 Downieville, California 95936. In addition, her office can also be reached by calling (530) 289-3283.
The state of California offers various incentive programs that expand statewide for new, growing, and relocating businesses. Two of these programs are California Competes Tax Credit which offers qualifying businesses tax credit and the New employment Credit program which offers a tax credit for taxpayers who hire full-time employees. These and many other programs help to further diversify the state’s economy.
What is the Population?
As of 2019, Sierra County’s population is 3,005 which includes 235 veterans Moreover, demographically speaking, 82% of the population is White, with 12% Hispanic, and 2% American Indian.
Most county residents are between 18 and 65 years old, with 16% under 18 years old and 32% older than 65.
In total, the county has about 1,241 households, with an average of two people per household.
What are the major cities?
The county has one city, and ten census-designated places the city of Downieville which serves as the county seat.
About Plumas County
Located in the Sierra Nevada mountains, the county was established in 1852, on land that was once home to the Washoe and the Miwok people. Archeological evidence shows that the area where the county is located had been inhabited for at least 5,000 years.
Eventually, in 1844, the first European Americans arrived in the area after making their way up the Truckee River. By 1847, there was increased migration to the area and in 1848 there was a boom in the local population after the discovery of gold in California.
Today, residents of the county tend to have jobs in the construction, public administration, and health care industries. As a result, the most common types of occupations in the county are in management, construction, and office administrative support.
When it comes to education, the county is home to the Sierra-Plumas Joint Unified School District. This is the only school district in the county and currently has about 411 students in its four educational institutions.
Furthermore, in addition to its education and workforce, the county is also home to various parks and recreational opportunities. Some of these parks are Alleghany Park, Downieville Visitor Center, Kentucky Mine Museum, and Park.
Veteran Information
The county is currently home to 292 veterans.
County Veteran Assistance Information
Sierra County Veteran’s Service Office – 270 County Hospital Road, Suite 206, Quincy, CA 95971.
Apply for a VA Home Loan
For more information about VA Home Loans and how to apply, click here.
If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.
VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.
VA Approved Condos
There are no VA-approved condos available in Sierra County. Although if you’re still interested in getting a condo through the approval process, call us at (877) 432-5626.
Check out other counties: Colorado VA Loan Information
How to Apply for a VA Home Loan in Hinsdale?
This is a quick look at how to apply for a VA home loan in Hinsdale county. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA mortgage loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Hinsdale County. If you have any questions, you can call us at VA HLC and we’ll help you get started.
Get your Certificate of Eligibility (COE)
Give us a call at (877) 432-5626 and we’ll get your COE for you.
Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
Get pre-approved, to get pre-approved for a loan, you’ll need:
Previous two years of W2s
Most recent 30 days paystubs or LES (active duty)
Most recent 60 days bank statements
Landlord and HR/Payroll Department contact info
Find a home
We can help you check whether the home is in one of the Hinsdale County flood zones
Get the necessary inspections
Termite inspection: required
Well or septic inspections needed, if applicable
Get the home appraised
We can help you find a VA-Certified appraiser in Hinsdale County and schedule the process
Construction loan note: Construction permit/appraisal info
Building permit
Elevation certificate
Lock in your interest rates
Pro tip: Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
Close the deal and get packing!
You’re ready to go.
As of April 31, 2021, the median home value for Hinsdale County is $341,490. In addition, the median household income for residents of the county is $56,339.
How much are the VA Appraisal Fees in Hinsdale?
Single-Family: $800.
Individual Condo: $825.
Manufactured Homes: $850.
2-4 Unit Multi-Family: $1000.
Appraisal Turnaround Times: 7 days.
Do I need Flood Insurance in Hinsdale?
The VA and lenders require properties to have flood insurance if they are in a Special Flood Hazard Area.
There is currently no digital data for Hinsdale County in the FEMA Flood Map Service Center. The only significant flood hazards are located around Lake Fork, which includes Lake City.
How do I learn about Property Taxes for Hinsdale?
Luke de la Parra is the current Hinsdale County Tax Assessor. His office can be reached at 317 Henson Street, PO Box 28, Lake City, Colorado 81235.
Colorado’s state offers Coloradoans the opportunity to be eligible for the Property Tax, Rent, Heat Credit Rebate (PTC Rebate). Some basic requirements are that applicants live in Colorado for at least one year, be 65 years or older, or the surviving spouse of 58 years of age, or a disabled person. Income and expenses will guide how much is given in the rebate.
What is the Population in Hinsdale?
The county’s population of 820 is 88% White, 5.7% Hispanic, and 3% Mixed Race.
Most county residents are between 18 and 65 years old, with 15% under 18 years old and 31% older than 65.
In total, the county has about 377 households, with an average of 2.2 people per household.
What are the major cities in Hinsdale?
The County has one town, the town of Lake City, which also serves as the county seat.
About Hinsdale County
Most of Hinsdale County is made up of parts of several different national forests and the Weminuche Wilderness Area. The national forests that makeup Hinsdale are the Gunnison National Forest, the Rio Grande National Forest, the San Juan National Forest, and the Uncompahgre National Forest.
Hinsdale County is also the location of several hiking trails where visitors can enjoy the sites of nature that Colorado has to offer. The Continental Divide Trail is a 3,100-mile-long trail that runs between Mexico and Canada. In Hinsdale, the Continental Divide Trail passes through many of the highest regions of the San Juan Mountains.
The County’s economy depends on its largest employment industries: Construction, Public Administration, and Accommodation. As a result, the most common types of jobs are in the Construction, Management, and Office Administration occupations.
Furthermore, when it comes to education, the County’s small size only allows for one school district currently in existence. The one school district in the County is the Hinsdale County School District No. RE-1, which administers one school with about eighty students in total. Thankfully neighboring counties have more educational opportunities for residents.
Veteran Information
The county is currently home to 68 veterans.
County Veteran Assistance Information
VA Home Loan Information
If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.
VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.
VA Approved Condos
Currently, there are no VA-approved condos available in Hinsdale County. However, if you’re interested in getting a condo through the condo approval process, call us at (877) 432-5626. Our team will assist you through the process.
Save more, spend smarter, and make your money go further
So far in our home buying series, we’ve covered some of the basics that you need to know if you want to buy a home. In Chapter 2, we went over important resources for first time home buyers. In this third chapter, we’ll go over the basics of how to save for a house.
Buying a home can be a long and arduous journey, but having a stable place to live that’s all yours will make it all worth it. But before you can make an offer on a house, you need to learn how to start saving for a house.
When you buy a home, you’re making an investment in yourself and your future. You’re building financial stability, equity, and experience. You have a place to call your own and you can customize the space just how you want. Yet, you might be wondering how to get to that point
This is why saving up is so important.
There are some upfront costs to owning a home—primarily making a down payment. Find out how much you should budget using a home loan affordability calculator and figure out how to save the amount you need. After all, the best way to save for a house is to formulate a budget that helps you work towards your saving goals step by step. Soon enough, you’ll be turning the key and stepping into a home you love.
Step 1: Calculate Your Down Payment and Timeline
When figuring out how to save for a house, you may already have a savings goal and deadline in mind. For instance, you may want to save 20 percent of your home jumbo loan cost by the end of the year. If you haven’t given this much thought, sit down and crunch the numbers. Ask yourself the following questions:
What is your ideal home cost?
What percentage would you like to contribute as a down payment?
What are your ideal monthly payments?
When would you like to purchase your home?
How long would you like your mortgage term to be?
Asking yourself these questions will reveal a realistic budget, timeline, and savings goal to work towards. For instance, say you want to buy a $250,000 house with a 20 percent down payment at a 30-year loan term length. You would need to save $50,000 as a down payment and, at a 3.5 percent interest rate, your monthly payments would come out to be $898.
How much you need to save also depends on the type of loan that you use to purchase your home. For example, conventional loans and FHA loans require you to make a down payment, but some government sponsored loans do not. Before you can buy a house, it’s important to educate yourself on the differences between FHA vs. conventional loans. FHA loan requirements are different from conventional loan requirements, so you need to figure out which is a better option for you.
Step 2: Budget for the Extra Expenses
Just like a new rental, your home will have fees, taxes, and utilities that need to be budgeted for. Homeowners insurance, closing costs, and property taxes are a few examples of cash expenses. Not to mention the cost of utilities, repairs, renovation work, and furniture. Here are a few more expenses you may have to save for:
Appraisal costs: Appraisals assess the home’s value and are usually ordered by your mortgage lender. They can cost anywhere from $312 to $405 for a single-family home.
Home inspection: A home inspection typically costs $279 to $399 for a single-family home. Prices vary depending on what you need inspected and how thorough you want the report to be. For instance, if you want an expert to look at your foundation, there will likely be an additional cost.
Realtor fees: In some states, the realtor fee is 5.45 percent of the home’s purchase price. Depending on the market, the seller might pay for your realtor fee. In other places, it might be more common to contract a lawyer to look over your purchase agreement, which is usually cheaper than a realtor.
Closing costs: Closing costs are typically about 3% to 6% of the house’s price. Some closing costs may be negotiable with the seller but others will fall solely on your shoulders as the buyer.
Step 3: Maximize Your Savings Contributions
Saving for a new home is easier said than done. To stay on track, consider creating a savings account that has a high yield if possible. Then, check in on your monthly savings goal to set up automatic contributions. By setting up automatic savings payments, you may treat this payment as a regular monthly expense.
In addition to saving more, spend less. Evaluate your budget to see what areas you could cut down or live without. For instance, creating your own workout studio at home could save you $200 a month on a gym class membership.
Step 4: Work Hard for a Raise
One of the simplest ways to boost your savings is to increase your earnings. If you already have a job you love, put in the extra time and effort to earn a raise. Learning new skills by attending in-person or virtual training seminars or learning a new language could increase your earning potential. Not only could you land a raise, but you could add these skills to your resume.
Sometimes, putting in the extra effort doesn’t always land you a raise, and that’s okay! When getting a raise is out of the question, consider looking at other opportunities. Figure out which industry suits you and your skillset and start applying. You may end up finding your dream job, along with your desired pay.
Step 5: Create More Streams of Income
Establishing different income streams could help your house savings budget. If one source of income unexpectedly goes dry, having other sources to cut the slack is helpful. You won’t have to worry about the sudden income change when paying your monthly mortgage.
For example, creating an online course as a passive income project may earn you only $5 this month. As traffic picks up, your monthly earnings from this project could surpass your regular monthly income. To create an abundant financial portfolio, there are a few different steps you can take:
Create an online course: Write about something you’re passionate about and share your skills online. Sell your digital products on Etsy or Shopify to earn supplemental income.
Grow a YouTube channel: Start a YouTube channel and share your skills to help others within your industry of expertise. For instance, “How to start a YouTube channel” could be its own hit.
Explore low-risk investments: From CD’s to money market funds, there are a few types of investments that could grow your cash with minimal risk.
Step 6: Pay Off Your Biggest Debts
Another way that you can start saving for a home is by paying off your debts. Before taking on more debt like a mortgage, it’s important to free up your credit usage. Credit utilization is the percentage of available credit you have open compared to what you have used. If you have $200 in debt, but $1,000 available on your credit card, you’re only using 20 percent of your credit utilization.
A higher credit utilization could potentially hinder your credit score over time. Not only can paying off debt feel satisfying, but it could also increase your credit score and prepare you for this next big purchase.
To pay off your debts, create an action plan. Write out all your debt accounts, how much you still owe, and their payment due dates. From there, consider increasing your payments on your smallest debt. Once you pay off your smallest debt in full, you may feel more motivated to pay off your next debt account.
Keep up with these good habits as you take on your mortgage account.
Another factor that mortgage lenders will look at when determining your eligibility for a loan is your debt-to-income ratio. Your debt-to-income ratio measures your gross monthly income compared to your total monthly debt payments. This number will affect how lenders determine how much house you can afford because it will tell them whether you have enough income to cover your new mortgage payments and any existing debts.
So before you consider buying a home, make sure you calculate your debt-to-income ratio.
In addition to your debt-to-income ratio, lenders will also look at your residential mortgage credit report, which is a comprehensive study of all your credit reports. You should look at your credit report before you apply for a mortgage so you can figure out if you need to increase your credit score.
Step 7: Don’t Be Afraid to Ask for Help
Whether you’re touring homes or want help adjusting your budget, don’t hesitate to ask for help. If you’re trying to figure out what your budget should look like, research budgeting apps like Mint to build a successful financial plan.
If you’re curious about additional mortgage expenses, your budget, or investment opportunities, reach out to a trusted professional or utilize government resources. Not only are they able to help you prepare for your next big step, but they could also help you and your finances in the long term.
Getting help, whether it’s from a realtor or a financial professional, can help you secure your dream home at a price you’re comfortable with. Realtors can help with everything from finding you a home to negotiating the price of the home, so don’t be afraid to ask for help. You probably need it more than you think.
Saving for a house can be an intimidating process, so you also shouldn’t be afraid to ask questions. There are many important questions to ask your mortgage lender, like the difference between pre-qualified and pre-approved or the credit score you need to buy a house. Asking the right questions could end up saving you thousands of dollars with your mortgage, so go ahead and ask away.
Step 8: Store Your Savings in a High Yield Saving Account
While you may have a perfect budget and a home savings goal, it’s time to make every dollar count. Before you add to your account, research different savings accounts and their monthly yields. The higher the yield, the more your savings could grow as long as your account is open.
Also consider the effects of inflation on home prices, home appreciation, and interest rates. As inflation rises, so do home prices. This means it’s even more important to have a sufficient amount of money saved up so you can manage a bigger down payment and pay less in interest over time.
In Summary: Set Your Goals and Get Started
When saving for a house, you may want to consider having a plan in place. By following the above tips for saving for a house, you can be more prepared to buy your dream home. To summarize, here are some of the key elements to remember when it comes to saving for a home:
First, set a savings goal to match your estimated down payment and mortgage monthly payments. Then consider adding your contributions to a high yield savings account to grow your money over time.
Don’t forget to budget for extra mortgage expenses like appraisal costs, home inspections, realtor fees, or closing costs. Keep in mind, your monthly utilities and fees may also be more expensive than your current living situation.
Prepare for the additional costs by increasing your earning potential and optimizing additional income stream opportunities.
Free up your credit utilization by paying off as much debt as possible before buying a house. Keep up these good habits throughout the length of your mortgage term.
When you purchase a home, you’re building a piggy bank for your future. Every month you pay your mortgage, you pay part of it to yourself because you own the home. Instead of paying rent to someone else, you reap your own investment when you sell. Most importantly, though, you’ll have a place that’s truly your own.
So now that we’ve covered various tips for saving for a house, you hopefully feel more prepared going into your home buying journey. In this series, we’ll be going over first time home buying resources, steps to buying a house, and more. If you’re interested in learning more about the home buying process, continue reading on to Chapter 4 in the series, which covers what credit score is needed to buy a house.
Save more, spend smarter, and make your money go further
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Chapter 02: Resources for First Time Home Buyers
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2021 VA Home Loan Limit: $0 down payment up to $5,000,000* (subject to lender limits) /2 open VA loans at one time $548,250 (Call 877-432-5626 for details).
How to Apply for a VA Home Loan?
This is a quick look at how to apply for a VA home loan in Sutter county. For a more detailed overview of the VA home loan process, check out our complete guide on how to apply for a VA home loan. Here, we’ll go over the general steps to getting a VA home loan and point out some things to pay attention to in Sutter County. If you have any questions, you can call us at VA HLC and we’ll help you get started.
Get your Certificate of Eligibility (COE)
Give us a call at (877) 432-5626 and we’ll get your COE for you.
Are you applying for a refinance loan? Check out our complete guide to VA Refinancing.
Get pre-approved, to get pre-approved for a loan, you’ll need:
Previous two years of W2s
Most recent 30 days paystubs or LES (active duty)
Most recent 60 days bank statements
Landlord and HR/Payroll Department contact info
Find a home
We can help you check whether the home is in one of the Sutter County flood zones
Get the necessary inspections
Termite inspection: required
Well or septic inspections needed, if applicable
Get the home appraised
We can help you find a VA-Certified appraiser in Sutter County and schedule the process
Construction loan note: Construction permit/appraisal info
Building permit
Elevation certificate
Lock in your interest rates
Pro tip: Wait until the appraisal lock in your loan rates. If it turns out you need to make repairs, it can push your closing back. Then you can get stuck paying rate extension fees.
Close the deal and get packing!
You’re ready to go.
What is the Median Home Price?
As of March 31st, 2021, the median home value for Sutter County is $361,352. In addition, the median household income for residents of the county is $59,050.
How much are the VA Appraisal Fees?
Single-Family: $600.
Individual Condo: $600.
Manufactured Homes: $600.
2-4 Unit Multi-Family: $850.
Appraisal Turnaround Times: 10 days.
Do I need Flood Insurance?
The VA requires properties are required to have flood insurance if they are in a Special Flood Hazard Area.
About half of Sutter County is considered a flood hazard area. Mostly due to irrigation of its farmlands.
How do I learn about Property Taxes?
Todd Retzloff is the Sutter county tax assessor. His office can be reached at 1190 Civic Center Blvd. Tuba City, California 95993. In addition, his office can also be reached by calling (530) 822-7160.
The state of California offers various incentive programs that expand statewide for new, growing, and relocating businesses. Two of these programs are California Competes Tax Credit which offers qualifying businesses tax credit and the New employment Credit program which offers a tax credit for taxpayers who hire full-time employees. These and many other programs help in further diversifying the state’s economy.
What is the Population?
As of 2019, Sutter County’s population is 96,971 which includes about 6,129 Moreover, demographically speaking, 45% of the population is White, with 31% Hispanic, and 17% Asian.
Most county residents are between 18 and 65 years old, with 25% under 18 years old and 15% older than 65.
In total, the county has about 32,360 households, with an average of three people per household.
What are the major cities?
The county has two cities, including Yuba city which serves as the county seat, and Live Oak.
About Sutter County
Originally home to the Maidu Indians, the county is one of the original counties in California having been created in 1850. In addition, Sutter County was named after John Augustus Sutter, one of the first people to recognize the Sacramento Valleys’ potential as an agricultural empire.
Today, the county is home to the largest dried fruit processing plant in the world. In addition, the county is home to employment industries like healthcare, retail trade, and agriculture. Therefore, the most common occupations in the county are in the office, sales, and management sections.
Educationally speaking, the county is home to eight school districts which range from pre-k to senior year in high school. In addition, the county has higher education opportunities like Cambridge Junior College-Yuba City and Sutter Beauty College.
In addition to its workforce and educational institutions, the county is also home to several artistic and cultural institutions like Community Memorial Museum. In addition, the county is home to several recreational facilities like Live Oak Park which is open for camping with picnic tables, firepits, and barbeque.
Finally, the county is also host to annual celebration events like the Sikh Parade, which stretches for 4.5 miles, and the California Swan festival. The county is a great place to live in and raise a family.
Veteran Information
The county is currently home to 6,129 veterans.
County Veteran Assistance Information
Ube-Sutter Counties Veteran Service Office – 5730 Packard Ave. #300, Marysville, CA 95901.
VA Home Loan Information
For more information about VA Home Loans and how to apply, click here.
If you meet the VA’s eligibility requirements, you will be able to enjoy some of the best government-guaranteed home loans available.
VA loans can finance the construction of a property. However, the property must be owned and prepared for construction as the VA cannot ensure vacant land loans.
VA Approved Condos
There are currently no VA-approved condos available within Sutter County. However, it is still possible to get a condo through the approval process. Call us at (877) 432-5626 and we will assist you through the process.
What is your home worth? What should you pay for your new home? While you can check your estimated value on a bunch of different websites for free, we recommend you tap the expertise of someone who can give you a more definitive answer of your home’s value based on similar properties in the market. That person is called an appraiser. Now let’s learn more about the appraisal process!
Who is an Appraiser?
An appraiser is someone who is certified in doing research and determining the fair value of homes. They determine a home’s value based on square footage, lot size, features, finishes, and other unique things about it. In addition to what makes up the home, the appraiser looks at the surrounding area. That includes school districts, the city, and other outside influences. An appraiser is a key player in the purchase or sale of a home.
A buyer’s lender typically requires that an appraiser comes to confirm the contract value of the home. This is all done to make sure that the buyer isn’t overpaying for the property and the lender has adequate value to cover the loan amount.
Sellers sometimes bring in appraisers to help them price their home right, but it is not necessary and many real estate agents help seller’s price their home. Some brokers even have dedicated pricing specialists to do the important work of determining the right list price.
What Happens During an Appraisal?
The appraiser evaluates the home in question by reviewing all the important stuff, as listed above. If housing prices were stable over time, the job would be done at that.
The reality is, the housing market fluctuates. To assess the strength of the housing market in the home’s specific area, the appraiser will research the prices of homes sold recently in nearby neighborhoods. They will look at the homes comparatively based on what they had to offer buyers.
How Much Does an Appraisal Cost?
Home appraisals typically cost between $400 and $500.
Appraisals are usually requested by the lender after the home is under contract. However, if you’re selling and are not sure where to price your home, you can purchase one early. A good option for this is the economical desktop appraisal.
Sellers who use Homie are provided with a value report, which is like a desktop appraisal. This service is performed by a dedicated pricing specialist who uses comparable home sales and local market knowledge to determine the value of your home. Unlike a full appraisal, a value report does not include a visit to your home and does not replace a full appraisal for a buyer who is planning on taking out a home loan.
Do I Need to Get a Home Appraisal?
Federal regulations require lenders to hire an independent appraiser for each new loan, which means that buyers must have the home appraised even if the seller has already had it appraised.
Home inspections are often confused with appraisals, but they are separate and performed by different licensed companies. A home inspection is conducted by an inspector who checks the build of the home to make sure everything is in good working order. They look over everything from roofing to plumbing and door jams to light switches.
They don’t assess the value of the home. An appraiser for example, may use the condition of the home to determine the value but the inspector will tell you exactly what’s broken and needs repair.
What to Do for an Appraisal
If you’re selling your home, you want to sell for the highest amount possible. This means when it’s time for the lender appraisal, you want to show the home at its best.
On the day of the home appraisal, be your home’s best advocate. Jot down a list of any improvements you’ve made to the home, like upgraded counters or a new water softener. Leave this list for the appraiser.
Make sure the lawn is mowed, the house smells sweet, the blinds are open and the surfaces aren’t cluttered. Theoretically, little details like this shouldn’t affect the price of a home, but you want to make a good impression. Don’t worry about a large renovation like finishing a basement but if you were going to repair something anyway now would be the perfect time. Most often large renovations or repairs don’t increase the value of your home by as much as they cost to complete. Instead, focus on showing off what’s already there and making sure that every part of your home is clean and in good repair.
What Happens After I Get an Appraisal?
Good question. Once the appraisal is complete, it is sent to the buyer’s lender or bank. In cases where the buyer is putting a relatively small down payment on the home (less than 20%), banks will approve loans only when the estimated appraisal value is the same or greater than the sale price of the home.
Sound confusing? Let’s talk about it.
Imagine a house gets an offer of $300,000 but only appraises for only $250,000 and the buyer is only putting 10% down (in this case $30,000)The bank may not fund a loan for the home at the higher asking price. It will not lend $300,000 for a house that, in the case of a default, might only sell for $250,000 because that would leave the bank short on its investment.
If you are in the process of purchasing a home and the home appraisal comes back lower than the negotiated sale price, you have some options.
What happens if you really want the house? Many buyers will try to renegotiate the sale price if the appraisal comes in low. If the seller is unwilling to lower the price, buyers can walk away. If the buyer is still absolutely in love with a home they can choose to increase the down payment amount so the lender approves the mortgage. Adding to the down payment decreases the amount the bank has to fund for the home.
If the appraisal comes in low, you should consult with your real estate agent about your options.
Got a Home You Want to Sell?
Homie wants to help you sell your home for top dollar! Get started on the listing process now! It only takes four steps to complete, and then your dedicated real estate agent will be reaching out to you to complete your listing. Don’t worry, we’ll advise you every step of the way. The best part? We do it all for a low fee. Click here to get listing or call us with any questions!
Want to Buy Your Dream Home?
If you’re ready to buy a home, click here to browse what’s for sale. Once you find the one you’ve been dreaming of, simply click Request a Tour and a Homie agent will get in contact with you!
If you’re nearing the end of the initial term on your adjustable-rate mortgage (ARM), you might be wondering if now is a good time to refinance, and whether you should switch to a fixed rate.
In general, fixed-rate loans are good when rates are low or on the rise, because they lock in your payment and help you avoid constant rate increases. If rates are dropping, then an ARM lets you benefit from those decreases.
“The idea of trading away the uncertainty of an adjustable-rate mortgage for the certainty of a fixed-rate mortgage is appealing, especially if you’re expecting an adjustment in the next year or two,” says Greg McBride, CFA, chief financial analyst for Bankrate.
How to refinance an ARM
Like many types of loans, you can refinance an ARM. When you refinance an ARM, you replace your existing loan with a brand new one.
Lenders typically offer specific mortgage refinancing loans, so you’ll use their refinance application form to apply. Beyond that, the process is similar to your initial mortgage application, except that you already own the home. That can make some things, like inspections and appraisals a bit easier to schedule.
Keep in mind that you can choose the lender for your refinance. it could be your current lender or a different one.
To give yourself a good chance of qualifying for a refinancing loans, try to meet these requirements:
Own the home for at least six months
Have at least 20 percent equity
Have a credit score of at least 620 (for a conventional loan)
Have a debt-to-income ratio under 50 percent
Also keep in mind that you have to pay closing costs on the new loan, so you’ll want to make sure that you can afford to pay them. Also make sure that refinancing saves you more than it costs.
Benefits of switching to a fixed-rate mortgage
If you’ve never had a fixed-rate mortgage, here are the key upsides of this type of loan:
Your payments are always the same: A fixed-rate mortgage gives you the certainty of predictable payments. Rather than wondering how the market will impact your payments on an ARM, a fixed-rate option never changes for the entire loan term.
You can budget more easily: With a fixed-rate loan, you can plan for a stable housing payment.
You still have options: If a 30-year mortgage sounds like a lifetime, you can also look at a 15-year fixed-rate mortgage. The rates on this type of loan are even lower, but the tradeoff is that you’ll have higher monthly payments due to the accelerated timeline.
Is now a good time to refinance an ARM?
Mortgage rates rose significantly in 2022 and are much higher than they were in previous years. That means refinancing to a fixed-rate loan will lock in these high rates.
On the other hand, if your introductory rate is about to end, refinancing might still make sense, especially if you can secure a lower rate on a fixed-rate loan than the rate your ARM is about to adjust to. Another perk is that it gives you predictability despite today’s unpredictable rate environment.
Credit score: Do you have a strong enough credit score to obtain a competitive interest rate?
Financial goals: Would rather prioritize another goal such as paying off high-interest debt?
Longer-term plans: Will you stay in the home long enough for you to exceed the break-even point on your closing costs?
Ability to afford closing costs: Will the burden of paying closing costs outweigh the benefits of a lower monthly payment?
How is your credit?
Refinancing isn’t an automatic money-saver. You need to have strong credit to qualify for the lowest rate and the biggest savings opportunity. If you’ve been making timely payments on your ARM, that should be helping elevate your credit score.
“Someone coming up on the end of an ARM presumably has five or more years of timely mortgage payments on their credit history,” says Austin Kilgore, director of corporate communications at mortgage firm Achieve. “There’s a good chance their credit score is better now and they may qualify for something better.”
If your credit could use some work, however, it’s best to wait to refinance until you’ve improved your score. Check your credit report for any errors, such as incorrect contact information — and if something’s amiss, contact the credit reporting agency as soon as possible to get it fixed. If you can, pay down or pay off other debt, and continue to make credit card and other loan payments on time each month.
What are your financial goals?
Think about the financial goals refinancing can help you achieve, such as paying off your mortgage sooner, doing a cash-out refinance or consolidating debt. While a cash-out refinance increases the amount you owe, you’ll be able to use the funds for home improvements or other expenses or goals.
How long do you plan to stay in the home?
If you have no intention of moving or selling your home anytime soon, refinancing into a fixed-rate mortgage can be a smart decision. If a move is on your near-term horizon, however, it’s likely not worth the cost to refinance.
For example, if you’d save $100 on your monthly mortgage payment by refinancing, and the closing costs are $2,000, it’d take you 20 months, or close to two years, before you really start to see savings. Bankrate’s mortgage refinance break-even calculator can help you run the numbers for your situation.
“If you’re only looking at being at home for three or four more years and you have four years before it resets, and a new loan is not at least three-eighths of a basis point lower than your current rate, you might as well stay in your ARM,” advises Ralph DiBugnara, founder of Home Qualified, a digital resource for homebuyers and sellers. “There’s no financial benefit to move forward into a fixed rate.”
Should I refinance to a fixed rate mortgage?
At the very least, you should think about refinancing your ARM to a fixed rate if current mortgage rates are lower than the rate you’re paying or you’re nearing the end of the initial term on your ARM. The rate isn’t the only piece of the puzzle, however. Consider the following:
How much could you pay when your ARM resets? Make sure you have a clear understanding of the annual cap and the lifetime cap on your ARM. The annual cap will give you an idea of how much the rate could increase when it resets, and the lifetime cap is the maximum allowed for the entire duration of the loan.
Are you paying off an interest-only ARM? If your ARM included an interest-only introductory period, you’ve only needed to pay the interest, not the principal. Your payments will rise significantly when you have to pay down the actual loan, so it may be smart to refinance to a fixed-rate option.
Another thing to think about is refinancing your ARM to another ARM. This means getting another introductory rate period and kicking the can on truly adjustable rates down the road by a year or two – or five. Compare rates for new ARMs and fixed-rate loans to see if this makes sense.
Bottom line
Refinancing an ARM to a fixed-rate mortgage can be a wise investment in your financial future, potentially saving you thousands in lower monthly mortgage payments over the life of the loan. Not only that, you’ll be spared the uncertainty and stress that may accompany a fluctuating mortgage rate. Before you make your decision, take a holistic look at your financial situation and consider factors like your credit score, financial goals, and ability to afford closing costs.